7 creative ways to save for a down payment
There are some no down payment and low down payment options depending on your situation. Some may want to look a bit further at ways to save for a down payment to purchase a home.
See where you can save money. Scrutinize current expenses. Drop cable for Netflix. Forego the gym membership and work out at home. Forget lattes, shop insurance. Go out less. Just remember, none of these changes are permanent.
Sell what you own. From clothes rarely worn to duplicate tools and recreational items, you could have a great yard sale. Put valuable things like furniture, gaming systems, musical instruments and four wheelers on Craigslist.
Sell what you create. Can you knit, sew, do woodworking, graphic design? Sell your creations on Etsy, eBayTM, at fairs and farmers’ markets. Do you sing, play an instrument, juggle, do magic? Work events at churches, clubs, and private parties.
Do odd jobs. Get part time work as a personal assistant, nanny or delivery person. Do chores like shopping, pet sitting, or assembling furniture. Post your services on local bulletin boards or TaskRabbit.com. Hook up with Uber or Lyft if you have a newish model car in good condition.
Set smaller goals. Then do something nice (but inexpensive!) for yourself when you reach each milestone.
Compete with a spouse, partner or friend. Have a savings race, with regular check-ins.
Keep it growing. Put your down payment savings into a high-yield bank account, certificate of deposit, or consult with a professional financial advisor for other options.
Please contact us with any questions about down payments and mortgage options... and best wishes in this and all your endeavors!