Looking for the best tips for saving for a house?
Being a recent first-time homeowner, I’m going to share my top 5 tips that helped me save for purchasing my home.
I know how important and challenging it can be to start saving. It’s so easy to overspend, especially with inflation creeping up.
If you really want to start saving for a house, you’ll need to set and be committed to your goal. The best way to do that is by writing your goal/s down on paper and saying it aloud. That makes it real.
1. Create a budget that actually works for you.
When you’re working on your budget, make sure to consider the needs vs. wants. You may be able to cut things you no longer need or create substitutes for the pricy things you still need.
2. Cut your monthly expenses.
Do a deep dive into your monthly expenses and see if there are any expenses/subscriptions you could cancel. Be sure to cut coupons to maximize your potential savings. You can use apps like Rakuten and Dosh to maximize your savings.
3. Get a side hustle to increase your income.
Picking up a side hustle helped me generate over $40K which helped me put the downpayment for my house. The best thing about a side hustle is that there are so many ways to generate extra money.
4. Eliminate debt (with a high APR).
It’s difficult to save if you have a significant amount of debt. Consider consolidating your debt with a low APR to help knock it down faster.
5. Automate your savings.
Once you determine how much money you can save a month, set up your accounts to move that money into your savings account. Sometimes leaving it in your checking account may not be as effective as a savings account.
I've learned that when you’re committed to saving for a house, make sure you’re drastically cutting your monthly expenses.
If you’re still wondering about closing costs and upfront costs, here’s how you can help save money for your down payment.
Even if you’re on a low income, don’t let that stop you from saving. Rome wasn’t built in a day. Just take it one day at a time. There are successful ways you can save money for a house on any budget.
Comments(3)