How to Save for a Down Payment

There are several ways you can save for a down payment on a home. Consider dropping your gym membership and work out at home instead. Cut back on your cable by dropping high premium stations or go with Netflix. Both of these options can save you some serious money.

Turn Your Hobbies Into Cash

You might think your talents would not be interesting to anyone else but there are many people who don't have your talents. If you make handicrafts such as doll clothes, graphic designs, or homemade pet collars, you can sell them online at places like eBay or Etsy. Join TaskRabbit that hires people to help others with chores or errands in your community. Pet sitting, shopping, etc there's someone who needs your help. You will be providing a wonderful service and make extra money along the way.

Set Up A Contest:

You and your spouse can set up a contest to see which one can save the most money that in the long run will benefit both of you. If you are single, get with a friend who is looking to buy a home as well and set up your contest.

Reward Yourself:

From time to time, you need to give yourself a break and reward yourself with a low-end reward like going horseback riding to your favorite places or go out to dinner.

Take Your Savings To High Savings:

Once your down payment fund starts growing, consider careful investments to boost it along. Consider high-yield savings accounts, peer-to-peer lending, mutual funds, and certificates of deposits to name a few. You should consult with someone who is knowledgeable and you trust to give you good advice so you can weigh the risks. If some investments bother you, get into a high-yield savings account which is very conservative and are insured by the federal government.

Saving up for a down payment can be tough at times but can also be fun if you are creative. Just realize it's not forever and before you know it, you will be in your new home!

3 views0 comments

Recent Posts

See All