If you’re going to buy a house in your near future, you can start the new year by power-saving your down payment with a few tweaks to your personal economy. Try some of these tips to save big for the next few months (or a year) in order to put yourself ahead of the game when its time to buy a house.
Start by creating a separate savings account just for your down payment. When you put money in here, you’ll forget you have it, so you won’t spend it. It will add up over time! And, you can even create auto-transfers to put some of every paycheck in this account automatically every pay period to make this savings grow faster.
Re-evaluate your working budget through a new perspective: living lean. What can you do without for the short term? If you cut out all the extras, and put that money in your down payment fund, you can turn saving into a game. And you’re always the winner!
Now is the time to sell off anything of value that you’re not going to need or want long-term. Furniture, old baseball cards, clothing. This money can all be put towards your down payment.
Short-term Side Hustle
Can you add a side job on the weekends in retail or restaurant, just to add more to your down payment fund? It might be hard, but your motivation is getting into a home sooner.