Buying a house can cost a lot of money. I’m sharing several ways you can easily save money for your home! Read on for 4 Quick Ways to Start Saving for a House.
I have rented my entire adult life. I am 33 years old and I decided not too long ago that it was time for me to get out of rentals and think about settling in and buying my own home. I knew it wouldn’t be easy for us to save, but really, the more I thought about it, the more I realized that renting is essentially just paying someone else’s mortgage so why not apply what I pay every month to my own mortgage? I sat down and came up with a plan to start saving and here are 4 quick ways to start saving for a house that you may be able to apply to your life.
4 Quick Ways to Start Saving for a House
Cut out necessities for a period of time. When I say quick ways to save, I don’t mean overnight, but rather 1-2 years. In the grand scheme of things, this isn’t a very big length of time. Is there a chance you could go without something like cable for that long and switch to a streaming service instead? Sure it’s no fun missing the games and watching your shows a day after they air, but it could mean a savings of $100 or more per month depending on the package you have. After 2 years, that’s $2,400 and a good chunk of a down payment on a low to moderately priced home.
Continue “paying” on a bill. Do you have a car payment or another loan you are about to pay off? Since you already budget for it, why not keep paying it after it is paid off and place that money into savings? You won’t even really feel the squeeze on your budget since it’s something you are used to paying, anyway.
Get a roommate. This may sound less than ideal, but if you have room in your rental or you can move in with someone else for a while, you could save a lot of money towards your down payment. Even if you split it in thirds, you will still have a couple hundred dollars you can put aside for your home each month. You can even get them in on paying not only a portion of your rent, but also the lights, food and other expenses at home and save even more. Just make sure your landlord knows about your extra household member or you could find yourself in hot water. Another option would be to move back home. No, it doesn’t sound like the best thing to do, but I have watched many HGTV shows and talked to families and singles who have moved back home to save for a house. Think of the long-term, permanent rewards!!
Get a temporary second income. If you can do it, try taking on a second part time job. Use the money from this second job to only save for your down payment on your home. Get more tips on ways to bring in extra money!
Another great way to save money is joining in on the 52 week money challenge. This will allow you to save a little money each week, while working towards that big overall goal! Join in now!
Related: 60 ways to save money
What tips do you have to quickly start saving for a house? I would love to hear them in the comments as we are still going through the process!