Happy Own Your Own Home Day! Do you own a home, or want to? What's the best part about owning a home, in your opinion? This #ThrowbackThursday, 'tis the season to share the best ideas for saving up to buy your own house - or at least make a downpayment!
Click through to read 7 smart ways to save up for a home!
1. Cancel credit cards to stay within your budget.
Once you've created a budget, make sure you stick to it by paying with cash only - it'll make you more aware of your spending and help prevent impulse buys. Unless you're getting a ton of cash back on your credit purchases, it's probably worth it to freeze or close any credit accounts: you'll never pay late fees or accumulate credit debt.
2. Auto-pay your savings.
Set up a fixed amount to be automatically transferred out of each paycheck into your home savings account that you don't touch. This will help you build up savings steadily without feeling like you're making a big sacrifice.
3. Separate your savings accounts.
Keep your home savings account separate from your other accounts, like general savings and/or checking accounts. If you can, set up your home savings account so that you can't take money out of it for a predetermined time, or until you've reached your goal. Keeping temptation at bay is one of the best ways to save!
4. Save a lump sum when you can.
Whenever you have any leftovers in your budget, remove the temptation to spend or splurge by transferring them immediately into your home savings account. Do the same when you get a big bonus, raise, or (tax) refund to see your savings account jump handsomely.
5. Move before you move.
Shop around to see if you can find a cheaper apartment in your area. If you can swing it (don't break a lease or anything!), move to a smaller, cheaper rental unit and make sure to transfer all your rent savings to your home savings account on a monthly basis.
6. Spend just enough on retirement.
If you're contributing more to your retirement plan than your employer will match, then it may be time to inch down your contributions. When you're trying to save for a home, pay in only the percentage of your income that will be matched in order to get the best deal and build up your home savings.
7. Find a side hustle (or two).
Know a family that could use a babysitter a few nights per week? Or just saw a sign for a dog-walking gig you might be able to fit into your schedule? It may be time to pick up a second or a third job if you want to get serious about saving for a home. Click
here for a list of over 110 side hustles you can try to make a little extra cash. Just be sure to transfer all those extra earnings directly to your home savings account!
How are you saving for a home? Share your tips with us on social media using the #ThrowbackThursday hashtag!
Add to favorites
