This may not be the first time you are reading a down payment saving guide, and you can read many in the future as well. What matters the most is how far you’ve gone after educating yourself about money saving. It’s never been easy for anyone. Everyone who owns a house or has an impressive investment portfolio knows that savings don’t happen in a minute. There’s no magic. You have to hustle until you save a minimum 20 percent of the total price.
You pay rent; your expenditures are not letting you save money. It happens with almost everyone who is living in a rented house. Don’t worry; there are still ways you can save money for the down payment.
Set a realistic goal
When you figure out how much you can afford, you win half of the battle. Sit down and think about what your needs are and according to it, what would be your down payment needs. Now when you have a realistic idea of how much money you need, don’t just tell yourself that this much you’ll save, create a plan for it. Figure out how much money you will be earning until you reach the goal. Set a timeline for it. Now figure out how much of it will go in necessary expenses and how much you can take out of it for savings.
Squeeze your bills
From TV package to electricity, telephone and the internet there’s so much you are paying for. Do you really need the channels you hardly watch? Why can’t you customize your package and start paying lower than what you are paying today? Do you really need separate internet data packs on all your devices, if possible manage by taking a broadband connection so that all the devices can be connected and the bills will remain lower than how much you pay per device? Downsizing your bills can significantly help you save more money every month. It seems very small, but these lifestyle changes will encourage you to save from the other areas as well and once savings become your habit, you will no longer need a push or some money-saving guide.
Get a side job
It is not impossible for you, and you know that. Things have become easier than ever and getting a side job is really very easy these days. From freelance opportunities to part-time jobs in your city, you can take up anything you like. There are countless opportunities and you can really get them when you want to save for your down payment.
Open a savings account
This time, you don’t start using it for every single thing. Open a new account and use it for savings only. Don’t touch it and make no other transactions than depositing money. Your bank account will reflect how good or bad you are doing with your dream of home buying. When you learn the art of savings and when the account balance goes up, you will realize how good it feels and it will keep you encouraged to save more and more.