Your down payment is a huge part of determining your overall home budget. The more you’ve saved for a down payment, the easier your house hunt will be. Here are a few creative ways to save for a down payment:
- Reduce current expenses — even just temporarily. If you must drop Starbucks for a few months, it’ll taste even better when you get it back. Try checking on all those subscriptions, too: Netflix, Spotify, Blue Apron, Stitch Fix, Audible… they stack up.
- Sell any possessions that you don’t use much anymore. Try Craigslist or Facebook marketplace or look for local second-hand stores that will pay. Bonus: This doubles as a money saving tip and a house cleaning tip.
Start a side hustle. Be it selling scarves at a craft fair or offering graphic design services online, monetizing your skills can bring in some extra cash. Not sure what skills to monetize? Thanks to the growing “gig economy,” business like Uber Eats and TaskRabbit are easy to get into.
- Let your money earn more money. Try a high-yield bank account, certificate or deposit, or another investment. Apps like Acorns make it easy for beginners to invest even small amounts to keep that money growing.
This information was provided by one of our preferred vendors, Supreme Lending. Thank you, Cale Iorg, Senior Loan Officer NMLS# 1121662, for this information.