It can be a struggle to save money to put a deposit down on a house. For some people, it can take years of saving to come up with enough for a deposit for a home. Shorten the time it takes you to save up for a new Sudbury home by using these tips each day.
Turn these tips into daily habits and see your savings grow more quickly:
Set up a standing deposit order. Rather than relying on your own good intentions to save money each month, set up a standing order at your bank or with your employer to ensure money is put into an account every month without you even having to think about it. This can add up quicker than you think.
Try to cut back on buying frivolous things. Do you really need that Netflix subscription? What about the number of meals you eat out each month - could they be cut back?
- Once you take control of your finances by sitting down and looking at your bank statements, you will see how much money you spend on purchases that you don’t even get much enjoyment from.
Find a new savings account. If you’ve had the same savings account for several years, you may find that you’re not getting as much interest on your savings as you would in a different account. It’s worth shopping around to see what accounts are available.
Set goals for your savings. To save a large amount of money, it helps to break it down into more manageable amounts. This will help keep you motivated as the savings are realistic and tangible. These small goals will add up to something much more substantial over time.
Sell your unwanted items. Your rubbish may be someone else’s treasure, so it is worth setting aside some time to sort out your current home and to sell any unwanted items. Start off with one room at a time. When you’re done, add the money that you get from selling the items to your savings account. Craigslist, eBay and even Facebook marketplace are good places to start if you aren’t a fan of hosting a garage sale.
Save money by buying in bulk. Consider buying certain items in bulk. If you have storage space, you can save a lot of money. Consider using generic items as well, as these are often less expensive than more popular brands and way better than they used to be.
Rent somewhere cheaper. Saving money for a deposit may require drastic action, such as moving into a less expensive rental property.
Lower your expectations. Perhaps you can begin home ownership with a smaller property, rather than your dream home. Once you are on the property ladder, it’s often easier to save for a larger property.
Stick to a budget. When you plan your expenses for the month, you’ll know how much you are able to save. It will show how much money you need to pay those bills, plus how much disposable income you have. You can set your disposable money aside for the deposit. Here’s a great worksheet to help in setting a budget.
Consider a rental setup. Do you have a spare room? Maybe you can rent it out. Own a travel trailer? Rent it on Outdoorsy.com. Large car, maybe you can Uber on weekends. Get creative.
Using these tips will help you to save money for a home deposit. It may take quite a few months or even a couple of years but taking measures to save more quickly will be worth it if your dream is to own your own home.
Want more information regarding financing and down payments? Check out my videos below: