Saving money for the down payment on a home can feel daunting. Finding funds to buy a house may darn near feel impossible as your money is spent on bills each month. We suspect that with a lot of determination and little creativity, most of us can find ways to put away more money.
Throw a Garage Sale
You know all that junk that you’ve been holding onto for no good reason; the stuff you would not wear or use in a million years? Someone else is going to think it’s absolutely awesome and want to pay you for the privilege of owning it themselves. A garage sale is a quick and easy way to clean your closets, garage, basement and storage unit while giving a boost to your savings account.
Negotiate Your Rent
With interest rates so low, more people are buying homes. In some areas that means that landlords are scrambling to find tenants to fill their units. Talk to your landlord or management company. Promise to sign a six-month or one-year lease at a reduced payment. Put the extra money into your “house account.”
Look at Student Loans
If you’re drowning in student loans, you’re not alone. If you haven’t yet, consider refinancing or consolidating those loans as doing so can lower your monthly payment. Check an online calculator to find out if the new income-based repayment program on federal loans will benefit you.
Cutting three trips to Starbucks a week will put an extra $13-$15 in your pocket. Getting rid of a gym membership you haven’t used in a year is not only sensible, but it will give you at least $360 extra towards your down payment after one year.
At Brighton Escrow we know how hard you work for you money. Isn’t it time to let your money work for you?