To some, buying a house may seem like nothing but a pipe dream. But with some discipline and budgeting, stashing away enough money for a down-payment is just a matter of time.
Here are a few steps to make this dream a reality:
- The first step in the process is determining what you can afford. You can do this by using a mortgage calculator from one of the many available online from various banks and lending institutions.
- Once you have your savings goal, automatically transfer 10% of your income to a savings account. Better yet, invest in a CD so you won’t be tempted to spend it.
- If putting away that 10% seems difficult to you, use the online economy to your advantage.
- Apps such as Field Agent pay you cash to complete tasks in your local area.
- Use your skills on sites such as TaskRabbit or Fiverr.
- Examine your unwanted belongings and look into selling them on sites such as eBay or Craigslist.
- Taking in a roommate is an excellent way to cut your monthly expenses and allow you to save. Depending on the area, you can earn anywhere from hundreds to over a thousand dollars in rental income. Think of it as a short term sacrifice to reach your long term goal of home ownership.
There are countless other ways to save up to own a home, these are just a few options. But the point is, creativity, effort, and discipline are keys to reaching your goal. Search online or contact your financial professional for further ideas and suggestions.