Saving for a House is Totally Doable with These 20 Tips
Living with your parents can be a great advantage when you’re trying to save up for a place of your own. The best way to save for a house is by saving big on rent. So, if your parents offer to help in this way, go for it!
Here are 20 top tips for earning more, budgeting, and saving for a down payment so you can move out.
Invest in Yourself : Earning More Will Help Meet Your Down Payment Goals
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- The sky’s the limit with continuing education options these days. Visit your local community college or online degree programs for information about earning a two-year degree or adding to your skill set.
Financial aid can make this extremely affordable, and many classes are offered on weekends and evenings. Check out this list of highest paying associate degrees.
- Did you know that there is a national court reporter shortage? Median salaries for court reporters nationwide top $50,000 per year and can exceed $90,000 for this two-year degree. If you have the fastest fingers in the West, why not earn a great living with your strange talent.
- Maybe you’re a great writer. There are thousands of online businesses and blogs that hire freelance writers. This writing course got me started in the world of online business! You’ll learn every secret to earning a great income as a freelance writer…including tips on ghostwriting for CEOs!
- Do you cringe at typos and grammar mistakes? Self-published authors are coming out of the woodwork. Guess what? They ALL need proofreaders. A professionally trained proofreader can make great money on the side… that’s good news when you’re saving for a house!
Check out this FREE proofreading workshop and see if you have what it takes! You’ll learn what a successful proofreader does, how to elevate your skills, and a few tips on how to find clients!
Sell Your Stuff for Some Extra Money
- If you have unused technology like smartphones, gaming consoles, and that Kindle you’ve never used — sell them on Amazon or Craigslist and put some cash in the bank.
- Textbooks are hot commodities, especially on the used market. If you’ve taken classes in the last year or two, gather those books up and list them on Amazon! You could end up with a few hundred dollars this week.
To rent, buy, or sell your textbooks for extra money while saving for a house, look no further than Amazon: it’s THE textbook marketplace!
I’ve sold dozens of textbooks on Amazon; 90% of the time I’ve earned back what I originally spent.
- If you have unused gift cards lying around, sell them! Great sites like Cardpool and Card Kangaroo will make you an offer right on the spot. They’ll email you a label and pay you when they receive the card.
- Start your very own Amazon business with no storage or shipping hassles. The Amazon FBA (Fulfillment by Amazon) program is growing at breakneck speed. Imagine selling your products and not having to store inventory or do your own shipping? Amazing.
Start a Side Hustle to Help Save for a House
- If you own a truck or van, consider working for GoShare. Make great money when you choose, in your spare time. You’ll get paid to help pick up and deliver large items/furniture that won’t fit in a car. Earn between $50-$60 an hour.
- Become a driver for Lyft . The company is great to work with, pays fairly, and allows tipping through the app. Click below to get the whole scoop!
- If your car is just sitting in the driveway, rent it out for a day or two to earn some quick cash for that house down payment! This disrupter of the overpriced car rental industry is super-hot right now.
Turo even covers your car with up to $1 million in liability insurance as well as 24/7 roadside assistance. Let your car earn some money for that dream house of yours!
- Start a blog. Blogging is the perfect side hustle to bring in some extra cash. There are thousands of companies looking for ways to partner with bloggers. This is called affiliate marketing. You can also earn money from ads on your blog.
Starting my own blog and turning it into a full-fledged business has been one of the best decisions I’ve ever made. You really can make a great passive income!
A money-making blog is one of the cheapest businesses you could possibly start. For only $3.95 per month, you can own a little corner of the internet.
Shop Smarter for More Ways to Save
- Shop around for cell phone providers. I switched to Ting and saved a TON! Plans start at $6 per line, and you pay only for the data and texting you’ve used each month.
** Right now, Ting is giving everyone a $25 credit for signing up! Your first month could be FREE
- ThredUp is the perfect answer for saving money on clothes. These great buys on high-quality clothing will make saving for a house much easier!
- Track your spending with cash envelopes! The best thing about this Cashless Cash Envelope System is that you don’t need to carry actual cash to do a bang-up job improving your budgeting.
Smarter Travel Will Increase Savings for that Down Payment
- On your next trip, skip the rental car companies and rent a regular Joe’s car with Turo. You’ll be glad you did. Rental car prices are ridiculous these days, especially if you need a car for just a day or two.
When you rent a car with Turo, you’ll pay a small fraction of the regular rental prices. When I needed a minivan for a day to move my daughter into her college dorm, a friendly Seattle man rented me his wheels… awesome!
- Use Airbnb instead of hotels. I’ll never waste money on dirty or loud hotels again. Rent a beautiful and private room and bathroom (or a whole house!) for a fraction of the price… PLUS no slamming hotel room doors!
You’d be amazed at how much money we saved on our trips to San Diego and Seattle with Airbnb!
- Save on travel with a Southwest Rapid Rewards credit card from Chase. Since Southwest pretty much beats any prices for domestic flights, you can really rack up the savings flying with points. Earn 1 travel point for each dollar you spend. Purchases on Southwest earn you 2 points per dollar.
Final Tips on How to Save for a House
There is no better return on investment than making a monthly payment on a home of your own. Any money you spend in rent never comes back. When you’re finally ready to buy, here are some final tips:
- Consider a tiny house. How would you like to own an entire beautiful little home for less than $40,000? There are some incredibly beautiful miniature options. Tiny house villages are springing up all over the country to share land costs and add a sense of community.
- If you’re struggling to save enough for your house down payment… there is help. Most states offer programs for buyers who are at low- to mid-income levels. DPA programs can assist with up to 5% of the loan amount. Since it’s a grant, you don’t have to repay it.
- Keep a very close eye on your credit score while you’re saving up for a house. That little number is what determines the interest rate on your mortgage loan (or whether you qualify at all!).
Click on the box below and sign up for FREE with Credit Sesame! They give you FREE credit scores, and offer FREE credit monitoring. That’s a no-brainer!
***IMPORTANT***If you shop on Amazon, eBay, Best Buy — and thousands more — without logging onto Ebates, you are literally throwing away cash!!
I bought my laptop at Best Buy a few months ago. At the register, I logged onto Ebates with my phone and they scanned my code. It was that simple. $25 showed up in my mailbox not long ago. I get cash back all the time… YOU SHOULD TOO!
For more super-saving ideas, my friend June over at This Simple Balance has great advice on budgeting! Read “14 Things We’re Not Buying to Make Ends Meet” right HERE.
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