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4 Ways to Save for a Down Payment

 

 

As we round out the final month of 2019, I’m sure many of you are working on setting goals for the new year. Are you ready to get serious and build your savings for your down payment? It’s as easy as using these 4 steps.

 

Go Out Less

A common area of overspending for people is in their entertainment and food categories…it’s time to reign in this budget item! This applies to going out for dinner, drinks, a morning coffee run, lunch with friends, movies, amusement parks, and the like. Set a goal for yourself or your family to cut these expenses in half! This doesn’t have to eliminate all the “fun” but rather allows your family to be more creative in how to spend time together or with friends. Invite everyone over for dinner and a movie night rather than going to the theater, host a game night, or pick one night a month to go to a restaurant rather than weekly occurrences. 

 

Have a Garage Sale

In order to further prepare for your future move, consider going through your belongings and hosting a garage sale. It’s a great time to help clear out all the items you’ve kept for years and never used while also earning money towards your down payment. Have an old fashioned garage/yard sale or place items for sale online through Facebook Marketplace, Poshmark, Ebay, or other avenues. 

 

Invest in Hobbies

If you have a creative itch, use it! Buy older furniture from yard sales or second-hand stores and fix it up. This can be as simple as a new coat of paint in order to make a few extra bucks. Spend your extra time a few days a week as a dog walker through companies such as Rover or Wag (money and light exercise = double win). There are many different ways to earn some extra cash on the side, just dive into your skills and passions!

 

Cut Monthly Subscriptions

While analyzing your expenses, reevaluate what is a necessity. Netflix? Hello Fresh? Try sacrificing a few “luxury” subscriptions for a small amount of time to get closer to your set goal for a down payment. The easiest way to do this is to set a short term goal to reevaluate after a few months. For example, if you have an Amazon Prime membership, do you find that you’re spending more money on online shopping opportunities out of pure convenience? It’s quite possible. After a few months of cutting subscriptions, evaluate your savings to see exactly how much more you’ve saved as compared to previous months. 

When you’re trying to save money, what is the first thing to be cut from your budget?

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