How to Increase Your Savings for Buying a House
For many, the main barriers to buying a home are the upfront costs.
After all, having a substantial down payment is critical. It could reduce your monthly and long-term expenses, but also make your offer(s) more competitive in today’s hot real estate market.
Saving up for that down payment – not to mention closing costs – can be difficult. Try these tips to help you start saving:
- Set a budget (and stick to it).
A well thought out budget can help you cut costs while increasing savings. Make a list of all your expenses, no matter how minor they are.
- Make saving automatic.
You might have a portion of your paycheck automatically put into your savings account, or you could set up monthly transfers from checking to savings. You can also utilize programs that round up all of your purchases to the next dollar and save the difference.
- Cut out the extras.
Are there any extras you can cut in the short term? Think streaming services you don’t use or cooking at home instead of ordering out. Place those savings right toward your goal, no matter how small.
- Pare down and de-clutter.
Clean up your home and consider selling items you don’t use or need. Holding a garage sale or putting things up for sale on a site or app can help generate some additional funds to buy a home.
- Obtain a side hustle.
If you have time, consider a secondary job. Whether it’s ride-sharing or food delivery, commit those gig earnings into your savings account to generate interest.
With some planning, saving for a house isn’t as difficult as it may appear.
Reach out to us today if you require additional assistance with your home financing needs. Call us at (877) 787-7463 or contact us here.