How to save money for a house in 6 months?
5 tips to save money for a house in 6 months. Do you feel a sense of fear every time you hammer a nail into your rental wall or dream of days when you can paint the walls any color you would like?
Owning a home gives you a lot of freedom with what you can do inside your space, but getting the keys can be a stressful process. What you shouldn’t do is go out and purchase the first thing you see just because you want to say you own a home.
This could result in being in the feared “money pit”, and spending all your time trying to figure out how you’ll ever afford to live comfortably again. If you want to buy a home the right way, take your time and utilize the tips that are listed below.
Anticipate the Down Payment
When purchasing a car you’d likely go into the dealership with a down payment, and that should be the same with a home purchase. After all, the more money you put down the less money you will owe, and that can mean saving thousands in interest over the life of your loan.
There are a lot of different numbers you can run to figure out how much you should pay, but talking to a real estate agent is really the best choice. They’ll give you honest advice and great information.
Find Your Motivation
Most people don’t have $20,000 or more laying around to use as a down payment on a new home, which is why they have to save. It’s going to take you a while to build up to this amount of money, but it’s possible if you’re motivated and dedicated.
Set a goal by doing something that will keep you aware of the end goal. Maybe this means taking a picture of your dream home and setting it as the background on your phone. Do what works for you! It’s just like motivating yourself to be on a diet, except now you just need to save more and spend less to save money for a house in 6 months.
Save, Save, and SAVE!
Make a budget. Stick to it. Every penny and dollar you spend you should keep track of so you know exactly where your money is going. Cook at home, avoid restaurants, make your own lunch, and use fewer utilities.
Hey, maybe you even want to get a roommate so you can save more quickly? There are TONS of ways to save money, and since it’s not forever you should be able to push yourself to do it.
Make Some Extra Cash
You have a job, but what else could you be doing to make money? Could you be tutoring, working online, working a second job, or doing something else? Find side jobs and save all the money you make from them.
Don’t dwell too much about saying to yourself that “I don’t have any skills”. You’ll be surprised at how many opportunities are waiting for you in the online world. There are tons of jobs that you can do from home like being a virtual assistant, writer, designer, and so on. Think about it, setting aside a few hundred dollars each month can add up really quickly.
It’s going to take you a couple of years (at least) to save for your down payment, and that can mean cutting back on fun activities. Every time you reach a milestone, like $10,000 saved, treat yourself to a nice meal or something else that brings you joy. Remember, the hard work WILL be worth it when you get the keys to your first home and you save money for a house in 6 months.