Spring is almost here, meaning the bulk of this year’s listings are about to be put on the market. If you are thinking about buying a new home this year, but are worried that you don’t have enough money saved for the down payment, then these four tips can help you add a little extra cash to your bank account.
1. If you have a finished basement or spare room that you and your family don’t use often, consider renting it out for some extra income. Sites like Airbnb and HomeAway are becoming more popular for those traveling for business, to visit family and for vacation and can be an easy way to earn some extra income.
2. A huge chunk of most families’ budgets goes towards groceries, so consider shopping at discount stores like Aldi, Smart Shopper or a local bulk discount store. You might not find popular brand items, but the money you save over time can be a great start to buying your dream home.
3. Getting rid of extra items around the house is not only a good idea for moving, but the money you earn could be essential to buying your next home. Go through your home and find duplicate items or things you don’t use anymore and consider selling them on ebay, Amazon or at a garage sale. A little extra money can go a long way.
4. Instead of saving whatever is left at the end of a pay period, try saving first and living on the remainder. If you need to dip in to the savings for unforeseen expenses, that’s okay. This method helps you avoid running out of money to save and you’ll be surprised to find that you can stretch your money further than you probably think.