We all have difficulty saving. Generally, instant gratification wins over what we need and want in the long run. Home ownership has so many advantages, it is worth eating in or making your coffee at home. We are not suggesting that you give up your social life but perhaps you can make do without another pair of shoes!
Our own children received an allowance for chores when they were growing up. They purchased a new gameboy or video system when they wanted one. They learned to sacrifice and work hard for a reward. the reward was being able to obtain what they longed for.
Most Americans have a hard time saving money. An increase in income usually results in an increase in spending.
Does it seem impossible? Sometimes it does but it is completely attainable. Read below for some great tips to get you to home ownership.
1. Make Saving A Priority
Next time you go shopping, really think about your purchases. Ask yourself if you actually need those items. Chances are, you will be leaving the store with less. This will enable you to leave with more money.
2. Start A Separate Bank Account
Many financial institutions allow you to start a savings account with as little as $100. Add to that account every time you get paid. You will be surprised how quickly it adds up.
3. Sell Clothing and Other Household Items
Chances are you have items in your home that you do not use or do not need. One man’s junk is another man’s……Sign up for one of the many websites that allows you to get money for your stuff. Every little bit counts.
4. Make A Budget
Write down your monthly expenses and subtract them from your monthly income. You should be able to come up with a bit that you can place in the new bank account.
5. Get A Roommate
You heard me correctly. Why not? It is a small price to pay to save up a down payment on your own home! Rent out an extra room. Look into Air BNB rules in your area. If you are taking a trip, put your current living quarters to good use.
6. Find A Less Expensive Rental
Move. Find a rental that costs less than yours. Do you have close family or friends that will put you up while you are saving?
We hope you find these tips helpful. Last but not least, pay yourself first. Aim to save 10% or more of your take home pay. Make yourself and your future lifestyle a priority. You will reap the rewards and begin the journey to home ownership!