How to quickly save money to buy a house
Once you have decided that the time has come to acquire your own home, you need to think about how to save up 20% of the value of the house for the first installment.
Some take years to do this, although the desired amount can be postponed for several months.
Edition USA Today Gathered a few tips on how to speed up the process of accumulating the necessary amount.
1. Look at the market
If you decide to save money to buy your dream home, you should familiarize yourself with the offers in areas of your city where housing prices are lower. Buying a home with a low cost means that you do not have to postpone for a long time for the down payment. Later, the cost of your home can grow significantly, if you spend there a good repair, you can sell it and buy a house in a more expensive area, if you want.
The fact that you save money to buy a house does not mean that you need to forget about other important expenses. The first priority should be to pay the rent for the housing in which you currently live, after which you should pay off all debts on loans and credit cards.
Lack of debt on loans will increase your credit rating, which will be on your hand when you make a mortgage, as well as provide you with extra money that you may need to repair the house after its purchase.
3. Automate your savings
Build your budget based on your spending level to see how much you can save on a monthly basis. Once you have determined the amount of monthly savings, automate its transfer from your main account to a savings account. This will avoid the risk of spending some of this money before you manually transfer it to a savings account.
4. Look for ways to make extra money
Setting aside money means finding opportunities to monetize your time and space. For example, look at your belongings, determine what you no longer need, and sell it on the Internet or at a garage sale.
Also try to turn your hobby or some kind of skills into a way to earn extra money, for example, do tutoring, look after children, etc.
5. Track your daily expenses
Before you get a wallet, make sure that you really need what you are going to buy. For example, if you can drink coffee in the office for free, is it worth buying it in a coffee shop on the way to work? Such small savings can significantly increase the overall result of your savings.
Also, try to pay not by card, but in cash - studies have shown that in this case people spend 15% -20% less.
6. Reduce housekeeping costs
There are many ways to reduce business expenses. For example, using cold water for washing will significantly reduce the amount in the utility bill. Also, stop using the dryer, and You can reduce the temperature of the hot water you use, which also reduces your costs.
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