What would happen if you saved a penny every single day? By the end of the year, you’d have an unimpressive $3.65 in savings. But if you took the same approach and doubled the amount you save each day, you could wind up with over $500 by the end of the year.
The penny challenge is just one tool you can use to help you learn how to save for a house. If you’re willing to get serious, you can save thousands of dollars for a down payment in a few short months!
What’s the fastest and smartest way to save for a house? Read on to find out.
1. Cut Down Food Costs
How much money is your family spending on food each month? Chances are, you can cut down your household food cost by 25% or more. However, you have to know the right ways to slim down your grocery buying budget.
2. Grocery Journal
You can begin cutting food costs by writing down what you’re currently buying. Similar to keeping a food journal for dieting, keep track of every single thing you buy at the grocery store or online. After tracking your food expenses for 2 to 4 weeks, it’s time to review them.
Sit down, and begin going through your expenses to find out what foods you’re spending the most money on. Some foods will be things you can’t cut out of your budgets, such as fruits and vegetables. However, if you notice a lot of your money is going towards snack foods or desserts, consider switching things up.
3. Buy With a List
Having a preset grocery list that aligns with your budget goals will help you avoid splurging on tasty snacks. We also suggest you avoid going grocery shopping when you’re hungry. We all know how difficult it can be to resist a frozen pizza or deli-made sub when your stomach’s growling.
4. Involve the Entire Family
To avoid pushback, we suggest getting the entire family involved in the new monthly budget. Let everyone know that the new budget is there to help save money for your dream home. Working together, you’ll be surprised how much money you’ll save and have fast you’ll keep it.
5. Start a Side Hustle
Next, on our list of tips for how to save for a house, let’s talk side hustles. You’re probably already working a full-time job. If so, the idea of taking on more work may seem like an impossible approach.
However, if planned correctly, a strategic side hustle can help you increase your cash flow without wearing you thin. One of the best ways to start a side hustle is by evaluating what skills you have to bring to the table.
6. Remote Call Center
Are you perfect on the phone? Then perhaps you could apply for a part-time customer service position that you’ll work remotely.
Simply logging on for 2 to 3 hours every night, you could wind up increasing your monthly income by $400 or more! If the idea of talking to customers on the phone makes you cringe, then perhaps you do better in a live chat forum.
7. Live Chat
As more and more companies are transitioning to remote-based lifestyles, live chats are becoming increasingly popular. Operating a live chat forum means that you’ll be answering customer inquiries, but through written words rather than with your voice. You’ll need decent typing skills and a true customer service mentality to qualify as a live chat operator.
8. Newspaper Delivery
Finally, if customer service isn’t your thing, you can look into buying a house with money you make from deliveries. Often neighborhoods will have local newspaper delivery routes that adults take on for extra money.
Instead of simply delivering to your neighborhood, you’ll be branching out to cover an entire territory. It’s typical to secure newspaper routes that won’t impede your daily work schedule. You’ll be able to complete your well before the 8:00 a.m. hour comes around.
9. Open a High-yield Savings Account
Are you setting a long-term goal to start the home buying process? In other words, are you willing to wait for 5 to 10 years before moving? If yes, you can take advantage of long-term savings plans, such as opening a high-yield savings account.
Unlike traditional savings accounts that only pay minimum interest rates, high yield savings pay top dollar. You’ll be able to grow your money faster, and you can begin to explore other investment options as well.
For instance, you can look into money-sharing platforms that use the lottery-like approach to grow your money. Look for a savings app that is FDC insured, so you don’t have to worry about losing your investments. You can also reach out to Hunter Galloway mortgage brokers, for both short, and long-term savings options.
10. Join a Financial Support Group
Last but not least, we suggest tapping into thriving financial communities. You can look for a group that meets locally or find a community that exists online.
There’s a lot of free financial resources, coupled with groups that come together to take advantage of them. Working through the group’s program, you can learn from other people’s successes and failures.
Another advantage of joining some support group is that you’ll have a greater sense of accountability. You’ll be stating that you intend to save money to buy a house for a large group of people. Instead of letting excuses throw you off track, you’ll have a team of people ready to help you find solutions.
If you’re religious, you can usually find financial support groups that are also spiritually based. For instance, a quick online search for a Christian or Muslim financial support group is sure to produce tons of results.
Know How To Save for a House
There you have it! A few of the best ways for how to save for a house. Whether you’re hoping to buy a place at the end of this year or the end of the decade, time is of the essence. Don’t wait to begin making the financial changes that will bring you fulfillment.
Start your financial journey today by sizing up your grocery budget. Look for ways to cut down on food costs so that you can plump up your house savings. For more tips like these, check out the rest of this site.