1) Sell Some Stuff
One major step that can lead to saving for a mortgage down payment is selling stuff that you already have lying around in your current living quarters. If you’ve not used it for six months, chances are you don’t need it. The revenue will vary, but it’s a great way to save up a bit of money.
2) Set A Goal
If you need to come up with a $20,000 down payment within two years, you can figure that you need to save about $27.39 a day. Try to figure out how to make this come to pass, and then set out to do so. You can even make a game out of figuring out how to save what you need each day.
3) Start A Business
There are many options when it comes to starting a business. Look at what you’re interested in, and then see if there is a way to serve people with what you enjoy. One option, at least if you like dogs, is starting a dog walking service. The options are pretty endless when it comes to starting a business with little money.
4) Automatically Save
It’s possible to set up a savings account online or at your local bank. It’s also easy to set up automatic transfers of a part of your paycheck. If you never see the money, you probably won’t even miss it. After building up a nice stash of cash, you can then start to invest in the stock market to try and build up your level of saving more quickly.
5) Sign Up For Uber
Ride sharing services like Uber and Lyft frequently advertise for drivers. If you have time to watch TV, you probably have time to drive someone and get paid for it. The money can go toward your goal.
6) Cut Expenses
This is not likely get you to your goal quickly unless you’re a really profligate spender, but when combined with some of the other options that bring in money, it can definitely add to the pot. Cutting out a daily latte or a lunch out a week could save up to $20 a week, which would be $2,000 toward the ultimate goal over the course of a couple of years.
There are many creative ways to save up for a home mortgage down payment. Getting started as soon as possible can make the process easier. Working hard can speed it up.