4 Ways to Save Up for a Home While Renting

Posted by on Friday, June 8th, 2018 at 1:28pm

close up of a hand holding money

It is no secret that purchasing a new home is expensive. There are many large costs associated with the transaction including a down payment, closing costs, inspection and appraisal fees, etc. When renting a home, it can seem almost impossible to set aside enough money each month to make homeownership a possibility. But it can happen. Here are four tips to help you save up for your dream Jacksonville home while paying high monthly rent.

1. There is No “Extra” Money

Many individuals consider work bonuses and tax refunds “extra” money and spend it on a vacation, new furniture, or updated wardrobe. If these items are not a necessity, then put every last penny into your savings. When you put these large chunks of money into your bank account at once, you will reach your goal faster and be more motivated by the large increase.

2. Consider a Side Hustle

A side hustle is an excellent way to increase your income every month. Plus, there are numerous options for second jobs that can produce terrific results. A few ideas to consider include photography, babysitting, dog walking, blogging, and driving for Uber and Lyft.

3. Consider a No-Spend Month

If you want to make a big increase in a short amount of time, consider a no-spend month. During this time, you only spend money on essential items such as fresh produce and monthly bills. You avoid going out to eat, purchasing non-perishable foods, enjoying a night on the town, buying that new shirt, etc. Place all the money that you save throughout the month directly into your savings. If you exhibit enough self-discipline, you may be surprised at how much you save in such a short time period.

Pink piggy-bank with coins around it

4. Move into a Less-Expensive Apartment

If you are paying high monthly rent payments, it may be time to reconsider where you live. Finding a less expensive home can help you save a little money every single month. While this may be difficult to do, it is important to remember that those living conditions won’t last forever and it may be the extra motivation you need to save money at a faster rate.

Once you have done the hard work and are ready to purchase your dream Jacksonville home, reach out to real estate agent Krista Fracke. You deserve the perfect home and she has the tools, resource, and knowledge to make that happen.

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