Need some inspiration and ideas for saving for a down payment? I got you covered!
- Set up automatic transfers from your checking to a dedicated real estate labeled savings account each month. Make this money hard to access and not tempting to dip into and spend. Paying yourself first is something that I advocate for and has helped me immensely when saving for big goals like investing in another piece of property. Check out this video by Marko at Whiteboard Finance for a more in-depth explanation.
- Decide now to put aside raises, bonuses, gifts, or tax refunds.
- Skip the costly vacation, plan a staycation, and save the difference. One of my favorite staycation ideas locally is camping or glamping at Tops’l State Park! Check this video out for an idea on your next weekend getaway (but really, you’re right down the street from your home!).
- Pare down holiday and birthday gift-giving. It’s not about the $ amount, it’s the memories you create. I always prefer gifting experiences to my kiddos and friends. Something we can make lasting memories together over material items that clutter up the house and are in the donate pile within a few months.
- Rent out a spare room or parking space. Pick up a side hustle like freelancing, pet sitting, ridesharing, or a part-time job. If you want to host renting a room or property on Airbnb, use my custom invite link HERE and Airbnb will automatically give you $40.
- Review your current subscriptions. These are tricky money suckers and can add up quickly. You can save hundreds per month cancelling recurring payments. Now take your savings and add that total to your automatic savings account transfer.
While 20% down allows you to avoid private mortgage insurance, you rarely will need that large a payment. A 3-10% down payment will put you in a strong position when you apply for a mortgage.
Have questions or want to connect about the buying process as a whole? Email me at mckayla.hale@exprealty.com, and I’ll be in touch!
