About 3 years ago I bought my first property. It was a nice 3 bedroom condo in a nice neighbour. Since I went on to buy a second one and now I’m in the process of buying a third one. I’m not a real estate guru but all these experiences provided me with knowledge that I would like to share with you.
In the following paragraph I will show you the 10 sexy ways I use to save money for a down payment. I’ve used different combinations of the various techniques that I will be sharing with you. Each of them helped me saved money and contributed to my financial success thus far.
Pack Your Lunch
If you eat out all the time and never bring a lunch to work you are spending a lot of money on food. This method is not new and is not the sexiest out of the bunch but you’re probably heard about it before. If not try it out and adopt it. Start by packing your lunch once or twice a week until you’re able to bring your lunch to work every day. Once in a while go ahead and eat out but make sure that most days you bring your lunch. This technique saved me about $3600 every year since I started to use it.
Move Back Home with the Parents
This one is a tough one to swallow but it can help speed up everything up. I was able to save over $1000 a month staying with the parents. I know! You’re a grown up and you have pride but if you can put that aside for a minute you’ll be able to save more money in a shorter timeframe. Some people won’t have this option available to them but if you do please consider it. Think about it. If you can do it for 6 months you will be able to save an extra $6000 that you didn’t have. I know, very sexy.
Use the BB Transportation System
This system is simple but it sure is a sacrifice that will affect your level of comfort. The idea is to pack the car and save on fuel cost and parking cost. Instead, use the bus or the bike (bb). The bike is a good one because it helps you stay in shape at the same time. If you’re already doing something else to keep active perhaps you’ll prefer riding the bus with a good book, ebook and some good music. You will lose some of the comfort that usinging your car may provide you. However you will definitely save some money. In my case parking was $80 a month and fuel added up to over $225 a month. With my BB Transportation System I was able to save $190 a month. That’s an extra $2280 that I could use toward the purchase of my first property.
Do It Together
Ryunosuke Satoro said: “Individually, we are one drop. Together, we are an ocean.” If you have a partner, a friend or a family member that can give some money to the down payment why not use it. I'm sure there is someone in this world that you trust enough to consider buying a house with them. It could be your wife, your husband, your parents or anything that you trust with money.
Just make sure that the person is reliable and won’t back out at the last-minute.
Pick Up a Second Job
Once you’re found ways to save money the next thing that you can do is increase your income. If you can get a raise go for that. Otherwise try doing some overtime. If not of these options are possible look for a second job to add to your income. The key is to only use your second income to save towards your down payment. Never spend money from your second job as part of your monthly expenses and you’ll be on your way to create an amazing system to help you save for your down payment.
Go For It
Now that you know the 5 sexiest ways to save for a down payment you’ll be equipped with actionable tips that you can use to fast forward your quest towards home ownership. Go for it. You can also find other fun ways to save money for your down payment by discussing with friends and colleagues.
Stay focused and you’ll be a proud home owner in no time.