Ready to get serious and build your savings for your down payment? It’s as easy as using these 4 steps.

 

Go Out Less

A common area of overspending for people is in their entertainment and food categories…it’s time to reign in this budget item! This applies to going out for dinner, drinks, a morning coffee run, lunch with friends, movies, amusement parks, and the like. Set a goal for yourself or your family to cut these expenses in half! This doesn’t have to eliminate all the “fun” but rather allows your family to be more creative in how to spend time together or with friends. Invite everyone over for dinner and a movie night rather than going to the theater, host a game night, or pick one night a month to go to a restaurant rather than weekly occurrences. 

Have a Garage Sale

In order to further prepare for your future move, consider going through your belongings and hosting a garage sale. It’s a great time to help clear out all the items you’ve kept for years and never used while also earning money towards your down payment. Have an old fashioned garage/yard sale or place items for sale online through Facebook Marketplace, Poshmark, Ebay, or other avenues. 

Invest in Hobbies

If you have a creative itch, use it! Buy older furniture from yard sales or second-hand stores and fix it up. This can be as simple as a new coat of paint in order to make a few extra bucks. Spend your extra time a few days a week as a dog walker through companies such as Rover or Wag (money and light exercise = double win). There are many different ways to earn some extra cash on the side, just dive into your skills and passions!

Cut Monthly Subscriptions

While analyzing your expenses, reevaluate what is a necessity. Netflix? Hello Fresh? Try sacrificing a few “luxury” subscriptions for a small amount of time to get closer to your set goal for a down payment. 











This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.