7 Ways to Save Money for a New House
New homes are always a pleasure for the family. But how to save money for a house these days? It’s expensive and it might be out of scope. Or at least that’s what many think. But is it really?
Unfortunately, there are many naysayers that are trying to mute sound people but the good news is that it is not that hard to save for a new home, even in 2022.
In this article, we will provide you with 7 money saving tips that can help you build the house of your dreams. Let’s start!
1. Start using a budgeting app
A good way to keep an eye on your income and spending habits is to use a budgeting app. Many apps use real-time sync technology to inform you at any time of your day if you’re getting out of hand with your finances. Being able to check your balance from anywhere helps you spend less and save more every month. There are a whole lot of budgeting apps on the market, but some of the most notable names in the industry are Mint, Stash, HoneyDue, YNAB (You Need A Budget), etc. Whichever you choose, you will be better off!
2. Do not postpone asset investing
Many people think of investing as if it was something “out of the planet”. Like an “alien art”. But many people are investing in cryptocurrency without knowing much. They buy Bitcoin with debit card and reap their profits once the digital currency goes up (or down, if they prefer to go short). You’re not limited to Bitcoin, though, you can trade Ethereum, Dogecoin, Litecoin, and a whole other bunch of cryptocoins. All you need to know is get to know their history, use cases, and price predictions.
3. Consider freelance activities
By finding a skill they’re good at and selling it as a product, freelancers are able to create side hustles and make extra money. If you have writing skills or are an entrepreneur yourself, try your hand at copywriting or content editing; if you’re a great public speaker and enjoy sharing your thoughts, voiceover work is perfect for you. The options are endless — you can even explore the world of translation! Even single parents can use it as a piece of advice, as freelance work can be done any day, any time, and can bring you more than enough money to save on the side, and prepare for a new home!
4. Open an ecommerce store
Setting up an e-commerce website is easier than it sounds — and with Shopify’s platform, the process can be even simpler. The online marketplace allows entrepreneurs to set up a store in minutes with over 100 professional themes and no coding experience required. Once you have your domain name, simply choose your products from thousands of options, arrange them into collections on the easy-to-customize storefronts and start sharing them with your target audience.
5. Find a weekend job
You are an enthusiastic freelancer, but not many people seem to be interested in buying your skills. Look into different avenues for opportunities. And if you cannot make enough from being a freelancer, why don’t you consider finding a weekend job? Bartenders and waiters can earn some good amounts of money, and if you’re really good at what you’re doing, you can even make a lot from tips alone.
6. Consider shared ownership
Shared ownership schemes are a particularly good option for first-time buyers looking to get onto the housing ladder, especially if they can’t afford a significant deposit. The scheme essentially splits the mortgage of an entire property between multiple tenants — with each tenant owning a share of the home that they live in and paying rent on the remaining share.
7. Live with your parents for a short term
Most landlords require that tenants have at least a 3-month lease on housing, so if you are serious about buying a house soon, consider living with your parents for a while. Even if it’s not ideal, you can save up thousands of dollars per year by avoiding rent — which might even be worth putting towards your future house.
Summary
Saving for a house can be the most stressful experience. Many people do not realize that making a plan to save up can be far more effective than having no plan or a vague one at best. If your plan is sound, you will experience nothing but joy when you’re finally ready to move into your new home! All you need to do is follow our advice, work hard, and live the life of your dreams.
