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5 Creative Ways To Save Enough Money To Buy Your First Home

1. Be Smart With Your Money

Don’t force yourself to live just above the poverty line, but don’t be silly with your spending either. Cut down on the things you don’t need to buy, and where you don’t care about brands buy the cheaper version.

 

2. Take It Straight Out Of Your Pay

In normal people language this means to offer up the first part of your income before you even start spending.

Don’t try to live for the entire month (or pay period) and then save what is left, save your money as soon as you get paid and then live off the rest, stretching it as far as you can.

If you try to live first and save second you will find you run out of money before you get a chance to save, but if you save first then you will find that you can stretch to live (and enjoy life) off the remainder.

3. Downgrade Your Car
Most couples own two cars, or at least one pretty nice car. Little do they know their car could be the deposit for their property.

A car is a depreciating asset and not only does it depreciate over time it costs you a bucket load of money to run. Insurance, registration, maintenance and petrol all cost money.

If you can live with one car instead of two then you could sell one of your cars and put the money you make into your home savings account. Then calculate the money you would have spent on the car and save that money too.

If you have an expensive car then it is likely you could be happy with a cheaper car (wouldn’t you rather your own house than a nice car?) Sell your car, buy a second hand cheaper car and save the remainder. You can always sell your cheap car and upgrade after you have bought your home.

4. Rent Out A Room, Or A Garage
Do you have a spare room in your house? Why not rent it out for some extra income.

This extra income could really help you save for a house fast.

LEGAL MEMO: Check your rental agreement (if renting). Some rental agreements don’t allow you to legally sublet your car spot or property.

With the invention of Airbnb the option to rent out your room to holiday travellers for good money is now a ral possibility.

5. Sell Your Stuff
Do you really need that old laptop you have already replaced? Or that second TV you never use because it is too bulky or the screen is too small? One man’s junk is another mans treasure.

Wouldn’t it be better to live in your own home with less stuff than to be paying dead money (aka rent) to someone and have a whole bunch of stuff?

You can always upgrade again once you are in your one home.

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