Believe It or Not You Can Save For a Home When You’re Self-Employed
Many people who are self-employed, freelancers or that don’t have a steady paycheck just give up on saving to buy a home. Believe it or not, it is possible to save for your first home even if you’re in one of these categories.
As realtors, we know how hard it can be to save when money is a little tight, but it is doable. We rounded up a few tips on how to put money aside for a house down payment even when it’s not easy. (If you need a little more information on what a down payment is and how much money you can expect to put down, check out this informative article from Architectural Digest.)
If you don’t set goals for saving, how will you ever know what you’re doing? This is the first step when it comes to saving for any major purchase — especially a home. It’s also important to remember that it’s never too early to start saving. Basically, start yesterday.
Calculate how much is possible for you to set aside each month. If you're not great with money, ask someone to help you set monthly goals for the rest of the year.
Set the Money Aside Immediately
Once you get your paycheck, divide your money immediately. Set aside your rent, your bills, your monthly budget and, of course, how much you’re putting into your house downpayment. This is imperative if you want to stick to your goals. If you can, open a separate savings account just for this money.
Get Rid of Unnecessary Expenses
Is cable really a necessity? Are you even using that Hulu subscription? Do you actually read that Southern Living magazine? Think about any of these excess expenses and cut out any that you can live without. It’s amazing to think about how much you can save without cable or Netflix every month.
Save the Extra
Did you make some extra income this month? Did you finally sell that old TV you weren’t using? Anytime you have “extra” income, put that money into your house downpayment fund.
These are just a few tips to get you started when it comes to saving money for your first home. It’s also never too early to contact one of our Synergy Realty Network agents. They can help you get an idea of what’s in your budget and what you can save every month.