How do I save to buy a house?
It’s hard to save enough money to buy a house when real estate prices are skyrocketing like they are in the Southern California area. Young people who are making a decent living are stretched beyond their comfort level just finding a decent rental. It’s like no other time in the market, and there doesn’t seem to be an end in sight.
Here are a few savings tips that might help!
Assess your spending habits
Take a look at your bank and credit card statements from the last three months to see where your money is going, then identify areas where you can cut back.
Kick the TV package
Cable has gone crazy – average pricing has hit a record cost of $99.10 in the past year. This is up about 40% since 2010. But lucky for us technology has helped us cut our cable packages by streaming shows instead. Cable companies are all about customer retention, so call them and get on a new promotion. You can use another cable company as leverage.
Drop the gym membership
The Southern California area has some of the best hiking trails around, use what nature has provided for you for free to keep in shape. If you are locked into a gym membership, watch for the end date of your contract so that it doesn’t automatically renew!
Save your tax refund in a hard to get to bank
Sounds crazy right? Don’t make fun of it…..no ATM, no easy access, no Saturday hours and that money will stay in the bank because you can’t get to it!
Don’t keep stuff that you don’t need – Sell it online
There is a market for almost everything – books, skiis, sports equipment, furniture – you name it. Sell it online through Offer Up, Craigs List and other sites. Put that money in the ‘hard to get to bank’!
Grocery Shopping/Pack a Lunch
I know convenience is king, but don’t fall for it….those easy delivery services are not the best way to go. Shop specials and you will eat better and save money. Figure out how to bring your lunch for two weeks and see how much extra money you have in your pocket!
Give us a call and we can strategize to help you make home ownership a reality!