Making that long term conscious decision to invest in a house is far beyond just wanting a space that’s truly yours. Everyone advises to start saving from the onset. Yes, this is 100% true. So where do you begin?
1. Say no to memberships
Gym memberships – have you seen the amount of workout video available on Youtube? Sticking with free fitness opportunities is relatively easy to do and, my suggestion is to invest in some hand weights, a yoga mat is really all you need to get in a good sweat session. Switch to a cheaper phone plan – it will be worth it.
2. Parentals – Staying Homebound!
This is a hard one, something that is completely circumstantial and not for everyone.
Starting with the pros, the cost of living compared to renting a condo is far less. Big, ticketed items like a washing machine and doing your own laundry from the comfort of your parents’ home. What’s being home without a home cooked meal from mum. But you are saving, saving towards your own home.
What are the cons Jen? Well living at home is not great for your dating life, you cannot build that life of independency, your parents will get involved in your business 80% of the time.
3. Income streams
You have a great job and that is awesome but also a good side hustle. It keeps you busy and keeps the extra dollars coming in, so that’s a win-win in my book. This includes everything from freelancing to selling clothes, walking the dogs. Helping out a neighbour routinely. Part time weekend work helps too. So instead of ordering a Starbucks request if they are hiring.
4. Save every penny
When you’re saving for a house, the big picture is a long-term goal. Because of this, staying dedicated to the goal over not just months, but years can be more than a little challenging.
Switch to a cheaper phone plan, cook at home and gather all the coupons you can. Say no to your usual Saturday night drinks. Cut your shopping habit to the curb and recycle those sweatpants. Consignments stores can help like a “Value Village”
5. Find free things to do
There are so many free things to do, you just need to know where to look.
To remedy this, start making a list of everything you want to do but haven’t done in your area that was 100-percent free. Everything from hikes to picnics to window shopping in towns, staying indoors to try new recipes, catch up on movies, and get lost in a book or two. Start a moodboard for future home
6. Keep yourself motivated
To stay motivated, the key is to stay mindful. Go beyond just asking yourself “Do I really need this?” and get to the core of the matter with “Does this add value to my life? If so, how?” If the answer isn’t as meaningful or satisfying as it should be, then you probably don’t need to make that purchase.
How do you save for large purchases?