Whether it’s a new phone or new car that you’re saving up for, making a big purchase can be nerve-wracking, even for the savviest spenders. That’s certainly true when it comes to home buying; your house is the biggest purchase you’ll ever make, and, for many of us, it seems nearly impossible to save up for the down payment we need. While putting together a generous nest egg can seem like a pipe dream, there are some easy ways to accomplish it ever than you thought possible. If you want to purchase that dream home, start with these easy saving tips:
Use cash: While it can be easy to charge purchase after purchase on your credit card, only realizing how much you’ve racked up when you look at the bill, paying with cash can help lower your spending in no time. Before you leave the house for the day, put a pre-determined amount of cash in your wallet and leave your cards at home — you can’t spend what you don’t have on you, after all.
Set up automatic deposits: While it may feel painful to put cash in your savings account when there are so many fun things you could be buying with it, setting up automatic deposits can have you saving easily in no time. Simply set up a weekly automatic deposit from your bank account and you’ll accumulate a nice nest egg quickly — you won’t even miss the money.
Carpool to work: According to the U.S. Energy Information Administration, the average American will spend nearly $2000 on gas this year. However, if you carpool to work even just a few days a week, you can cut that number down significantly, leaving you more money to use for the purchase of your perfect home.
Sign up for rewards programs: Save money every time you go shopping by signing up for in-store rewards programs. Those little keychain fobs they hand out at the grocery, beauty supply, or houseware store can save you serious money over time, often giving users access to special pricing and early sales. Just signing up could save you hundreds, if not thousands, of dollars to put toward your home.
Negotiate your bills: The amount your asked to pay on your bills is often more up to interpretation than you might imagine. For many bills, from cable to hospital bills, you can actually negotiate the price. In fact, many places that charge heavily for bills, like hospitals, will even offer you significant discounts if you pay them in full.
Owning your own home doesn’t have to be a fantasy. In fact, buying smart and starting early can save you tens, if not hundreds of thousands of dollars over a lifetime. Before you resign yourself to a life of renting forever, start saving and you might just be buying before you know it. Just a few dollars tucked away today can yield a healthy nest egg that will help you buy the home you’ve always wanted.