When you are saving for a house, there are a lot of things you can do to get yourself started. In this article, we are going to look at a number of options, including how a free signup bonus at a no deposit mobile casino can help towards your house fund.
Ideally, before you start saving, you are going to set a goal that makes sense. The chances are this will be a few thousand as a minimum. Set a clear financial goal – this will make it easier to track how much you have to save, and you can break it down into weekly or month pots too. Set a timescale that is possible for you too. If you currently have a lot of debt, or other financial restrictions then be reasonable and make it a few years.
One of the easiest ways to start saving for a mortgage is to live as if you are paying one. For example, if you have used a mortgage calculator to tell you how much you need to pay per month, and it is somewhere around 800, and your current rent is always 650, put that 150 difference away. If you can’t manage to do that now, you might need to rethink the size of your mortgage or the repayment. This will get you into the habit of paying a large amount, and saving at the same time – so two birds one stone.
Example: You want to save $45,000 in five years. You will need to save 9k minimum a year. Break that down into monthly savings, and you have $750.
There are a few ways that you can save up. And it is time to get smart! You already likely have an income or two from employment – so what about adding an extra hustle into your lives. You can both potentially take on extra work online like writing, design, translation work, and so much more. Think about the skills you have and where else you can apply them.
Get your gamble on. There are a few ways you can make money gambling online. One of them is by tactfully using the cash bonuses you are given when you sign up. Rather than blow the cash bonus on a single game, split it up and play more games, increasing your chances of taking home some winnings. Other ways are to play games of skill, not just chance. Do your research and find the jackpots with the most regular payouts too. Make sure you opt for accounts with a low payout threshold so you can regularly withdraw your winnings. Always bank the winnings!
Invest. You can invest in a number of places in order to bring in some extra cash with money that might otherwise be gaining little interest in a bank account. Stocks and shares can be volatile so unless you are prepared to put the time in to learn the markets, then give that one a miss. Certificates of deposits or high-interest accounts with a lump sum will see a great return for a relatively short term period.
You might think that you need to sort of just hope you can put the money aside; however, you need to really make room to save that. When you initially created your budget, there are probably a few areas in which you overspend. It’s time to cut back on those places. When you are talking about saving thousands of dollars a year, it isn’t a case of just cutting back though. As mentioned above, you need to find more places to make money too. Consider areas that you can cut back.
- Do you need a car? Is public transport cheaper?
- Do you have a weekly takeaway or eat out regularly? How much does that come to?
- Is your grocery shopping done on a budget with a meal plan?
If you struggle to put money aside often enough to really commit to your plan, it might be time to call in the robots. Unless you are a natural saver (and not everyone is) automating your savings is going to be great for you. There are a few options you can create. You could open an extra bank account and have a standing order transfer money weekly or monthly from your main account into the extra one. Or you can check out apps like Plum or Cleo. They automatically calculate what you can comfortably save each week and transfer it into a ‘wallet’ for you.
Because the money is moving automatically, it makes it even easier to save without any direct effort. And, because it works on a smart algorythm if one week you can only save $2 and the next $12 it will only take what you can truly afford.
Buying a house can be a long process, but you can come up with some really fun ways to save and make money over the years that you are saving.