Welcome back to the second half of our two-part blog on how to save up the money you need for your dream home. Last time we talked about carefully collecting and saving your regular working income, something that all adults must master at some point, starting with a separate savings account. With smart shopping practices, debt repayment, and well-chosen insurance policies, you can reduce your spending so that more of your discretionary income can hit the savings account. Today we’re going to talk about making extra money to speed up the process. Let’s pick up where we left off at something close to home, your garage.
6) Clean the Garage
Every home, rented or owned, accumulates a certain amount of stuff the residents don’t need, don’t use, and often have completely forgotten that they own. Garages, attics, and linen closets are often the most cluttered with huge amounts of unnecessary junk. Of course, what is one person’s trash is another person’s treasure. If you’re looking for a little extra cash for your dream home down payment, consider cleaning out these cluttered spaces and selling anything that you don’t want and is still in decent condition. If you have a friendly neighborhood, a garage sale is a great approach or you can play the eBay game to see what auctions can bring in. All proceeds go straight into the down payment fund, except for a little off the top as a reward for your hard work.
7) Develop an Etsy Hobby
Speaking of selling things online, what do you like to do for fun? If you enjoy any form of arts and crafts, literally any crafting, there is a good chance that you can start turning your recreation time into pure profit with the help of Etsy. This online platform is unique among eCommerce marketplaces because the niche is handmade items. From crocheted baby hats to hand-tooled leather work belts, men and women, DIY-enthusiasts and artists alike can find some way to make something and sell on Etsy and anything you don’t reinvest in crafting supplies can go toward your down payment.
8) Airbnb Your Spare Bedroom
If you have a spare bedroom or even just a couch where you wouldn’t mind travelers crashing for a night, you have the perfect route to a surprisingly regular income. Not every Airbnb has to be a private apartment with hotel-quality amenities and services. All you need is a clean available sleeping area, a certain amount of privacy, and honesty on your listing. You can turn your spare bedroom into a beautiful guest suite and up your price for traveling professionals or get a steady supply of students and grandmothers with a cozy room at a low price. Providing for an Airbnb guest can be as easy as a quick clean-up and round of laundry before and after each visit. Every guest is another deposit in your dream home account.
9) Use Honey When Shopping Online
Let’s face it, we all shop online now. With the availability and vast variety of eCommerce and delivery options, many people have stopped going to physical stores entirely. One thing most of us don’t’ realize is how many discounts are actually available at any time but now there’s an app to help us out. Install the “Honey” app in your browser and it will scan websites to find you the lowest prices on the items you want and discount codes you’ve never heard of when you’re checking out. Honey can streamline online bargain shopping in a way that will save you both time and money.
10) Pet sitting and Other Easy Sharing Economy Jobs
Finally, there’s the increasingly easy to achieve side-hustle. The sharing economy is a treasure trove of opportunities to get paid for doing things that you enjoy and don’t really consider work. There are sharing economy platforms for everything from lending bicycles to baking pies. One of the easiest by far, especially if you are already a pet owner, is pet sitting. The sharing economy has a small variety of venues in which homeowners can pay their nearby neighbors to look in on a pet at home or board their pets with other local pet owners. If this, or any number of other sharing economy opportunities sounds like fun, it’s a great way to bring in yet more extra money for your dream home.
Saving for that beautiful house you’ve had your eye on, or for any house that meets your dream home standards, can take a long time even if you’ve been managing to build up a small savings before now. With strong budgeting, careful spending, and a touch of opportunistic side hustling, you should be able to significantly shorten your waiting time and see that dream home on the horizon. Are you ready to take the next step? Give us a call today at (877) 706-5856 or click here to get in touch with a loan officer.