Bank Extra Money
You could spend your income tax refund or bonus on a car upgrade or a new wardrobe, but it makes much more sense to leave those checks untouched in your bank account. Nonessential funds offer an easy way to boost your savings for your new home without affecting your budget. Add cash gifts, rebates, refunds and lottery winnings to your account too!
If you expect a raise this year, consider saving the extra amount. Simply increase the amount direct deposited into your savings account once you receive your raise.
Take Advantage of Direct Deposit
Saving is less painful if your employer allows you to split your direct deposit between your savings and checking accounts. You can certainly transfer money from your checking to savings account yourself, but it’s easy to forget to make the transfer. Unfortunately, when you do remember, you may have already spent some (or all) of the funds earmarked for your new house fund!
Make a Few Lifestyle Changes
Even small changes can have a surprising effect on your bank balance when you make enough of them. If you’re saving for a new home while renting a house or apartment, consider:
Other Ways to Save More Money
Depending on how much you want to save and your spending habits, you may benefit from a few of these strategies:
Saving for a house includes some major sacrifices in your lifestyle for a little while, but building your dream home is worth it. Have you been saving and are looking for a community close to stores and schools, yet secluded enough to get the privacy you want? Absolute Construction is proud to offer its new community of custom and semi-custom homes on 1-acre lots that provide the space you need. The homes feature plenty of amenities, including generously sized kitchens with large islands, side-entry four-car garages, spacious family rooms, formal living and dining rooms, and master bedroom suites complete with dedicated sitting areas and walk in showers. Contact us before the lots sell out!