6 Easy Ways to Save Money for a Home

Working toward buying your first home? If you’re like most people, the biggest obstacle is the down payment. Luckily, it’s easier than you might think to save money for a home. You just need to know a few simple tricks.

6 Smart Options to Save Money for a Home

If you’re not anticipating a large monetary gift from a relative any time soon, these six fast tips are a great stand-in.

1. Get A Second Job

Getting a second job is one of the easiest and most effective ways to save money for a home. Because you can save all your income from the second job, and use the money you make from your primary gig to live and pay the bills, this is one of the fastest ways to build up a stout down payment in no time at all. What’s more, it’s easy to find a second job on evenings or weekends, so you won’t have to give up your current position.

2. Use an App

Today, there are dozens of savings apps that help you save money without even thinking about it. Qapital is one that’s getting a lot of buzz lately. Simply link it to your account, set savings “rules” (these include rounding up to the nearest $2 on purchases, saving a set amount weekly or monthly, or enacting “if this, then that” rules), and start saving.

3. Pull Out Cash

If you’d prefer to save real, hands-on money, try this approach: every time you get paid, pull out some cash and stash it in an envelope. While this option isn’t as secure as some others, it’s a great way to keep tabs on your money.

4. Start a Separate Account

Opening a second account is one of the best ways to save money for a down payment. By removing it from your daily accounts, you forestall the impulse to spend. What’s more, an external account can be programmed to auto-draw from your main checking or savings account on a daily, weekly, or monthly basis, so you can literally save while you sleep.

5. Collect Spare Change

While this shouldn’t be your only savings strategy, it can be a good way to add a few hundred extra dollars to the top of your down payment. Starting now, use a large mason jar to collect spare change around the house. Fill the jar up and cash it in at your bank or a local CoinStar location. Put that money toward the down payment.

6. Sell Unneeded Items

If you have kitchen appliances or unused clothing sitting around, sell it and put the money toward your down payment. Most people would be shocked by how many saleable items are in their homes, or how much money they can make by getting rid of them.

Saving the Simple Way

Saving for a home can be tough, but these six tips can make it easy and accessible for everyone – no matter where you’re at in your life, or how much you do or don’t already have saved.