The new year comes with new resolutions, new goals & plans. Is one of your goals to save for a home this year? Once you’ve determined how much you need, below are five realistic & implementable ways you can save faster for your home.
Make Lifestyle Changes: Begin by tracking your expenses & assess where you can save. Reduce your expenses by making lifestyle changes such as getting rid of services you are no longer utilizing or reducing your restaurant days or grocery budget. Small changes can lead to significant savings in the long run.
- Start A Side Hustle: You can save faster by adding an additional source of income by working a part time job on the side. There are many options of generating extra income, whether that is via freelancing from the comfort of your home or pet sitting or delivering meal and groceries and more. This is a great way to put away extra cash for your home.
- Budgeting: It is important to have a reasonable & a realistic budget to stick to. Start by figuring out your monthly necessities, payments & other expenses. Consider using a budgeting tool such as Nerdwallet which also recommends using the 50/30/20 way to budget and save. Here’s a Budgeting 101 article by Nerdwallet.
- Accountability: If you’re not used to a savings mindset or have experience with budgeting, it can be easy to get sidetracked. It’s helpful to have a trusted family member or friend keep you accountable so that you don’t get distracted and continue to remain mindful of your budget.
- Automate Your Savings: If you don’t already have a savings account, be sure to set one up and then automate your savings. The easier you make it to save, the more likely you are to stay committed to saving. It may also be wise to sign up for a round up savings program, which effortlessly allocates savings with each purchase. Devon Bank’s Well-Rounded Series can help you save effortlessly by rounding up to your savings which you can use later. Learn more HERE.