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Creative Savings Plan for your Down Payment

  

  Creative Savings Plan for your Down Payment

Annette Bui| Updated February 26, 2019 | Mortgage Programs 101


Paying for rent starts accumulating overtime as you are not spending toward anything you will eventually own. The ability to save for a down payment gets more difficult with high living expenses. Some of the creative ways you can add more to save on your down payment is to consider the following:

 Sell clutter online/garage sale

       Use amazon seller tools, E-bay and online resources to sell unused goods from the comfort of your own home. Many smart phone applications have made it easy to take a photo, upload with pre-paid shipping labels to sell your items. USPS even has a web portal for you to request shipping materials free online. You can even use their mail pickup service and simply leave your packages at the front door.

 Rent or lease your car

 Rent/lease your car-if you sometimes do not need to use your car, smart phone applications like Turo will allow car owners to rent out their car on a daily basis fee to make extra income. This is a great way to gain extra cash flow and apply your earnings back to your savings account.

Budget to save-utilize budgeting smart phone apps to track your daily expenditures, back track online statements to see trends in your spending habits in the last three months.

Crowd sourcing

 Crowd sourcing with online funding becoming more common, there are more ways to generate savings through cash gifts from friends and family. Many engaged couples have started setting up accounts to receive wedding/shower gifts as cash credit towards a savings account for a new house.

Regular Savings

 Regular savings is one of the more traditional ways to save is by allotting a percentage of your paycheck that goes directly to a savings account. You don’t spend what you don’t see on a daily basis




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