Jul 07, 2017

Creative ways to save for your down payment

Articles on saving for a down payment are certainly not hard to come across. They are full of practical advice like "Cut out your morning latte to save an extra $2000 a year!"

But what if you're already all about the home brew and bagged lunch, and you're still stuck on how to make your savings grow? Well, we've put together 5 more ideas we hope will provide some new and unique ways (involving minimal effort) to help you save for the biggest purchase of your life.
 
1. Join forces with a co-buying partner and instantly double your buying power and down payment (check out a recent post here on some reasons to think about co-buying a property).
2. Make it known to family and friends that for all forthcoming celebrations (birthdays, holidays etc), you'd like a contribution to your down payment fund in lieu of gifts.
3. Temporarily rent or sub-let your room (if wherever you live allows it) and bunk at home or with a friend to make some extra cash (especially during peak seasons and weekend events).
4. Offer up some services via a side hustle that makes use of things you already do in your spare time. Second/third/fourth job? It's hard to find the time for a side gig, so why not dedicate some of your current "spare time" activities to also making some cash. Our favourite ideas include meal prepping for a friend of family member if you're a dedicated meal prepper or from-scratch cooker, or offering dog walking if you enjoy a daily stroll around the hood. Using activities you already invest your time in to also make some extra cash is the perfect side hustle!
5. Call every utility you have (cell phone, cable, etc) and try to renegotiate a better contract. You'd be surprised how often your loyalty to a company and a simple phone call will result in a reduced bill, which you can in turn put into your down payment fund.