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How to Save Money While Renting to Buy a House

1 Sep , 2014  

merch-Mickey-Piggy-2Owning a home is something that most people dream about but it usually takes time to come up with a down payment. You need to work for a while and save up some money, which means you’ll probably end up renting for a few years. Since renting can be very expensive, this makes saving for a home more difficult but there are ways that you can save money while renting, so you can buy a home when you’re ready.

Live On a Budget

Creating and sticking to a budget can be difficult. However, when you keep in mind that doing without a few extras now, means that you can afford to buy a home in the near future it becomes a little easier. You just have to keep reminding yourself that by sticking to that budget, you’ll be able to buy your dream house soon.

Make Saving a Priority

You can’t live without necessities such as food, clothing and in many cases, a car but there are a lot of things people pay for that they could do without. These include things like entertainment, which is important. However, do you really need all those movie and sports channels, especially if you very seldom watch TV? Look at the money you could save if you bumped it down to basic cable and rented your movies or watched them online.

When you’re tempted to buy something that will interfere with saving money for a home, stop and ask yourself a few questions. For example, do you really want that expensive luxury car now or would you whether be moving into your own home in a few years? Do you need to go on that shopping spree or do you already have plenty of clothes to wear? Is a 50-inch TV really going to be that much better than the 32-inch one you have now? When saving is a priority, you won’t be tempted to spend money on luxuries you don’t need.

Live As Simple As You Can

That house with the 2-car garage, din and extra bedroom may be very nice but it’s also going to cost you four or five hundred dollars more a month. You want the home you rent to be comfortable but if you can save $500 a month and still have enough room then go for the cheaper option. When you think of it long-term like over five years, you can save a lot of cash to buy a home with later.

Saving for a home is like any other big investment. You may have to do without a few luxuries now but it’ll be worth it in the end. If you make saving for a new home a priority, set a budget and live as simple as you can now, you can save money while renting and still have everything you need.

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