Graduating from college can be one of our greatest life achievements. As we start paying off our student loans, many of us are hopeful to take on our next goal of purchasing a home. Refinancing our student loans with one of the best private student loan lenders is a wonderful way to lower our monthly payments to have extra funds to put toward a down payment, potential renovations, or even funds to pay down existing debt.
Here are other ways to come up with additional funds to purchase a home.
Cut Unnecessary Expenses
By living a minimalist lifestyle, we have the potential of saving thousands of dollars per year. Living a minimalist lifestyle doesn’t have to be scary. It means being mindful of the things we want versus the things we need. Cutting back even minimally will allow us to have more money left over in our checking account every pay period to transfer into a home savings fund.
Additional Income
Money can be made anywhere, doing just about anything. There is no shortage of money or opportunities to make money. Getting a part-time job can help fund a home savings account. There are many third-party companies that allow flexible schedules and are quick money makers. These companies allow people to earn extra income while maintaining full-time employment.
We Don’t Spend Money We Don’t See
Open a non-retirement investment account. Non-retirement investment accounts offer the benefit of holding funds in one place while allowing the money that would normally sit in an untouched savings account to grow. When working a full-time job, a good way to fund a non-retirement investment account is to have a portion of the paycheck go directly into an investment account. Set it, and forget it for one year. Another benefit of this type of account is that there are no penalties for withdrawing.
Be Determined
Saving money can be lonely. Our friends love to go out for dinner and drinks, and we love to shop for the latest fashions. Unfortunately, their idea of a good time can be costly. In order to start building a savings account, we must be determined and we must have discipline. It’s hard to be the person who’s always declining invitations from friends, but the reality is that if we spend just one year committed to working on building a home-buying savings, we could set ourselves up to purchase our dream home.
Most people enjoy living comfortably. They enjoy a drink from time to time, take really long, hot showers, and binge watch Netflix on Sundays. When we take a good look at how much we consume on a daily basis, however, we are able to recognize how much we truly spend on the luxuries that we think we need. By cutting back, refinancing eligible loans, earning an additional stream of income, and strategically placing our funds in investment accounts, we can prepare ourselves for a great home buying experience.
