Getting married and buying home are what many people consider to be “The American Dream.” A quaint little house with a manicured lawn, bordered by a white picket fence is what many couples see themselves in when they think about their future together, and with the right savings strategy, the dream can become a reality.
Saving for a house, especially when you’re planning on getting married or you’re fresh off the altar can be a challenge, but there are plenty of ways to cut corners so your savings can grow. Here are a few tips to help get you started.
Ask for Monetary Gifts
If you and your partner are getting married in the near future, ask those attending for monetary gifts only. While some family members may be put off by your request initially, if you explain that you’re saving for a house, then you they should be more accommodating. This request should also apply to any upcoming birthdays or gift-giving holidays as well.
Make Cut-Backs
You can cut costs by reducing or eliminating unnecessary luxuries from your life, like expensive coffeehouse coffee, excessive clothes shopping, subscriptions, movies, parties and eating out. While you may not think cutting down on these things will make a difference, it all adds up, and faster than you might expect.
Deposit Your Returns
If it’s close to tax time, plan on putting your tax return right into your savings account. A single year’s tax returns can increase your savings by ten percent or more if you’re lucky.
Work Part-Time
Part-time jobs are still a great way to make extra money, or try a taking on a little freelance work on the side if your job permits it. A couple of hundred dollars a month from a part-time gig can be exactly the cash-injection your savings account needs to help boost up your bottom line.
Consider the Unthinkable
Paying rent is like throwing money out the window; you’re not getting anything back from it except a place to live. If you’re lucky to have supportive parents, ask to move back in with them for a few months after your lease is up. It may not be your ideal living situation, but think of how much you can save for your home if it’s not all going to your rent.
Many, if not all of these choices are going to be well-received, but remember that your sacrifices are temporary and you have a bigger picture in mind. Remember the one with the white picket fence? So, start implementing these tips into your daily life now and by the time you’re ready to start looking for a house, you’ll have enough saved for a hefty deposit and maybe you’ll even have some money left over for some nice new furniture to go inside it.