5 Creative Ways to Save a Down Payment

Saving for a down payment in today’s economy isn’t easy. Every time you turn around, prices are going up — homes, energy, groceries, gasoline — you name it, it costs more.

Ask for advice and you’ll likely hear the words “spend less.” Obvious? Sure. Easier said than done? Definitely.

But with a little creativity, you can spend less, earn more and watch your savings start to grow. Here are five ways you can make it happen.

1. Hit Unsubscribe

Netflix, Spotify, DoorDash, gym memberships — monthly subscriptions really do add up. You don’t have to drop them all at once. Just cancel the ones you don’t use regularly and redirect the monthly costs to your savings. Even if you save just $50 a month, that’s $600 annually.

2. Embrace Your Inner Homebody

Eating out (or ordering delivery) can cost hundreds of dollars a week. Cooking your own meals takes more effort, but you get more value for your dollar.

If you enjoy movies, invest a little more in your home theater experience. With the amount you can save in just concessions alone, you can save substantial amounts of money over time.

3. Leave the Cards at Home

Credit cards make impulse buys easy, but interest rates are often well over 30%. Carrying cash to make purchases as needed helps limit unnecessary spending and prevent you from accumulating debt.

4. Turn Your Hobbies Into Side Hustles

Like to walk for exercise? Start a dog walking business. Enjoy driving around? Try Uber or DoorDash. Crafty? Sell your creations on Etsy. Things you like to do in your spare time may have earning potential.

5. Sell Your Stuff

Declutter your home and earn cash at the same time by holding a yard sale or listing items online. Don’t feel like doing it yourself? Ask your local consignment store for help.

Any questions? Reach out to discuss your financing options.