Looking for ways to save money for a down payment on a house? Perhaps you have the right credit score to buy a house but not the savings. This may seem like a far off dream for some, but there are some really interesting and unique ways that can save you money. In the quest for becoming a more financially secure individual, it’s essential to look for creative ways to curb spending and expand your bank account.
Ways to Save Money for a Down Payment
1.) Choose a Great Bank – pick a bank that offers zero ATM fees and no overdraft fees. Oftentimes, smaller banks or credit unions offer the highest savings interest rates and the lowest fees.
2.) Use Exclusive Deal Sites – Websites such as Living Social or Groupon offer extreme deals for restaurants and other social activities. If you have a hankering to get a manicure or go out for sushi, these sites can offer up to 70% off standard prices.
3.) Live Healthy – Medical bills and expenses related to health issues are among the biggest reasons people are in debt. Try to eliminate this from your life by living healthy and taking care of your body.
4.) Homemade Shaving Cream – Men and women alike use shaving cream throughout their lives. Over time, these creams can add up. Therefore, create a homemade shaving cream by combining ingredients such as olive oil, Shea butter and coconut oil. If this is too expensive, you can even use peanut butter as shaving cream – just don’t be surprised if animals at the dog park are instantly attracted to you.
5.) Efficiently Wash Dishes – Instead of using the dishwasher, hand wash dishes; however, make sure you turn off water while scrubbing. Doing so can save you up to 500 gallons of water per month, which will not only save on water bills, but also help the environment. Here’s a tip: use the dishwasher as the greatest drying rack instead as an actual dishwasher.
6.) Read a Book, Not TV – Did you know that with every four hours of TV watching you’re exposed to an estimated 100 advertisements? Avoid the annoyance of being yelled at while saving energy costs. Reduce TV watching to a maximum of one hour per day.
7.) Use LED Light Bulbs – Did you know that over a 10-year period, you can save up to $10,000 if you use LED light bulbs instead of traditional bulbs. While more expensive upfront, their lifespan and efficiency will save you thousands of dollars. Imagine what you could do with $10,000 in a decade? Bali, anyone?