Park the Savings Somewhere You Can Earn More Money
- Consider placing the money you’ve saved into an account that will help it grow SAFELY. You could place it into a high yield savings, money market or CD.
Reduce Your Expenses
- If you’re trying to save for a down payment, going on a spending diet can help. Create a budget and start with cutting out optional expenses.
Explore Additional Sources of Income
- If you have the spare time and effort, another source of income can help you save for a down payment. You might be able to turn a hobby into another stream of income.
Search for Down Payment Assistance Options
- If you’re a first time home buyer, explore low down payment loans or down payment assistance programs.
Bonus Tip : Start Small and Grow Over Time
- Your “first home” could be a condo or townhouse. These properties allow you to grow equity while reaping the tax benefits of homeownership. The money saved on taxes and equity growth can be used to “buy up” when you are ready.