Millennials! I’m speaking to you. I am too a millennial and I understand the doubts of homeownership. To all the articles and media sources out there saying that it’s basically impossible for us to own a home, I want to share with you some ideas how it is possible.
We have student loans, credit card debt, rent to pay and expensive costs for transportation but there are ways to save.
Every little bit of saving money helps, especially when saving for that big house purchase. Some of these ideas may seem outrageous but take a look here.
Get a credit card with a low interest rate.
Getting your first credit card is always very exciting. Thinking of all the awesome things you can now purchase with this little card is music to your ears. You’ll want to find one that has 0% APR for a certain time period and one with no annual fees. There is so much more to it than that.
When used correctly, they hold a very special power within them. Using one regularly helps you build up credit and credit is needed to buy a home. They also hold rewards and collect points that can be used for your day-to-day purchases.
Get a roommate.
I get it. Living on your own is appealing in so many ways. But, think of all the money you can be saving if you have a friend move into that spare room you have. They can pay half of your rent!
Paying all of the rent by yourself is unnecessary, especially when you are thinking of buying a home soon. Sharing the cost of rent and utilities is the biggest money saver you can do.
Better yet, move in with your parents (ehhhhh).
This is the toughest one of them all but if you can manage this, you will be able to buy a home faster than you can imagine. Yes, I know, your freedom is now gone. Think, of all the money you can be saving and all the home made dinners to come home too. Living with you parents for even a short period of time is great help in your savings department.
Get a coffee maker.
Sorry Starbucks people, I’m writing to you.
One of the easiest ways to cut back on your daily spending budget is to lay off the coffee. Buying a coffee every morning on your way to work I understand is needed. As an alternative, invest in a nice coffee pot or Keurig and take a cup-to-go.
I know, I know- easier said than done. Taking this route can save you nearly $2000/yr or even more! That’s a lot of mula.
Are you a millennial looking to make the move towards homeownership? Contact me today to start planning.