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5 Tips You Need When Saving for Your First House Deposit

December 24, 2019 at 4:27 pm Diana Smith 0 Market Trends, Tips & Tricks

Becoming a homeowner is an incredibly important event in the life of an adult, and it’s one of the most significant financial decisions that you could make. When compared to the cost of rent, it’s quite easy to agree to a monthly mortgage payment instead, especially when you take into consideration the fact that you will eventually own the place. The only problem here is the fact that you need to get your hands on the house deposit. This is an upfront payment that consists of about 20 percent of the home’s total value, which can be quite the sum. So, here are five tips to help you get there as soon as possible.

Gamify your money-saving experience

One of the biggest problems that a lot of people have with the idea of saving money is the fact that they find it hard to lead an austere lifestyle. Other than this, they might often forget about it or make a minor mistake, which may severely damage their morale. Therefore, what you need to do is gamify your money-saving experience by adopting a 52-week plan or some similar strategy. The use of an app can also be a way for you to get there.

house deposit

Find an additional source of income

The next thing you could do is look for another source of income. For instance, you could find a side-job online. One of the numerous advantages of remote work with deadlines instead of traditional work hours is the fact that you can easily fit it in your already tight schedule. This way, you get to choose for how long you work and avoid the scenario where such a thing interferes with your full-time job.

house deposit

Creating a passive income for a house deposit

Another idea, similar to the one of finding an extra job is for you to make an investment that will yield a positive ROI regularly. In theory, you could sublet your current home. However, this might not be entirely legal or in agreement with your current landlord. Therefore, you might want to look for an alternative. One such option that is particularly popular nowadays is the concept of cryptocurrency mining. How all of this works is fairly simple; you find the right mining platform and block explorer, as well as invest in suitable hardware. The process itself is relatively automatic, which is just ideal for someone on a tight schedule.

house deposit

Monetize your hobby

A lot of people have a passion or a hobby that they could easily monetize. For instance, you could become a content creator on YouTube on virtually any topic or point of interest that you have. If you have the aptitude for art, never before was it so easy to become a self-publishing writer or sell your music/photos online. If you’re a passionate gamer, you can compete in tournaments or even tutor others to improve their skills.

house deposit

Start selling things you don’t need

Online marketplaces like Amazon, AliExpress, and eBay can be quite strange at times. Nevertheless, for those who know how to use them properly, these platforms are places full of possibilities. You would be surprised just how much some people may be willing to pay for various items that are currently cluttering your attic or your basement. Old cables and cords, cardboard boxes, or even old CDs/DVDs can be sold online for a profit. Seeing as how you would otherwise discard these items, it would feel like making money out of thin air.

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Conclusion

In the end, you need to understand that your money-saving or money-making efforts depend on the amount that you need for your house deposit. Still, keep in mind that the above-listed ideas are more than temporary solutions. When used properly, they can reinvigorate your finances, drastically improve your lifestyle, and even turn your life around.

Diana Smith

Diana Smith is a full time mom of two beautiful girls simply in love with interior design and DIY projects. In her free time she enjoys exercising and preparing healthy meals for her family.

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