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How To Save For A downpayment While Renting in Irvine, CA

How You Can Save for a Down Payment While Renting

By , 9:00 am on

If you’re currently renting a house in Southern California, it can be hard to put enough money together to make a down payment on a house to own, especially given the price tag on most homes and townhomes for sale in Irvine. Here’s a list of tips that will help you save up for a down payment while being a renter

1. Cut the Cable

More and more people are cutting the cable cord as prices continue to skyrocket year after year. If you have any TV service subscription, whether it’s satellite or cable, consider cheaper alternatives like Netflix, Hulu, and Amazon Prime. This is one of the easiest and most productive budget adjustments renters can make.

2. Switch Gyms

Assess how much money you’re spending on a gym membership. The weather is beautiful here and there is so much to do outside, can you really justify the expense? If you really can’t give your membership up completely, consider switching to a bare-bones gym that offers a cheaper membership fee.

3. Evaluate Your Free Time

Take a look at how much free time you have. If you find yourself twiddling your thumbs regularly and feeling bored, consider getting a side job. This could be something as easy as freelance writing from home or driving for a company like Uber. Ask around and see if anyone you know has a part-time job opening. These earnings can add up very quickly.

4 & 5. Clean and Clear Out

You can hit two birds with one stone by getting rid of your unnecessary merchandise by selling it locally or online and then downsizing to a cheaper apartment. You would get the income boost of selling your items and the monthly rent savings.

While it may be difficult to save money for a down payment on a home for sale in Irvine, remember that you are working towards a set goal. Once you achieve it, you will be able to start making equity on your new home!

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