Do you want to wait until your mid-thirties to buy your first home? The median age of first-time home buyers was 33 last year, so it will probably be worse in a decade. You’ll need to start saving for your down payment now.
I know you’ll still be working your way up the career ladder, but it’s easy to save money when you’re young. Here are a few areas where you can make big savings. You just need to stop wasting your income on silly things.
Live With Your Family
Some people think it’s horrible living with parents into their twenties, but it’s a sacrifice you might be willing to make. It’s easy to save for a down payment if you stay at home, especially if you don’t need to pay rent.
Maybe your gran has a basement you could live in, or your uncle has a large barn you could turn into a temporary home. If you have a partner, you could live with their family. Ask all your relations before doing anything else.
Buy An Old Camper Van
Steven Tulman, mortgage broker in Toronto, says some young customers have shared stories about living in a camper van for a few years, which they seemed to love. Just join a gym that’s open 24 hours a day.
You’ll be able to shower, visit the bathroom, and wash your clothes whenever you want. Maybe your family will cook a nice meal for you on Sundays. Ask work or family members if you can park the van on their land.
Look For Some Roommates
You’re probably used to living with roommates if you’ve been to college. I know it’s nice to live on your own once you reach a certain age, but don’t let your need for privacy prevent you from saving for a house deposit.
It’s still important to find a great deal when living with others. You must find somewhere that allows you to save more than a few hundred dollars per month. Don’t be scared to live somewhere that isn’t perfect.
Build An Online Business
Do you spend all weekend drinking in bars and clubs? Young people don’t spend much during the week, but let their hair down once they leave work on Friday. Not only will you spend all your money, but it’s a waste of valuable time.
You should be sitting in front of a computer trying to earn money online. If you learn how to code, you’ll find freelance jobs easily. You can even save money for a down payment by writing articles and editing videos.
Skip Foreign Vacations
Stop jumping on an airplane every time summer rolls around. If you avoid foreign vacations for 5 years, you’ll have at least $10,000 to put towards your deposit. You’ll still be able to escape your life for a week or two.
Think about going on adventurous road trips instead. If you take a tent or hammock, you won’t need to pay for hotels. You’ll still need to pay for food at home, so the only extra expense you’ll have is gas money.
Moving Into Your First Home
As soon as you move into your very first home, you won’t regret the sacrifices you’ve made to save for your down payment. It won’t take long if you try your hardest starting now.
