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The Best Ways to Save for a House While Renting

August 11, 2022

Buying your first house is an important event that can require a bit of planning and you may be trying to figure out how to save for a house while still renting. If you are searching for new homes in Utah County while you are still renting, we have several ways you can start saving money. This way, when you find a great company such as McArthur Homes, you’ll be ready to take the next step once you find the perfect home for you.

Trim Your Spending

If you examine every aspect of your weekly and monthly bill, you may find ways to save a few dollars on each expense, which can add up over time. For example, choose a more straightforward cell phone plan with fewer charges, cancel your gym membership and work out at home or skip going on vacations for a while. Also, you can cut back on luxury purchases such as fashion accessories, expensive dinners and fancy clothes. This is the start of how to save for a house while renting.

Ask for Help

Peoples Hands Piled Together Helping

It has become somewhat familiar for people planning to buy a home to ask relatives and friends to contribute to a home buying fund. You can suggest to people that, instead of spending money on gifts for your birthday or anniversary, they sponsor your down payment initiative. This way, you can raise enough front-end cash to help you secure a lower monthly mortgage rate.

Ask for a Raise

Another great way to save for a house while renting is to ask for a pay increase. With every economic cycle, the cost of living increases along with employee wages. Take a look at when your last raise was. Find out what other people with your skill set are making and determine the value of your work to your employer. It is commonplace for employees to ask for raises; once granted, you can use the extra money to put into a down payment fund.

Work on the Side

A great way to save money is to increase your income through a side hustle. You can maximize the earning potential of your evenings and weekends by taking on a part-time job delivering food or retail items. You can also use your skills to work from home, tutor students online, give music lessons, sell used items on eBay or write freelance. Other great part-time gigs include dog walking, blogging, cleaning houses and taking part in surveys and research studies.

Consolidate Your Debt

Laptop With Credit Cards In Front Being Consolidated for Home Buying

High-interest credit card debt can drain your income through high monthly payments. Sometimes, it is possible to combine the debt of several credit cards into one low monthly payment. This way, the money you save can be put into a savings account and start earning you interest rather than costing you more money.

Get Pre-Approved

As you search for home buyers in Utah County, consider working with a company such as McArthur Homes, which has existing relationships with preferred lenders. When you establish a relationship with a lending institution, they can assess your finances and help you set a realistic savings goal so that you can begin the mortgage process. Saving money can be easier when you have an exact number to strive for based on the calculations of a finance professional.

Reduce Your Overhead

Consider getting a roommate if you have a spare bedroom in your rental home. This step can cut your living costs in half, as they will be paying part of the rent as well as the utilities. Another strategy is to move in with family while you save money. This can help increase your down payment fund quickly, as the cost of rent can be a significant monthly expense. Additionally, you can move into a cheaper property with less overhead. This can help save money while forcing you to purge yourself of old, unwanted clutter before it’s time for your big move. Doing so is a great idea on how to save for a house while renting.

If you’re looking to buy a home in the near future, it’s important to start saving now. Luckily, there are many ways to save money while renting before buying a home. Contact McArthur Homes today to learn more about newly-built houses some of which are waiting to be moved into right now. We can help you find the perfect home for your needs and budget, so don’t wait any longer!

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This post was written by Paige Giles

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