Saving a home deposit can be hard. If you are able to get some extra cash for your home deposit it means you will be able to save the money faster and you will be able to get into the property market quicker.
Getting enough money for a house deposit can be really hard, so if you can find some ways to get extra cash it’s going to be so much easier to save your house deposit and to get into the market.
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Tip #1: Sell Your Car
Can you downgrade your car to a cheaper car? If so, sell your car and buy a cheaper car, and use the excess money to put towards your home deposit. If you have a spouse and you both have a car each, can you live with one car? If the answer is yes, then sell your car and put that extra money towards the deposit. Not just the money you get from the sale of the car, but the money you would have paid on the car throughout the year as well. Things like registration, insurance, petrol, all these things you would have spent money on, so you why not funnel that money into your home deposit?
Tip #2: Sell Your Things
We all know that we can buy great stuff on eBay. One of the ways to get extra cash is to sell some of your things on eBay. I’ll bet you there’s a few hundred dollars of things lying around your house that you’re not even using that you could sell on eBay and put that into your deposit. Things like old technology, old computers, different types of furniture that you might not need or that are in storage. Maybe you bought some gym equipment or a treadmill that you never use that you could sell. Sell some of that stuff, clear it out and use that extra cash.
Tip #3: Ask Friends and Family For Your Home Deposit
This tip is not for everyone, but if your friends or family are willing to either lend you money or give you a gift to go towards your deposit, then that can be really helpful to get into the market.
Tip #4: Get a Second Job
You could either work overtime or get a second job outside of hours and live off the income from the first job, and then use the income from the second job to put straight towards your deposit. Work a few extra hours a week or work on a weekend or something like that, and use that money specifically to put towards your deposit and don’t spend it.
Tip #5: Start A Side Business
You can start side businesses easier now than ever before. I know people who have a side business in mowing lawns where they make money to save up for property or to invest in their children’s education. I know people who have businesses online or who own consulting businesses on the side. There are so many different side businesses that you can start in your spare time. Start the business, and then use the cash flow that that business generates to put it towards your deposit.
That’s your five tips on how to get extra cash for a home deposit. To get more Podcasts like this, why not try our five part master class series, which is absolutely free? Just head over to cashflowinvestor.com.au.