19 Life Changing Tips and Tricks for Saving Money
This infographic is part of a 3-series of infographics on how to save money for a house. See the other infographics on budgeting and saving that way as well as lifestyle habits you may consider changing so you can buy your dream home.
Buying a home almost always requires you to put money down. At a minimum this is 5% of the value of your home. To put it in different terms, for every $100,000 of a home’s value you should expect to need $5000 in a down payment.
To achieve this goal requires effort and dedication. Our tips will help you find ways to save and find money where you didn’t think there was any. These tips aren’t all you should be doing. Take a look at your life and see what changes you can make. Be creative and inventive and find different ways to save money nobody has thought of.
- Iron clothes yourself: Doing your own ironing and clothes cleaning instead of taking them to the cleaners can yield over $100 a year in savings.
- Buy clothes on discount: Everyone likes to look stylish, but this can cost a lot. Explore outlet stores for bargains on clothes you want.
- Generic drugs: If you are on a maintenance drug, see if the generic works just as well. You can save money over the year by going with the generic version instead of the name brand.
- Save your change: Get a jar and save all of your change in it. While it seems insignificant, over a year this change can add up to a hefty amount of savings.
- Coupons: Coupons can be a great way to save money. Being organized, and sticking to your shopping list can save you hundreds of dollars that can be put into your savings.
- Move to a cheaper location: To save the most, consider moving someplace less expensive until you save enough. Every dollar you save on your current housing can be put towards your future housing.
- Cut the cord: If you haven’t looked at your cable bill in a while look to see if you are paying for channels that you never watch. You can save even more money if you cut the cord entirely and close the account.
- Sell collections: Often people collect items thinking they will bring them millions. Usually this doesn’t happen though. If you have a collection of questionable value sell it and put that money into your home fund.
- Borrow from parents: Some of us are lucky enough to have affluent parents. See if they will agree to a formal or informal loan, or acting as a guarantor on your loan.
- Be creative: Instead of buying gifts for friends and relatives, make them. It’s more heartfelt and also saves you money. Be careful not to get into the trap of actually spending more to make than if you decide to buy though.
- Entertain at the house: A night on the town can be a significant cost. Invite people to your house and entertain there instead. Not every fun night has to cost a fortune. Play cards, barbecue, enjoy the time.
- Fix instead of replace: If you can fix something instead of buying a new one you can often save a lot of money. Turn your handyman skills into money.
- Sell your stuff: Go through your closets and storage areas and put together a yard sale. Put the funds raised into your new home account.
- Game thrifty: If you are like most gamers, you have saved every game you have ever bought. Start putting these towards new game purchases. Both Walmart and Gamestop have trade in systems.
- Close club memberships: Look at the club memberships that you have. If you don’t go to someplace or use something, then cancel the membership and put that money each month into your savings.
- Buy in bulk: If you can, buy groceries and household supplies in bulk, this saves money that can be added to your home fund.
- Avoid expensive toys: Modern society says that parents have to spend as much as possible entertaining kids. Consider how often they end up playing with the box instead and go for the inexpensive toy.
- Eat at home and bring bag lunches: Eating out is a large expense over time. Prepare your own foods and bring bag lunches to keep your costs down.
- Heating and Air Conditioning: Ensure your HVAC is in good working order, your insulation is good, and your home is sealed. One of the main costs of your electric bill is heating and air conditioning your home. Often your power company will send out professionals to tell you what to fix.