Tips for Saving Money to Buy Your First Condo

Published:

Most Americans stay indoors. Actually, an average American spends approximately 93% of their life indoors. So it’s exciting to have your condo — a place to call your own, an area you can decorate and enjoy. For instance, you can redesign your condo the way you like. For your bathroom, you can design it in a modern aesthetic. In American households, around 12.4% of bathrooms are designed in this fashion.

However, the process of saving for your condo is lengthy and costly. You’ll need some patience and discipline, but in time you’ll be rewarded with the financial stability you need to own your condo. Here are tips to help you save money for your first condo.

Open a Savings Account

It would help if you started saving money with a credit union or a bank. Contact your bank and inquire about an interest-bearing savings account where you can interest your deposits. Evaluate your debts and income. Before you start saving money for your condo, you have to determine your monthly disposable income. Simply, how much can you save on a typical month? If your extra amount is $400, then deposit the funds into your savings account.

Sell Belongings That You Do Not Need

Look around you. How much “stuff” do you use, and how much do you need? If you’ve got a lot of things you hang on to “just in case” or because you can’t imagine parting with them, evaluate their value and sell them online. This is not the number one way to get money for your condo because it doesn’t yield a large sum of money, but it helps you build on your savings and helps you de-clutter before landing a new apartment.

Make a Budget and Stick To It

Making a budget is no good if you don’t stick to it. It’s not well to say, “I’ll limit my grocery expenditures to $600 monthly,” but then think “oh well” any time you exceed the budget. However, people tend to spend less on groceries if you take cash instead of your credit cards to the grocery store. It’s wise because you’re aware of how much you want to spend.

Bank Those Windfalls

Owning a condo in existing buildings was approximately $1.9 million in Manhattan during the third quarter of 2017. You need to save a lot for such an amount! So, bank on those windfalls. These include gifts received, income tax funds, bonuses, or the sales of personal assets. By saving these funds, you fast-forward the process of saving money for your future condo and regularly banking on those windfalls chops a couple of years off from your savings timeframe.

Reduce or Cut Out a Bad Habit

Reducing or cutting out a bad spending habit help save a few dollars yearly. Consider cutting out these habits and deposit savings into your condo saving kit:

  • Impulse buying: If you’re fond of impulse shopping in person or online you should cut these expenses. Ensure you unsubscribe from marketing emails to avoid constantly seeing the ads in your inbox. By this, you’re sure of saving some extra dollars.
  • Getting takeout: Fast food and takeout are great, we can’t deny that! But, it isn’t so easy on your pocket. So try cooking some meals at home instead of ordering out.
  • Ask for gift money: Request gift money from your relatives and friends during Christmas, your birthday, your anniversary, or any other special occasion. Some may oblige, but some of your relatives might be pleased to know that they’re helping you achieve your dream of owning a condo.

Get a Side Hustle

Gig economy is expanding, and so there’re many ways you can make a quick bucks to help save money to boost your condo saving kitty. Consider some side hustles like:

  • Shopping or delivering through an online delivery service
  • Pet sitting
  • Walking dogs
  • Charging self-service scooters

Thanks to technology, ever-increasing freelance opportunities require few qualifications to earn extra money.

Sometimes it feels easier to spend than save. After all, nobody is perfect. Mistakes happen! So, don’t give up on the above top seven smartest ways to save money to buy your condo. Just be disciplined, dedicated, and you’ll achieve your dream of owning a condo. Good luck!

Leave a Comment