How to Save for a House While Renting

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Cut your rental expenses and save for a down payment on a house with these tips.

If you’re currently renting, but want to someday buy a home, you know that saving up a down payment is an important first step. Unfortunately, everyday life and its many expenses can make it difficult to know how to save — especially when you’re paying rent every month. The way is to balance paying your rent  and saving money at the same time. 

1. Use a Budget App

 Once you know where you are spending, set a maximum budget for each category.”  Then, stick to it. And don’t forget to budget in your newest goal: buying a house. 

2. Find a Gym-Free Workout

 “Go for a run, take your yoga mat to the park, or attempt a hike at a local trail,”  Or  “If you’d rather not work out outside, there are plenty of online videos you can stream that will allow you to work out in the comfort of your own home. Get all the benefits and none of the cost.” Plenty of  fitness apps  available, too — and many of them cost nothing to use. 

3. Go Online

Find a way to make some extra  money, a second job or services you can provide, to save so you can buy a house. 

5. Bill Yourself

 Set up automatic payments.  That way, you will never miss a due date and incur those nasty late fees.  Having a budget in writing really helps you to stick to this and have enough money in the bank every month for the auto withdrawal. 

6. Be Flexible

 Put the savings in an account that doesn’t have an ATM card linked to it. Use an investment vehicle or bank that you must physically visit to make withdrawals. This kind of arrangement is a little more inconvenient, but if it helps you save for a house, it might be worth the trouble.