You know you don’t want to rent an apartment forever. But with the ever-changing real estate market, it’s hard to know how to save money for a down payment on a house. If you’re not sure where to start, we’re here to help with tips and ideas to get you going on your house savings journey.
How to Start Saving for a House: Start Here
First things first: designate a specific place for your down payment savings to go. If you keep everything in the same bank account you use for everyday transactions, it may be hard to track your progress toward your savings goal. Plus, it’ll be extra gratifying to see that down payment account grow over time! Most banks allow you to open a new savings account for free, so you can start saving ASAP.
How to Save for a House While Renting an Apartment
Once you’ve set up your down payment savings account, it’s time to make it grow. Use these ideas and tips to start saving for a down payment, home closing costs, and moving expenses.
1. Sell belongings you no longer need.
Maybe you’ve shopped for secondhand furniture or household goods before, but now is the time to try the other side of that coin! Sell furniture, clothing, and other home items on social media or online selling platforms (like Poshmark, eBay, or Mercari), and put your proceeds toward your down payment. And just think: when you’re ready to buy a home, you’ll have fewer things to move. A true win-win!
2. Rent a smaller apartment.
Sold off half your furniture? Perfect — now everything you have will fit in a smaller place. Consider looking for a new apartment to save on rent. Finding a furnished apartment can help you shed even more belongings, and every dollar counts when you’re saving for a home.
3. Get a roommate.
If you don’t want to move to a smaller place, consider finding a roommate. Half of what you pay now for rent and utilities could go straight to your down payment fund. What more motivation do you need?
4. Get creative with travel and social expenses.
When you look for ideas on how to save for a down payment on a house fast, you’ll see tons of advice telling you to cut out every little luxury in your life. Sure, that can help you save money quickly, but you may also make yourself miserable in the meantime.
Instead, find creative ways to be social and get out. Want to travel? Choose destinations where you can stay with friends. Need to cut down on weekly happy hour costs? Invite friends over to your apartment for a drink instead. You don’t have to deprive yourself of enjoyable experiences, but your future self will thank you for finding easy ways to save money on your usual expenses.
5. Designate unexpected extra cash toward your down payment.
Got a sizeable tax refund this year? Scored a performance bonus at work? Great! Put that extra cash toward your down payment. Since you probably weren’t expecting that money, you won’t miss it in your monthly cash flow, so use it to boost your down payment savings account.
How to Save Money for a House While Renting
Whether you decide to downsize your apartment or sell unwanted furniture, CORT Furniture Rental and CORT Furniture Outlet can serve as a helpful stop-gap until you’re ready to buy your home.
Saving for a home can take time — but that doesn’t mean you need to suffer with low-quality or unattractive furniture items in the meantime. CORT Furniture Outlet is the perfect place to find durable, stylish furniture and decor for only a fraction of the price. With CORT Furniture Outlet, you’ll be able to save on furnishing your current space — and have leftover cash to allocate to your down payment savings fund.
Think you’ll be moving into your new home sooner rather than later? Consider furniture rental with CORT. Our wide inventory includes space-saving furniture that works perfectly in smaller apartments. Begin by creating a furniture subscription package online where you can use our 3D tool to see all angles of the furniture or even view it in your space!
After you’ve selected what you need, determine how long you’ll need the furniture. Then our team will deliver and install your furniture so you don’t have to lift a finger. Finally, when the time comes for you to move into your new home, you can end your furniture subscription or extend it so you can have furniture in your place. Renting furniture gives you the freedom to choose what works best for your situation. Start exploring furniture subscription packages online today!