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Save $ for a down payment

By: Christine Davis, August 16, 2015

If you seriously want to save enough money for a down-payment and closing costs on your first home, you already know what to do: make a budget, tighten your belt and reduce your spending. But why not speed up the process by accumulating a little more savings painlessly?

1. If you have a hobby, can you make it pay? If you love crafting items, consider setting up an Etsy shop, or if woodworking comes easy to you, check out Taskrabbit and get paid to build someone else’s IKEA furniture. Do you have a talent that can make you some extra money? Are people constantly asking for your advice? Do people ask you how to fix their computer problems? Or maybe you’re good at math, art, science or speak a foreign language. You can coach or tutor people who’ll pay you to help them.

2. Take a look around your cabinets, bookshelves, closet, garage or attic for belongings that you don’t need or use, and sell them on Craigslist or EBay. An added bonus: if all that stuff was in a storage unit, you’d be able get rid of that monthly expense, too.

3. Pay down your credit card debts. If you always pay more than the minimum balance, that could translate to paying less interest over the long run. Consider applying for a  balance transfer credit card that offers an intro 0 percent APR on balance transfers. You can then move your debt into this account and pay no interest for an extended period of time. Also, this type of card usually offers an intro 0 percent APR on purchases for a period of time, which means you won’t have to pay interest on purchases you make in that timeframe. But make sure that there is no balance transfer fee. Fix your credit today with Lexington Law

4. Look for student loan options. Call you lender and ask what you can do to reduce your student loan monthly repayment.

5. Reexamine your auto insurance. Consider raising your deductible, which will lower your premium. If your car is older, consider whether you really need collision.

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