5 Budgeting Tips to Save for a Vacation Home
Budgeting is the foundation of every financial plan. It doesn’t matter if you’re living paycheck to paycheck or earning top dollar, you need to know where your money is going if you want to have a handle on your finances. Unlike what you might believe, budgeting isn’t all about restricting what you spend money on and cutting out all the fun in your life. Below are 5 tips to save for a vacation home.
Determine How Much You Need
A vacation rental property’s cost can vary depending on what type of property you’re buying and where you’re buying it. For example, St Albert homes for sale will most likely cost less than a home in Ontario. Choose a property and a city that you will enjoy and want to escape to. You can also talk to a local realtor to learn more about the market.
Get Your Debt Under Control
Typically the math works in the favor of paying off consumer debt and cash-flowing the mortgage payment. It depends on the debt and how much the borrower wants to save. There is no simple answer as every borrower is different. It depends on the situation, where your life is at the present time, and what your future looks like as far as income, jobs, family, etc. In some cases, It would be best to pay off bills (do not close any charge accounts), and work to raise their credit score to get the best interest rate they can. Also, paying off bills frees them up to get a larger home. And if you need to talk with a mortgage consultant to get on a plan, don't hesitate to do so.
Use Technology to Make Saving Easy
People have a tendency to deposit their pay into checking accounts, and then periodically transfer any accumulated money into savings accounts. However, a better saving strategy would be to have your pay deposited into a high interest saving account, and then transfer a budgeted amount into checking to meet your expenses. This would maximize the interest you earn by getting your money into the savings account sooner, and perhaps more importantly, this method would help you put savings first, and have money available for spending only according to a budget.
Get A Side Hustle
A side hustle is a great way to earn some extra cash. If you have a spare bedroom, listing it on Airbnb is one of the easiest ways you can start making money right now. If you have a car and you want to side hustle, there is no reason you should not start driving for Uber and Lyft today. Or become a caretaker or house-sitter.
Ask for Gift Money
Bank all extra income. This can include income-tax refunds, gifts received, bonuses or large commission checks, or even the sale of personal assets. By depositing these funds into your down payment savings account, you fast-forward the process of saving money to buy your future vacation home.
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