- Negotiate your rent: Have you looked at your spending cloud lately? If your like most – RENT is the biggest and most annoying expense in your budget so why not try to negotiate the rent?Landlords may be willing to give you a break if you are a good tenant and they like you. Giving you a break on rent is much less then the amount lost in vacancy. If that doesn't work, consider downsizing and pocket the difference for your downpayment. For serious savers consider a roommate or even moving back home.
- Shop around to reduce major monthly expenses: How long has it been since you looked around for a different insurance, cable, Internet or phone provider. This could save you hundreds per month. While your at it, ask yourself if you really need to have those expenses and consider cutting them completely.
- Sell your assets: Since we are on the topic of expenses this fits in nicely. Assets like your car are expensive and act as a liability when applying for a mortgage. Consider downsizing or selling. Do you really need a $40,000 car? or whatever the amount maybe. And yes, do save the difference for your new home.
- Pick up part-time work: Getting a side job is a great way to earn more for your downpayment. Use that money exclusively for your downpayment.
