How to create extra income for your deposit
In the last post I gave you some ideas for cutting back your expenses but the other way to increase the money you have available to save for your deposit is to increase your income.
Finding ways to create more money will depend on your time constraints and your skills but check out these ideas to see if some of them could work for you.
- It’s tax return time again and many of you may be entitled to a tax refund or you may receive a pay rise in the next few months. Put all of this toward saving rather than spending. It is money you haven’t had before and it isn’t part of your budget so don’t find ways to spend it.
- Clear the clutter. Have you got equipment, appliances, sports goods or anything you don’t use anymore which you could sell? A garage sale or some listings on Trade Me could give your savings an easy boost.
- Do you have room for a boarder, a homestay or a flatmate? Sharing some of your home for a while can add more than $100 to your weekly income.
- Willing to consider something more extreme? How about housesitting for a year and saving all your rent? There are professional companies looking for housesitters especially for homes with pets and if you don’t mind being a bit of a gypsy for a while it could be an ideal way to boost your income.
- Try bartering your time for other people’s money. Could you do gardening, dog walking, cooking or child minding? Busy families often need others to help and are willing and able to pay if you have the time.
- Trading is another way to make some extra money. Buying goods, adding value or making goods before selling them for a profit can suit those with spare time and creative or selling skills.
- Giving lessons or tutoring is another way to make money utilising the skills you have. Teaching people how to play musical instruments, a new language, how to cook or helping students to improve their marks are all ways that people make good financial use of their time.
- Rent out your parking space. This one will only work if you live near to a business centre which lacks parking of course but finding someone willing to pay for convenient parking at a lower price than parking buildings could add dollars to your savings.
These are just a few ideas and with some creative thinking I am sure you could come up with more. Saving new income is much easier than cutting back on your lifestyle because you don’t allow yourself to include it in your spending so you don’t miss it.
Imagine how much more quickly you will be able to watch your savings grow if you reduce your expenses and increase your income at the same time? It takes effort but imagine the wonderful feeling when you can buy your first home. Now that’s worth making sacrifices for.
This article comes from Robyn Forryan of Property Magic
Robyn has been in the real estate industry for more than 20 years. She has sold houses, rented houses, traded houses and now she is doing what she loves best – helping house buyers. Because of her varied experiences her advice is practical and honest as well as being independent because she is not a real estate agent but a house buyer’s consultant. She keeps her community informed about the property market, gives tips on how to buy a house and tries to help buyers with the techniques that will help them secure their dream home at the best possible price and with the least possible problems.
April 14, 2015 Tips for First Home Buyers