Buying a home is a significant financial goal that requires substantial savings, and earning extra money is essential to achieve this goal. However, finding ways to make extra money while balancing a full-time job and other responsibilities can be challenging.
That said, there are numerous strategies to earn extra money and save for a home. From freelancing to starting a high-yield savings account, there are several ways to make more money and save for a down payment. This guide will explore some practical tips to help you earn extra money, pay up mortgage fast, and own a house.
Earn cash back on rent with Lighthouse
This is a plug, but don't worry if it's not applicable to you. The rest of the article is full of great tips. We started Lighthouse to help you find your next home and get cash back on rent in the process. With so many struggling to not just afford to buy a home, but also struggling with rent payments, we want to give more money back to renters.
Lighthouse takes the marketing dollars (money usually spent on popular sites like apartments.com, or Facebook and Google), and gives it back to customers. It's a win/win— renters end up saving more, and apartments are happy to find a renter.
Lighthouse has partnered with thousands of property management groups to offer up to $1,200 cash back on your next lease. Saving for your house can be overwhelming, so we hope that Lighthouse helps along the way. You can also earn $50 for each friend you refer and who signs a lease. Find out more on Lighthouse.
If you have skills in writing, graphic designing, programming, or other areas, you can offer your services as a freelancer and work on projects for clients. There are many websites like Upwork, Fiverr, and Freelancer that allow you to find clients and projects that match your skills. We recommend Upwork, if you’re looking for long-term gigs, and who knows, maybe even Lighthouse hires you!
Homeownership is a long commitment that consumes a significant chunk of your savings, Freelance gigs are flexible and can be scheduled as per your requirement. You can use the extra sum earned from these gigs in the payment of mortgages and get closer to your dream of buying a house.
You can look for part-time jobs that fit your schedule and skills, such as working in retail, food service, or hospitality. Another option is to find part-time work in addition to your full-time job. This could be anything from working at a retail store to driving for a ride-sharing service like Uber or Lyft.
For instance, you can become an apartment locator at UMoveFree. UMoveFree is a website that helps people find apartments. They also offer a program where you can become an apartment locator and earn a commission for every person you refer who rents an apartment through their website. This could be a great way to earn extra income if you enjoy helping people find housing.
If you've never asked, it might be a good option. If you're not making enough money at your current job, consider looking for a new one that pays better. This could be a great way to increase your income and save more money for your home. Just be sure to consider the cost of commuting and any other expenses that may come with a new job.
Start a side hustle
If you have a skill or hobby that you're passionate about, consider starting a side hustle to turn it into a profitable business. This could be anything from selling handmade crafts on Etsy to providing pet-sitting services in your local area. Finally, consider starting a side hustle. This could be anything from selling handmade crafts on Etsy to starting a dog-walking service in your neighborhood. The key is to find something that you enjoy doing and that can help you earn extra income.
Use a high-yield savings account:
Look for a savings account that pays a high-interest rate. This will help your money grow faster and give you an extra incentive to save. The flip side of the high mortgage rates is that interest rates are higher. You should be earning 3-4% on the assets you have saved.
One strategy to consider when saving for a home in 2023 is moving your money to a high-yield bank account. With mortgage rates on the rise, you'll want to make sure you're earning as much interest on your savings as possible. High-yield bank accounts typically offer higher interest rates than traditional savings accounts. This means that your money will earn more interest over time, allowing you to save more money for your home.
Some high-yield bank accounts also have no monthly fees or minimum balance requirements, making them a great option for those who are just starting to save. To find the best high-yield bank account for your needs, it's important to do your research. Look for banks that offer competitive interest rates and low fees.
Opening a certificate of deposit (CD)
In addition to moving your money to a high-yield bank account, you may also want to consider opening a certificate of deposit (CD). CDs typically offer higher interest rates than savings accounts, but require you to leave your money in the account for a set period of time. This can be a great option if you're able to commit to not touching your savings for a few years. Be sure to do your research, make regular contributions to your savings, and consider other options like CDs to maximize your savings potential.
Sell off some assets (or downsize)
Sell some things you don't need. It's 2023 and the price of some things are at all-time highs. When it comes to saving for a home in 2023, one strategy to consider is selling some of your assets. This can be a great way to earn some extra cash and put it towards your home savings.
There are many assets that you may be able to sell, such as electronics, furniture, clothing, and collectibles. You can sell these items online through websites like eBay, Craigslist, or Facebook Marketplace. Selling off unwanted assets works as a great strategy to save up for a home in 2023. People are always there to buy; you just need to give them good offers!
We hope that these ideas were good food for thought when thinking of ways to save for home ownership in 2023. To be able to work towards the goal of owning a home in life is something that is truly special to everyone at Lighthouse. We hope that these tips were helpful and wish you luck on your path to home ownership.
If you are still looking in the apartment market, but want to save a little extra, definitely check out our top lists for cities in your area, to help make the apartment search process a little easier.