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Down Payment tips #9 & 10

#9  Automate your Savings

If you're the type of person who's prone to impulse shopping, you may want to consider automating your savings.  First, decide how much you want to save per month for your down payment.  Then contact your bank and authorize an automatic withdrawal from your primary account into a separate savings account.  When you make your money less accesssable, you may be less tempted to buy things you may not need.  Just remeber to schedule your withdrawal on your payday or when you know you'll have enough money.  Overdraft fees can put a serious dent in your savings goal.

 

#10  Rent out your spare room or parking space

Do you have an extra room in your apartment?  If you do, consider listing it on an online hospitality website like AirBNB.  With AirBNB, you can control who uses your space and when.  You can approve dates and guests ahead of time and rent out your space when it's convenient.  If you live in an urban area where parking is at a premium, consider renting out any of your assigned parking with an app like JustPark.  JustPark lets you rent out your parking space just like you'd rent your room on AirBNB.  This can be an amazing source of extra income on the weekends.