You’re left to turning 16, 21 and then your next big birthday is 30. In regards to life itself, you graduate high school, 4 years later, you graduate college, you get a car, maybe you get married, have children, and buy a house. You’re resigned to having maybe one or 2 great accomplishments a year, and while it doesn’t seem fair, it’s just the way things are.
If you’re coming up on a milestone of buying a house and you’re wondering how you’re going to acquire the assets to do so, here are 3 ways you can be putting aside money for your first home today:
This method could be used for anything you want to buy or pay off, but even though at this age you’re not going to be able to apply for a home equity line of credit because you’ve yet to buy a house, let alone make enough payments on it to ensure that the value is higher than what you owe, you can still be putting aside a bit of money from each paycheck into a savings account that will multiply over the years.
If you continue to feed money into the account, you don’t touch it, and you let the bank do the magic behind the walls, you’ll find that when you’re ready to buy a house, you have more money than you ever thought you would have thanks to a simple concept.
Borrow From Family
If you’re unable to go to a bank or a traditional lender to acquire money to purchase a house, you could have the option of borrowing from your family. Of course, for many, this is not ideal, but sometimes a couple grand from a family member who won’t charge interest is better than borrowing from a bank that will require you make your payments every month. Of course, when borrowing from anybody, it’s crucial you work as hard as possible to pay that person back in as little time as possible, but at least when it’s family, there’s a bit of a grace period.
Opt to Drive Beater Cars
Any money you don’t spend on assets that aren’t your home can be used to put towards your home. This might mean that you opt out to drive a new and expensive car worth over 25 grand, and instead, drive a beater car, or a used vehicle that will allow you to appropriate our finances where they’ll really be a benefit to you later in life. The choice is yours, but a house is a better investment than a car, to be sure.