4 Ways to Earn Extra Income to Put Toward Your Home Down Payment
According to a recent study by the National Association of Realtors, it takes first-time homeowners two years to save for a down payment.
Perhaps you understand this common struggle to save for a down payment. Student loans or credit debt may hinder you.
Regardless of the reason, it is a problem with a solution. Consider these 4 tips to make extra income for your down payment.
Become an Uber or Lyft Driver
Uber and Lyft drivers make up to $20 per trip. On its own, $20 is not much. However, $20 per day compounded over 5 days per week yields an extra $400 per month.
If you have a long drive to and from work, it may be worthwhile to spend at least one of those trips to or from the office with a paying customer.
It does not take extra time out of your day, because it is money earned performing your normal daily routine.
Try Turo
If you have an extra car, consider renting your car with Turo.
Turo allows average people to rent their vehicles to paying customers. When your car qualifies as a rental car for Turo, your car is automatically insured by Turo in the event of an accident. You set your own rental rate for your car.
Round to the Nearest Dollar
How often do you use the 20 cents of change from a purchase in the grocery store? It is probably not a lot.
With Acorn, you can automatically round up to the nearest dollar. The change from your purchase is invested with Acorn.
After several shopping trips, you will begin to recognize the interest made from your change.
Use Trade Skills
People are always looking for cheap fixes. They want to fix their houses, paint that new room, or fix their car but do not know how or the time to do it themselves.
If you have the extra time and are competent in any tradecraft, offering your services at a few side jobs per month could make you several hundred extra dollars per month.
These are only four suggestions. Perhaps you find success in applying one of these simple strategies, or this list triggered some thoughts of their own.
Whatever the case, find something today and begin earning extra for that down payment.
Share this:
Category: Housing
