Using Your Side Hustle To Save For A Down Payment | Her Wallet

– The most challenging
part of buying a home is that big down payment. But a side hustle is your ticket to getting that money
quickly and effectively. When saving for your very first
down payment on your home, you’re gonna need
anywhere between 3 to 20% of the purchase price in
order to get your mortgage. Now, here are the numbers on that, and we’ll use 10% cause
it’s right in the middle. If your home purchase price is 150,000, you’re gonna need $15,000 to
be able to purchase that home. Now, I know that can seem
overwhelming, but guess what? Your side hustle is
exactly the thing you need to get the home you want. $15,000 can sound like a
lot of money, and it is. But it’s actually really
doable with your side hustle. If you’re able to use your side hustle to make $1,250 a month and you do that for a whole year, at the end of that year,
you have that $15,000 and exactly what you need
to get your dream home. There’s a lot of different ways that you can make extra money. We’re living in what’s
called a gig economy. Everybody has some sort of side
hustle that they’re working. Your 9-to-5 job is from
Monday through Friday and your weekends are side hustle time. So, you can do anything from
babysitting, to dog walking, or if you already have a hobby or a skill that you love like
crocheting or making jam, start selling those things. Anything you can put a price tag on is gonna help you get closer
to your down payment number. As a new mom of three,
I adopted three girls. We had to find a home that could
fit all of us pretty quick. I don’t even know how I
would’ve gotten my down payment if I didn’t have an additional
way to bring in income. Now that I have my dream
home with my family, there’s all these magical
moments that I know that they’re what the American
dream is really about. These memories couldn’t have happened if I hadn’t decided to
step into homeownership for myself and my family. Whatever the American
dream looks like for you, homeownership can be part of it. All you have to do is
save, plan and prepare, and launch that side
hustle to make it happen.

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