Okay, okay, we’re not going to talk about raising millions of dollars through venture capital, seed funding or whatnot. Let’s be clear about that.
This is all about raising small sums of money through discipline and thriftiness. Yes, we know, it’s not that exciting but we guarantee that these seemingly boring pointers will help you pay for that first Edmonton home.
POINTER #1: SPENDING TRACKER
We at Team Leading Edge are big on apps; it’s 2016 so you should be too! There’s an app for almost everything and for this particular pointer, there’s tons of free and paid app that could help you track your finances. Tomsguide.com came out with a great article about some of the popular apps you can use. You can read it here: 10 Best Budgeting and Personal Finance Apps
The goal here is to strictly monitor your spending habits on a day-to-day basis. Once you have the needed data, i.e. spending habits for the last 30-days, you can easily check where you’re wasting money and adjust accordingly.
Say, in the past 30-days, you were spending $3.75 for White Chocolate Mocha at your favorite Starbucks joint. You drink this beverage twice a day for 30 days. If you do the math, you’ve easily spent $225! Yes, this might be an exaggeration but we hope you get our point. Small daily purchases like these add up.
If you cut on unnecessary expenses like these and divert the money to a savings fund, you could very well raise enough savings money for a down payment.
POINTER #2: FOOD PROGRAM
Cook on your own instead of dining out. “But, I don’t know how to cook!” is a lame excuse. Go on Youtube and you’ll see hundreds of thousands of cooking tutorials. For Pete’s sake, there are even videos showing how to cook an egg! AN EGG!
Creating a food program will help train your mind to avoid making unnecessary choices to eat in restaurants or cafes. If you’re serious in owning your first home, then you need to consider this minor change in your lifestyle. It will not matter if you get pay raise if you’re stuck in your destructive spending habit.
POINTER #3: LEARN HOW TO DECLINE OFFERS
Committing yourself to everybody or anybody will do more harm than good. Learn how to decline offers to go to parties, celebrations or even vacations. You’re on a budget. Unless you’re Bruce Wayne, you will not raise money by going to parties, celebrations or vacation.
POINTER #4: UTILIZE YOUR GOD-GIVEN TALENTS
Here’s the fun part, try to do freelance work. Write blogs, create micro-websites, edit videos, anything you can do on the side will definitely help in expediting the process of raising that cash. The Internet is filled with sites that provide a place for freelance workers to market their skills. Upwork.com is a good example.
According to Wikipedia: Upwork, formerly Elance-oDesk, is a global freelancing platform where businesses and independent professionals connect and collaborate remotely.
The extra-income you earn from writing a few articles a month will, again, add up overtime.
You can do all these pointers as early as today. Carpe Diem! Don’t let your dream home just be a dream, make it happen! Own it this 2016!
If you’re ready, Team Leading Edge will be here to help assist you in making Edmonton home buying a fun and easy activity as much as possible.
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