2. Move down one level of rental
If you have a two-bedroom apartment, try going down to one bedroom. Or, trying squeezing into a bachelor apartment. You could also look at moving to a cheaper part of town, as long as it won't jack up your commuting costs. Get rid of stuff that won't fit in your new, smaller place, or store it in your parent's basement. Don't spend money on a storage unit.
Yearly rent at : $9600 ($800/month)
Minus yearly rent at: $7800 ($650/month)
One year savings: $1800
3. Sell your car and take the bus
You'll be saving on fixed costs such as parking, insurance, gas, maintenance and possibly car payments, and you'll be protected against the risk of financially catastrophic four-figure repair bills. Rent a car or use a car-sharing service for those times when the bus won't cut it. A cheap bike will help you save on bus fare.
Estimated annual cost of gas, insurance, maintenance and parking: $5000
Minus estimated annual cost of a bus pass and occasional car rental: $1500
One year savings: $3500
4. Stop buying lunch
A pain, but worth it. You'll have to think ahead by either picking up the right groceries to make your own lunch, or by scooping up after-dinner leftovers. Healthier than your food-court lunch, which you're probably sick of anyway.
Estimated cost of buying lunch at $8 or so per day: $2000
Minus cost of spending about $15 per week for stuff to make your lunch: $ 750
make your lunch:
One year savings: $1250
With these four habits you will be saving $13,750 per year. Stay tuned in two weeks for another 4 ways to save more.
If you have any questions or concerns about this article or saving for a downpayment please call me at 250-862- 1806 or email
[email protected]