Saving Up For a Deposit

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Saving MoneyMoving can be quite expensive.  You have to get enough boxes for your things, rent a truck (if necessary), hire people to help you move or enlist friends, and of course, pay a deposit and first and last month’s rent at your new place.  Trying to pay for all of the expenses can be quite difficult – especially  when you have to factor inpaying the deposit and first and last month’s rent.  If you are looking to move but are not sure that you can afford the deposit, read below for 5 tips to help you save money so that you can afford it.

Evaluate Your Budget

Take a look at your budget now, and see what you spend money on.  How much do you spend on necessary expenses like rent, gas, utilities, and food?  What expenses can you get rid of (like shopping trips, cable subscriptions, excessive data plan, etc.)?  How can you save money on your utilities, gas, and food?  Can you turn down your thermostat, drive less, or eat out less?  Find places in your budget that you can cut back on, and start saving that for your deposit.

Create a Change Jar

Every time you have loose change, add it to your change jar.  It may seem silly to save pennies and dimes, but over time the change adds up, and you will find that you have saved more than you thought.  If you find a penny on the ground, pick it up, and save it for your jar.

Start Now

If you hope to move in the future but not right now, start saving anyway.  It is easier to save $1/day for a year than it is to save $365 in a month.  Make a moving jar or a moving account at your bank.  Set aside $10 every paycheck for your fund.  When you do move, you will have a nice little savings account built up.

Be Consistent

Make sure that you consistently keep whatever savings goal you set for yourself.  If you can, set up an automatic transfer so that you do not need to remember to set the money aside.  If you are living month-to-month, this may seem really hard to do, at first.  But if you keep at it, and be consistent, you will find that you can easily live for a little less.

Sell Things

Everyone has things lying around their home that they do not need.  Make a pile of things that you don’t want anymore and put them on an online yardsale site or take them to a second hand clothes store like Plato’s Closet.

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