Millennials get the short end of the stick when it comes to homeownership. They're crippled with student debt and often face high rent prices, but that's not to say they won't ever enter the housing market. For some millennials homeownership is in a far away land; however, for others with the right discipline, saving for a down payment is within reach. Check out these money saving tips to help you reach a down payment:
1. Send some of your income into your savings
Set up a portion of each paycheck that will go directly to your savings account. Even small amounts will add up over time. A good way to set a goal is to subtract your current rent from an estimated mortgage payment, and then save the difference. It will help you get used to anticipated budget as a homeowner.
2. Get your company's 401(k) match
3. Sell stuff you don't need
Old books, clothes, or furniture that is collecting dust can help you get some extra cash. Sell what you never use to add to your wallet.
4. Refinance your student loans
If you have good credit and an income higher than your debt, you may be able to refinance your loans for a lowered interest rate. Paying less money on your loans now will help you afford more in the future.