Why Most Renters Can’t Afford To Buy a Vero Beach Home
Many renters can't afford to buy a Vero Beach home because they spend more than they make.
In a recent survey of 1,000 U.S. renters by Rent.com, an astonishing 61 percent said they spend more than they make every month. If you're renting and hope to someday be able to afford to buy a Vero Beach home, here are five ways you can work on curbing your spending habits.
5 Ways to Help You Buy a Vero Beach Home
Trim the Fat.
Nearly half of the renters surveyed (49 percent) said the hardest part about saving money is the fact that costs just continue to increase. While you can't do much about rising costs, you can stop spending money on things you don't need, and "doing without" is the way to eventually be able to afford to buy a Vero Beach home of your own.
For example, paying for a gym membership will burn more money than calories. Instead, create a mini home gym with some simple, inexpensive fitness equipment, like resistance bands or kettlebells, so you can stay fit without straining your wallet. If you don't watch a lot of television but you're paying for cable, consider switching to a cheaper online option, like Netflix or Hulu Plus. Instead of paying $60 to $100 per month for cable, Netflix runs about $9.00 per month. Toss the extra money into your "buy a Vero Beach home" savings account. Speaking of saving…
Learn to Save.
Life is unpredictable, but don't be one of the 26 percent of renters who said necessary-but-unbudgeted expenses are the hardest part about saving money. Put a small amount of your paycheck aside in an emergency fund until you have at least six times your monthly income. When your car breaks down or you need a root canal, you'll be glad you have the extra cash on hand.
Treat Yourself (Responsibly)
Impulse purchases were the downfall of 15 percent of the renters surveyed. Saving money doesn't mean you can't ever buy yourself anything. In fact, if you don't allow yourself some fun, you're more likely to break down and go on a spending spree. The key is to give yourself a limit by including monthly indulgences in your budget.
Find Some Free Fun
Going to bars and restaurants gets expensive. Just ask the 6 percent of renters who said socializing is the hardest part of saving money. There are plenty of things you can do with your significant other or friends for little or no money at all. Consider hosting a board game night or potluck dinner, getting active outside with a bike ride or hike, or attending a free community event. With a little creativity, you can have a good time without draining your bank account.
Find Some Budgeting Assistance
If you're just not good at budgeting, like the 4 percent of the renters reported in the survey, you're in luck. There are plenty of free online resources to help—and some even do the work for you. One good go-to budgeting helper is Mint.com, a highly-trusted, secure website where you can link your bank, credit cards, loans and investments, so you can see all of your accounts in one place. In addition to helping you stay on top of your finances, the site will also help you set and reach your financial goals of someday being able to buy a Vero Beach home of your very own.
For more tips on home buying, see our Vero Beach Home Buyer Tips section under the Vero Beach Real Estate Categories to your right.