Good stewardship is part of being a responsible homeowner. Without good stewardship, you lose the blessings of financial freedom.
If you’re looking at a mobile home investment, you’re looking at a good opportunity to save. In contrast to a stick built home, a mobile home investment gives you more bang for your buck. But a home — regardless of what a good deal you’re getting — is still an investment. It takes a whole lot more than candy money to take ownership of one.
In light of that, we’re going to help you with some tip and tricks that will aid in saving up for your first mobile home investment.
Saving up for your first mobile home investment
Whether you are buying a home brand new or buying one that’s seen some wear, these tips and tricks will come to your rescue. Because no matter what you’re looking to spend, money is still involved. And it sure doesn’t grow on trees.
First things first: open a savings account
In taking on the task of saving up for your first mobile home investment, the best thing to do is start with a savings account. All money that’s set for going into your future home lands here.
This will help you keep away from dipping into funds that are not for day to day or leisurely spending.
For help on choosing a savings account, check out The Ascent’s advice.
Review your spending
Now we know no one looks forward to doing this. But while the truth does hurt, it is liberating. It will free you to pursue your goals.
So let’s take a moment to review your spending habits. Where are you going overboard and where can you make modifications to do better?
Be honest with yourself and be disciplined with yourself. Then watch the magic happen as your savings account sees growth. Not too painful, right?
Look for a side hustle
Could this be the goal that propels you into some new temporary or lasting changes?
For a time, you may find it best to find a temporary part-time gig — income from which goes straight into your mobile home saving account.
Or, you may think you can do better than you are with your current job. OK, that’s fine. During your off hours, you can make an effort to build your dream business.
When the right timing comes for the purchase of your mobile home, your business may be ready to stand on its own two feet.
Should you decide to start your own side hustle, be aware that some endeavors may not reap rewards right away. If you want the money now, you may have to consider other alternatives to extra income.
Create a budget
Give yourself a budget for everything — fuel, food, utilities, and the extras. By having a game plan for spending, you’ll find yourself a winner in the saving game. Without a plan, spending will be aimless and reckless. And if not that, you won’t see much growth in your savings account. You need a plan.
Automate your savings
In addition to starting a savings account, you need to automate the amount of money you want to be funneled from your checking account into your savings account. This will protect you from making excuses to not move the money into savings.
Cut back on the extras
We touched upon this earlier. But we believe it deserves a section all of its own. What is it that you want to spend your money on? What can you do without?
How about those movie subscriptions? Instead of paying into a movie subscription, sign up for a library card.
Do you eat out a lot? Try to cut back on how often you eat out. Plan to eat at home more often. You may be surprised at how enjoyable an evening out on the deck with the grill could be.
You are the master of your spending
Be intentional in your spending and watch progress come into play with your savings goals. Whether your aim is to save up for a down payment on a new mobile home or to buy a fixer-upper with cash, these tips and tricks will serve you well.
Are you planning to put your home on your own parcel of land? Check out our guide to preparing your land for mobile home placement. Better to go into your home purchase with a plan for the future. When placing your mobile home on your parcel of land, you will find there’s more in expenses than the house alone.