If one of your goals is to own a home but you’re not able to save enough for a down payment with your current income, you might want to consider starting a side hustle and saving up the extra cash!
Let’s break down the math. If you want to buy a $500k house with 5% down you’ll need $25k for the down payment plus 1-2% of the purchase price for closing costs = $5-10K.
That’s a total of $35k
If you want to buy a house in 3 years, you’ll need to save $12k a year or $1k a month.
Here are some side hustle ideas and how much you would need to make:
Dog walking/pet sitting - To earn $1k a month you would need to pet sit overnight for 8-10 days if you charge $100-120 a night. That’s about 28 dog walks a month if you charge $35 a walk.
Baby sitting - To make $1,000 you would need to babysit between 33-50 hours a month if you charge $25-30 an hour.
Open an Etsy shop - A great option if you’re crafty! Common things to sell on Etsy are knitted items, pottery, paintings, jewelry, vintage items, stickers, candles, soap, and digital downloads. The math varies on this one as you have to take into account the cost of making the item and Etsy’s fees. A 30% profit margin is considered standard.
Serving/Bartending - If you take home $150 a shift you would have to work 6-7 shifts a month to make $1,000
Teach a workout class - If you already go to a gym that offers group classes see if they are looking for instructors. Cycle Bar offers $55 per class. You would have to teach 18 classes a month to make $1,000
As you embark on this side hustle journey, don't forget to set clear goals and stay focused. Consistency is key, and staying motivated will help you maintain momentum over the months and years ahead. Embrace the challenges and view each side hustle opportunity as a stepping stone towards your ultimate goal of homeownership.
