How to Save for a Tiny House
Turn your tiny house dream into reality with these savings tips!
As the tiny house craze steadily grows in popularity, many people are left wondering if they too can attempt to live a smaller, more sustainable lifestyle. If you're seriously looking to downsize and know you would be happy living in a small space, a tiny house might the right investment for you! Making the switch to tiny living doesn't have to simultaneous. It can be gradual, allowing you the time you need to save.
Consider the tips below on how you can save up for your future dream home, just in a smaller form.
Sell Old Items
A great way to prepare yourself for small space living is by getting rid of the items you no longer need. However, instead of donating everything, try and make some money off your things you’re looking to let go of. This is the perfect way to embrace a more minimalist and sustainable lifestyle, while still making some extra cash to store away for your future tiny home.
Ask yourself which items you can’t live without, and make an attempt to purge your home of everything else. Clearing out your excess belongings will also be a great way to challenge yourself to see if downsizing truly is a lifestyle you’d enjoy long term.
List items on Facebook Marketplace, rent a flea market booth, and of course, have a yard sale or two.
Get Creative
Anytime you’re looking to save, get creative with where you look. From checking your monthly expenses to choosing to only pay for one streaming service, there are many ways you can save some extra money. If you own a home, maybe now is the perfect time to ask yourself, should I refinance my mortgage loan? Re-evaluating your finances might not seem very creative, but it’s often a step that can be both dreaded and overlooked when trying to save.
Really take the time to go through your payments, and you’re sure to find simple yet effective ways to spend less and save more.
Embrace DIY
Since many individuals simply don’t have the money to hire out their own tiny house builder, planning to DIY build is a must. If you are serious about making the switch to a tiny home, do as much research as you can, and figure out which projects will be easy for you to do it yourself.
Embracing the DIY process will save you money in the long run ($15,000+), and will help you feel more connected to your future home. It may seem daunting, but DIY is doable when it comes to tiny houses.
Budget
This goes somewhat without saying, but if you know you’ll have to save up to downsize, a budget is always a must. Contrary to what you may believe, tiny homes can still cost a pretty penny, and maintaining a budget for all your building needs will ensure you don’t spend more than necessary.
It might even be in your best interest to consider other forms of revenue to contribute to your savings, such as renting a part of your current home out with sites like Airbnb. The more money you have to work with, the more wiggle room your budget will have.
Also, don't underestimate the total cost. The reality is there will likely be unexpected expenses; to plan for this, add generous cushion to your budget.
To help you create a realistic number, use a builder quote, research average costs (don't forget this varies significantly by size and materials used), or estimate cost with the help of a tiny house plans material list.
Set Goals
Always be sure to set clear and concise goals for yourself as you make the tiny home transition. The process is not one that happens overnight, so don’t rush it. Take the time to clearly map out how long you’ll need to save when you need to sell or move out of your current place, and how this change might affect your current job.
Putting these goals in place will set you up for success as you make this major lifestyle switch!
Sign-up for this free 7-day e-course to help you plan for downsizing and building.
