Does saving for a traditional home down payment seem out of reach? Take a moment to determine what you will need to save. Open a savings account that will be used only for down payment savings.
Consider these ideas to get started, gain momentum, and save big money long term.
- Deposit money received from tax refunds or work bonuses into your savings account.
- Swap a vacation for a stay-cation and transfer the money saved to your down payment savings account.
- Sell unused items. Ebay, Craigslist, or an old-fashioned yard sale can help you turn clutter into funds for your future home.
- Temporarily lower your retirement contributions to the minimum required for an employer match. Set up an automatic transfer to your down payment savings for the difference.