For most of us, saving for a down payment on a home is one of the largest financial endeavors we undertake. Sure, saving for retirement is a big project, but its protracted nature gives us more flexibility than that of saving for a down payment on a home we really want. But finding a way to scrape up between 3.5% and 20% of a home’s purchase price can be challenging, depressing, and over-whelming all at the same time.
If you’ve read 17 Sneaky Savings Strategies, you know there really are ways to save money without trying too hard, but here are 4 ways to accelerate the down payment savings process even more.
One important point: if your spouse isn’t on board, making drastic changes WILL be tough, so make sure you’re both on the same page.
1. Closely examine what you spend money on, especially the largest items.
Food – this is a massive budget item for my family and me, but with 101 Ways to Take a Bite Out of Your Food Budget, there are multiple ways to reduce this line item in our budget. The key is to bank the savings in our Ally Bank Online Savings Account.