Think you can’t save for a home? Three simple steps to stash your cash

It’s fun to picture yourself in a new home. But wondering how you’d save enough money for a down payment can put a damper on your dream.

Saving for a home, even with a limited budget, is possible. Here are three simple steps to help you start saving today.

  1. Pay yourself first.
    Believe it or not, paying yourself first is a good first step to saving for a home. Download INHP’s budget worksheet to analyze your current monthly spending and determine how much you can pay yourself.
    Discover you can spare $5 a week? Great! If you pay yourself $5 a week for a year, you’ll have saved $260. That could pay for a home inspection or some paint for the walls.
  2. Ask yourself: Is it a need or a want?
    It can be difficult to discipline yourself to save. Alex and Amanda, two recent homebuyers, experienced that firsthand. But by asking themselves if the expense was a need or a want, they realized they could save – and raised their credit score 50 points along the way, too.
  3. Take things one step at a time.
    Saving is a lifestyle change, and it’s not going to happen overnight. On average, it takes INHP’s clients nearly a year to prepare for successful homeownership. Be patient with the process and don’t deprive yourself of the things you enjoy. Instead, do them in moderation. If you enjoy eating out, consider going out fewer times a month. You shouldn’t resent saving – that’s not going to help keep you motivated.

If you’re looking for motivation or tips on how to manage your daily finances, increase your savings or credit score, INHP can help. Check out our list of in-person or online classes. Most are free.

Or, call the trusted experts at INHP and schedule a homebuyer assessment. INHP’s proven process provides you with the tools you need to achieve homeownership. We’ll help you understand where you are in your homebuying journey and recommend your next steps.

Start now