{"id":30113,"date":"2020-05-27T14:42:27","date_gmt":"2020-05-27T22:42:27","guid":{"rendered":"https:\/\/www.hayden-homes.com\/?p=30113"},"modified":"2023-11-23T17:18:36","modified_gmt":"2023-11-24T01:18:36","slug":"blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home","status":"publish","type":"post","link":"https:\/\/www.hayden-homes.com\/blog\/blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home\/","title":{"rendered":"Tips for Saving for a Down Payment to Buy a New Home"},"content":{"rendered":"

\"Tips<\/a>Saving money is not always easy. And when you\u2019re trying to save money for a down payment, the task may feel more difficult. But it doesn\u2019t have to be! While buying a home requires a healthy amount of savings, it\u2019s possible with some planning and focus.<\/p>\n

Before you begin<\/h2>\n

Saving for a down payment can feel overwhelming. That\u2019s why it\u2019s important to know how much you need before you start saving, By knowing what your goal amount is, you\u2019ll be able to create a savings plan that works for you. While most lenders look for a 20% down payment, you may be eligible for a lower down payment depending on your loan. Check with your lender for more details.
\nNow that you\u2019ve determined your target down payment amount, let\u2019s talk about some ways you can start saving for a down payment.<\/p>\n

Set up automatic transfers<\/h2>\n

Use automation to your advantage! Set up automatic transfers from your checking account to a dedicated savings account for your down payment. This is the most popular and convenient way to save. Your bank will automatically transfer the funds at the frequency you set without additional work from you. There are several savings apps you can use to create automatic savings as well, like Digit<\/a> or Acorns<\/a>.
\nWondering why should you set up a separate savings account from your current one? Easy: out of sight, out of mind. Using a separate savings account dedicated to your down payment will keep you from spending your earmarked cash. Another benefit: you can earn a bit of interest as you\u2019re saving so find a bank offering a high interest rate on savings accounts.<\/p>\n

Pay off other debt<\/h2>\n

Paying off other debt (credit card, personal, car or student loans, etc.) will mean you have more money available each month to save towards your down payment. Do whatever you can do to reduce your current debt so you can dedicate more resources to your down payment.<\/p>\n

Lower your expenses<\/h2>\n

Take a look at your expenses and figure out what you can reduce or get rid of. Maybe instead of paying for cable, you can switch to a streaming service. Be careful here; choose one or two streaming services to use, otherwise you run the risk of having a bill that matches your cable bill.<\/p>\n

Make lunch or coffee at home<\/h2>\n

The daily coffee or lunch habit can be costing you a lot.  You don\u2019t have to skip these treats entirely! Maybe instead of eating out every day, consider bringing a lunch three or four days out of the week and eating out once or twice. Likewise, if you have a multiple cup a day coffee habit, try making your morning cup at home and treating yourself to a coffee out in the afternoon. Deposit the money you would have spent into your down payment savings account.<\/p>\n

Shop smarter<\/h2>\n

Use some smart shopping strategies to help cut your grocery expenses. Avoid shopping on an empty stomach to keep impulse purchases to a minimum. Create and stick to your shopping list. Buy non-perishable items in bulk (just items you already use and love!). Choose the store brand instead of the national brands, and look for sales and coupons for items you use regularly.<\/p>\n

Unsubscribe to mailing lists<\/h2>\n

Remove the temptation to shop by unsubscribing to marketing emails. These emails are designed to encourage you spend money with sales and special offers.<\/p>\n

Sell stuff you don\u2019t need or use<\/h2>\n

Chances are you have plenty of things in your home that aren\u2019t being used. Instead of letting them take up space, put them to good use by selling them. You can use online marketplaces like Facebook Marketplace, OfferUp, Ebay or even Craigslist. Or you can host a yard sale. Bonus points: you\u2019ll end up with less to pack up when it\u2019s time to move!<\/p>\n

Get a side hustle<\/h2>\n

Pick up a side job and dedicate every penny you earn towards your down payment fund. Depending on your skills, you can start doing freelance work or join the gig economy by driving for a car service, walking dogs, pet sitting, babysitting, or even tutoring.
\nDon\u2019t look at saving for a down payment for your dream home as an impossible hurdle. By breaking it down into smaller, more manageable goals, you\u2019ll feel like saving is achievable. You\u2019ll be able to see the progress you\u2019ve made and stay motivated to continue. If you\u2019re serious about buying a new home, it\u2019ll be worth temporarily passing up on expenses to fund this important goal.
\nHayden Homes is here to help when you\u2019re ready to buy a new home. We build new single-family homes in Idaho, Oregon, and Washington for every stage of life. Visit us on our website to learn more about our homes and new home communities. We\u2019re looking forward to welcoming you into your new home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saving money is not always easy. And when you\u2019re trying to save money for a down payment, the task may feel more difficult. But it doesn\u2019t have to be! While buying a home requires a healthy amount of savings, it\u2019s possible with some planning and focus. Read more. <\/p>\n","protected":false},"author":2,"featured_media":30186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[87],"tags":[173,72,160],"yoast_head":"\nTips for Saving for a Down Payment to Buy a New Home - Front Door Blog by Hayden Homes<\/title>\n<meta name=\"description\" content=\"Essential tips for saving effectively for a down payment, making your dream of owning a new home a reality.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hayden-homes.com\/blog\/blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for Saving for a Down Payment to Buy a New Home - Front Door Blog by Hayden Homes\" \/>\n<meta property=\"og:description\" content=\"Essential tips for saving effectively for a down payment, making your dream of owning a new home a reality.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hayden-homes.com\/blog\/blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home\/\" \/>\n<meta property=\"og:site_name\" content=\"Front Door Blog by Hayden Homes\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-27T22:42:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-24T01:18:36+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amanda Kruit\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.hayden-homes.com\/blog\/#website\",\"url\":\"https:\/\/www.hayden-homes.com\/blog\/\",\"name\":\"Front Door Blog by Hayden Homes\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.hayden-homes.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.hayden-homes.com\/blog\/blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.hayden-homes.com\/blog\/blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home\/#webpage\",\"url\":\"https:\/\/www.hayden-homes.com\/blog\/blog-tips-for-saving-for-a-down-payment-to-buy-a-new-home\/\",\"name\":\"Tips for Saving for a Down Payment to Buy a New Home - 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