9 Simple Ways to Save for a Home Fast

Buying a home can be one of life’s most exciting events, but saving tens of thousands of dollars for a house down payment can feel overwhelming.

Since there are many ways to finance a home, we’ll cover the two main options for your house down payment.

How Much Money Do You Need to Buy a House?

Down Payment on a Conventional Loan

For most conventional home loans, it is wise to save up a 20% down payment on the home.

FHA loans are federally-backed mortgages designed to help those with lower incomes and an average credit score to qualify for a mortgage.

Federal Housing Administration (FHA) Loans

1. Get on a Budget (Yes, Really)

9 Simple Ways To Save For A Home Fast

The best way to save money is to plan for it!

2. Live on the New Mortgage Payment

When buying a home, it’s always a good idea to start living on your new mortgage payment BEFORE you buy the home.

3. Bank Your Next Raise

When saving for a house, any and every extra dollar moves you closer to the goal.

4. Make It a “Stay-Cation” Year

Yes, travel is fun, but pausing for a few years to own a home is absolutely worth it.

5. Cut Out ALL Extra Spending (For a Short Time)

The easiest way to do this is to only pay for your necessities, and nothing else.

6. Get a Side Hustle to Save Even More

If living on a bare-bones budget isn’t too appealing, then consider getting a side hustle to help boost your income and your savings.