Saving up for a down payment can be a long, tedious process. After all, the days of no-money-down financing are mostly behind us, and the rising housing prices add to the need for a larger down payment. If you are like many others who aspire to be a first-time homebuyer, you may be struggling to save even a modest amount of money on a regular basis. How can you speed up the process and achieve your homeownership goals sooner? These are a few effective ways to save more money for a down payment.

Reduce Living Expenses
Are you living as frugally as you could be? Trimming down your living expenses by even a few hundred dollars per month could make a big dent in your savings goal. Consider shopping for a lower car insurance rate, skipping restaurant meals, adjusting spending habits, downgrading your smartphone plan and taking other similar steps.

Automate Your Savings Efforts
One of the reasons why saving money regularly can be challenging is because it is done manually. Manually scheduling each funds transfer takes time, energy and attention, so it likely will fall through the cracks from time to time. Set up an automatic transfer to ensure that you hit your savings goals.

Save Gifts and Bonuses
You may receive several big cash infusions over the course of a year. For example, you may get a holiday bonus at work, an IRS tax refund, birthday money and more. You can give your savings account a big boost from time to time when you allocate these funds for savings.

Sell Unwanted items
Do you have furniture, electronics, clothes and other items that are not used regularly? While you may not have much use for them, others may find value in them. Consider selling these items, and put the extra cash in your savings account.

Get a Side Gig
Have you thought about getting a second job? The unfortunate reality is that a part-time job does not offer the flexibility that many people require, but a side gig as an independent contractor could. From grocery shopping and delivering food to walking dogs and more, the opportunities for earning extra money on the side are extensive.

Are you wondering how much money you need to save for your down payment? Our lending team at MortgageDepot is happy to answer that question for you. Connect with us today for more information about the loan terms that you qualify for.

Contact one of our loan consultants to learn more.

Have questions or need help?

Call us now at 800-220-LOAN

Request a call back or email us your questions!

Get Started

No obligation quote