The number one issue that most home buyers run into seems to always be the lack of down payment funds. Aside from the standard gift funds that are available from immediate family members up to 100% of the purchase price, here are 10 practical ways that you can save additional funds towards your down payment!

  1. Budget your expenses: Make a budget that includes all your expenses and income. Find areas where you can save money.
  2. Save without realizing it: Set up an automatic transfer from your checking account to a savings account each month.
  3. Pay off your debts: Pay off credit cards, student loans, and other loans to reduce your debt.
  4. Drop non-essential expenses: Drop non-essential expenses like eating out or buying expensive clothes.
  5. Use bonuses wisely: Use any bonuses or tax refunds to pay down debt or save for a down payment.
  6. Rent out a room: Consider renting out a spare room in your home to generate extra income.
  7. Take on a side job: Consider taking on a side job or starting a small business to generate additional income.
  8. Set a target: Set a specific target for the amount of money you need to save for a down payment and track your progress.
  9. Check out assistance programs: Check out down payment assistance programs available in your area.
  10. Get creative: Look for creative ways to save money, such as carpooling, buying used items, and taking advantage of free activities in your community.

Why was the math book sad? Because it had too many problems. But don’t let that discourage you from solving the problem of saving for a down payment.