The first step of purchasing a home is saving up for the down payment. Lenders will generally require you to put 5% to 15% of the purchase price down upfront. Some smart saving strategies will help you build your funds more quickly, and you’ll be ready to buy property before you know it.

How to Save for a Down Payment

1. Build a Budget

Create a budget in a spreadsheet and record your income and spending habits. Separate purchases into different categories, such as housing, transportation, food, and unnecessary spending.

You may find expenses in the budget that you can cut out to funnel into your savings instead, such as preparing coffee at home rather than buying it each day. Cutting out rarely used streaming services or subscriptions will ensure you can buy property in no time.

2. Use Technology

There are a lot of helpful apps that can make it easy to save without much effort. Digit®, for example, will put away a certain amount of money each day so that your account consistently grows.

Acorns® will round up your purchases to the next dollar and invest the extra money on your behalf. Mint® will send you snapshots of your real-time spending so that you can recognize and cut out unnecessary expenses. 

3. Try a Side Gig

The gig economy is booming, making it easy to bring in some extra money on your schedule. You can drive for a ride-share service, dog sit, or provide grocery delivery services.

If you have a unique skill that people will pay for, look into providing that service. For example, you can sell commissioned paintings or handmade jewelry. Put all the money you make from this side gig into your savings account.

If you’re ready to buy property, turn to the team at The Justice Group in Oak Ridge, NC. These real estate agents know the local area well and have more than 18 years of experience in the business, so they’re equipped to help you find the perfect home at the right price. Start browsing real estate for sale on their website, or call (336) 324-5716 to schedule a consultation.