5 Creative Ways to Save for Your New Home

Is the place you’re living now truly the most cost effective for your budget? Consider moving to a temporary location that can significantly trim your monthly expenses. This is especially helpful if your home purchase is far into the future. No, it might not be the nicest place you’ve ever lived in, but imagine your dream home even closer on the horizon because of the sacrifices you are making right now. Place all of the added savings directly into your savings account.

Many people begin the new year with excitement about all of the ways they are going to change their purchasing habits in order to achieve their big financial goals. However, like most resolutions, they are abandoned within the first few months. This is the time for you to show up for yourself, your goals and your budget. How? By continually reviewing how you are meeting or faltering your savings goal on a weekly basis. This will keep the financial goal of buying your first home at the forefront of your mind.

This is a great way to prepare for the big move in more ways than one. Like many adults, we have plenty of items that we don’t need or use gathering dust in our closet. It’s time to part ways and sell them at a garage sale or post them online. Put the profits directly into saving for the down payment.

Every little bit counts! If you even have ten hours a week extra that you could commit towards another job, it can be a big boost to your savings. Whether it’s freelance work in an area you are experienced in or applying to be a server at a local restaurant, this is a great way to see your savings climb.

Although this isn’t exactly creative, we would be remiss to not include this incredibly important part of any savings plan. For every amount of money you take in, automate a percentage of that towards your savings account to take any of the temptations of spending out of the mix.

Open a savings account at AbbyBank today to begin building the funds you need for your dream home.