Tips to Save for Your First Home

College graduate moving to a new city? 
Recently married and looking to settle down?

Whatever your situation, saving for your first home can be a financially stressful situation! 
Here are a few things to consider when making the transition to first-time home buyer. 

Educate yourself on finances

While it seems obvious, understanding the state of your finances is extremely important before you can begin effectively saving. In addition to knowing how to properly budget, make sure your debts are under control and that your income is steady and reliable. Being knowledgeable and comfortable with the state of your finances can lift a huge weight off your shoulders when beginning this process.

Check your spending habits

If you often find yourself saying “yes” to weekly birthday dinners or the most recent online shopping deals, now is the time to cut back. Plan ahead and think practically when it comes to these situations so that you can make wise decisions and purchases. You would be surprised how much saving $20 dollars here and there can add up in the long run when saving for a down payment.

Pick up a part time job

A part time job can be a great way to earn some extra cash to put towards your first payment. And it doesn’t have to be as mundane as it sounds! Consider pursuing some freelance work based on a particular talent or hobby you excel in. This is an opportunity to get creative and capitalize on your skills while also earning some money in the process.

Throw a garage sale

Though it seems unconventional, a garage sale can definitely kick start your savings for a down payment. It is also a great opportunity to do some purging before moving into your new space. Be aware that you may be able to find better deals for your larger, more expensive items on websites such as Craigslist or eBay.

Boost your credit

A low credit score as a result of missed payments of student loans or credit cards can seriously hinder a first-time home buyer. Be conscious of your credit score when beginning the house hunting process. If necessary, cut back on some luxuries to increase your score. Websites such as CreditKarma.com or CreditSesame.com are great online resources to check your credit score.