The idea of saving enough money to buy your own home can seem daunting. A downpayment for a home needs to be at least 3-5 percent of the purchase price, which even for a $100,000 home is $3,000 to $5,000 you’ll need up front.
So, how do you save that kind of money? We have some money saving tips and tricks to help you be more frugal and save money fast.
1. Come up with a time frame
Decide when you want to buy a home. If your goal is to buy a home next year, that gives you 12 months to save up for your downpayment. If you want to put 5% down on a $150,000 home and start saving now, you know you need to put back $625 a month to make it happen! Now that you’ve broken it down like that, it doesn’t seem as scary right?