21 Ways to Save Money and Buy Your Own Home

Here is a list of ideas to help you save money and buy your own home. With the right tools, you can save for a down payment and reach your goal of homeownership. Keep in mind that not every idea will work for every person.  See if you can fit a few of these ideas into your life. Add your own ideas to the list.

1. Pay yourself first: Auto pay from your paycheck into savings account every month. Whether you save 10% of your paycheck or $10, the result is that you are developing a savings habit. Make sure you save money in an account that is “easy to put into” and “difficult to take money out of” if your goal is to use your savings for your home buying or financial life goals.
2. Catch coins – collect your spare change in a jar
3. Freeze credit cards – literally!
4. Explore phone cards or cell phone plans for long distance
5. Review insurance coverage/deductibles – if you raise your deductibles, your premiums will go down. Evaluate whether  you are adequately insured and explore options.
6. Review your W-4 exemptions
7. Use consignment shops or shop at garage sales
8. Save on utilities by conserving energy and water
9. Barter/trade
10. Budget for occasional bills such as car insurance, vacations, and holiday gift giving
11. Note which habits cost you money and re-evaluate their importance
12. Plan and limit your ATM withdraws
13. Eliminate non-sufficient fund charges by using a budget and know which checks pay which bills so you never have to pay a late fee
14. Establish a gift giving agreement with friends and family during the holidays
15. Circulate kids toys
16. Call your credit card company and request a lower rate
17. Use the library instead of bookstores
18. Use a list when grocery shopping
19. Have separate checking and savings accounts
20. Treat yourself to small rewards
21. Use compact fluorescent light bulbs to cut your electric bill dramatically

Remember, Homewise offers a FREE class to help you think through the decisions you want to make in your own financial life.