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Saving for your first Home

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Saving for your first home

If you are like most people, there are flexible areas in spending habits.  Many people don’t realize how much money they spend on coffee, holidays, restaurants, or other incidentals. Here are some suggestions for folks who want to start saving for a new home.

Get Excited!

Owning a home can be daunting the first time. Don’t worry, you aren’t in this alone, we have a team of professionals who are experts in helping people just like you. We will work with you to understand your goals, identify the right loan programs, and calculate just how much home you may be able to buy. Often, we’ll show you ways to increase your buying power or reduce the cash needed to close. If you aren’t working with a REALTOR, we’ll even recommend professionals to you. A knowledgeable REALTOR can also help structure a home purchase in such a way as to reduce your out-of-pocket expenses.

Write it down

As with all goals, the key to success is writing them down. Understanding your income and expenses will help you identify how much money you can save. More importantly, recording all of your spending for a month will allow you to carefully note every expense to help you determine if it takes you closer to or further away from your goals. One of the biggest surprises new savers find is just how much of their cash goes to “non-essential” items every month. This can add up quickly! Want to save $2000 per year?  Skip the $6 morning coffee and you’ll be on your way.


Nearly every one of us lives in an area filled with its own natural beauty (otherwise why buy a home there?). When it’s time for your next vacation, take one at home. Hit the web to find out about tourist attractions in your area. You’ll be surprised about what you find even if you’ve lived there for a while. Spend your vacation at or near home and enjoy the attractions in your area and you can save hundreds or thousands of dollars a year on vacation costs.


When the holidays arrive, many of us feel pressure to find the perfect material gifts for our friends and family. While these gifts are appreciated, they often pale in comparison to those gifts of the heart that we can share. Consider giving inexpensive handmade items or other items with personal meaning versus store-bought items. 

Realize that it doesn’t have to take forever to save

Changes in spending habits can quickly add up. Even with modest savings, you can be on the path to home ownership in no time.  With the availability of today’s low or no down payment programs and the possibility of down payment assistance for qualified first-time home buyers, you may be able to buy earlier than you expect. Because homeowners may have additional tax savings, you can’t afford to wait.

Glen Smart

NMLS# 208695 
LMB# 100052967 
Website: Click Here

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