30 Small Ways of Saving for a Down Payment on a Home That Can Add Up Quickly

May 22, 2018 by Fred
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saving for a house down payment

We know that saving for a house down payment can seem like a big task for a first time home buyer. Making a savings plan often requires taking an in-depth look at your budget and spending habits.

This list will help you with ideas to help you save in small ways that could add up to a solid down payment on you first home.


1. Take a look at your coffee budget

You might be surprised at how much a daily cup of coffee is adding to your monthly spend. If you are buying a cup of joe on your way into work, it may be worth the extra effort to make your coffee at home, when you look at the cost comparison.


2. Cancel services you don’t need

Do you pay for a subscription that you don’t really need? When you are saving to buy a home, it’s a great idea to consider canceling these expenses.


3. Don’t rely on high interest credit cards

Build your credit wisely. It’s important to be aware of the actual cost of high interest credit cards.


4. Save your pocket change

We all have change in our car or in a bowl on the dresser. Now is a good time to gather up those nickels and dimes and put them toward your goal.


5. Save your bonuses instead of spending them

Although it is tempting to spend a hard earned bonus, adding this extra income to your savings could get you to your goal of home ownership much faster.


6. Make dinner at home

Eating a fresh home cooked meal is not only usually more healthy, but it saves money. Eating leftovers can also make extra room in your budget.


7. Drink water

The mark-up on the price of a tea, soda, and especially alcoholic beverages in restaurants is extreme. If you do eat out, you can save a lot by ordering water.


8. Set up automatic transfers to your savings account

When you aren’t thinking about it, you can add up your savings by scheduling automatic transfers from your checking to your savings. The amount you transfer can be as large or as small as your budget allows.


9. Use less electricity

Reducing your utility bill is a great habit to have. Turn lights off when you aren’t in the room, unplug the small appliances you aren’t using, and let the sun dry your clothes on a nice day.


10. Use less water

Shorter showers, running the washing machine fewer times, and other water conservation techniques can reduce your water bill.


11. Free recreation

Consider spending time at a public park, volunteering, participating in community events, or other engaging activities that are free of cost.


12. Sell things you don’t use anymore

If you have things that you simply don’t use anymore, selling those things has never been easier than it is now with our available technology.


13. Stop buying things that you really don’t need

Just because you see something for sale, doesn’t always mean you should buy it. Focus on your goal of saving for a house down payment and avoid buying things that you don’t need.


14. Ditch one time use products

Paper plates, plastic cups, paper towels, plastic cutlery and other one time use products may be convenient. Ultimately they hold no value and you will literally be throwing away money.


15. Use your technology longer

Consider keeping your smart phone, tablet, or laptop, even if it isn’t the latest and greatest version. While you are saving for a house down payment you should consider keeping your current technology around a bit longer.


16. Make your own granola

Granola and granola bars are quite expensive when you consider the ingredients and the serving sizes. Buying your own rolled oats, seeds, nuts, and dried fruits for your own custom recipe could save you quite a bit over time.


17. Bake at home

The ingredients for a cake or batch of cookies are far less expensive than buying the finished product from a bakery.


18. Choose less expensive transportation

If the option is available for you, carpool or take public transportation to work. Choosing to drive a more fuel efficient vehicle can help you with your goal of saving for a down payment on your dream home.


19. Take your lunch to work

Eating out for lunch during the work week can add up quickly over time. Bringing healthy home made lunches may be one of the biggest contributors to your savings.


20. Simplify your cleaning products

The cleaning isle is full of options for cleaning every surface of your home with a different bottled solution. The truth is that you only need one natural all purpose solution to tidy clean most of your home.


21. Make your own greeting cards

There are cards that sing, pop-up, and glitter their way into our celebrations, but end up in storage or eventually the trash can. A simple handwritten note will likely be more meaningful and it won’t cost you nearly as much.


22. Get crafty with your gifts

Birthdays and Holidays can be your budget’s worst enemy. Consider asking the adults in your family to draw names for exchanging gifts. You might also consider giving handmade gifts, or trading in the fancy wrapping paper for the funny pages.


23. Help your appliances run more efficiently

Change your filters and clean off the build up. If your appliances are running efficiently, then you are saving on energy costs. You can read more in this previous blog post about essential cleaning tasks in your home.


24. Set your thermostat purposefully

One of the biggest ways to save on your energy bills is to set your thermostat with energy conservation in mind. Don’t make your system work hard when you aren’t home, set the temperature to a conservative setting while your away.


25. Do movie night at home

Going to the movies can be an expensive night out. Put the money you would have spent on tickets and popcorn in your savings account and enjoy a movie from the comfort of your own sofa.


26. Eat less junk food

Keeping less junk food in your pantry, may not only be a healthier choice. You can also save money by not spending your dollars on food that doesn’t give your body the nutrition it needs.


27. Exercise at home

Ditching the gym membership can add a good amount to your monthly savings. Saving for a down payment of a home takes motivation too.


28. Be Handy

It’s pretty easy to find a tutorial online for making simple home repairs and maintenance solutions. Doing these projects yourself instead of paying someone else to do them is a big money saving strategy.


29. Garden

Growing your own fresh vegetables and herbs can cut your grocery bill. Helping you put more toward saving.


30. Buy in Bulk

Buying in bulk is a way to save long term on the things that you need.




Buying a home is the biggest purchase most people will make in their lifetime. With planning saving for a house down payment, can add up quickly. You can also find more information about the home buying process here, in one of our previous blog posts.

Our licensed mortgage consultants are ready to answer your questions about home buying, anytime. Start the conversation at




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