--- title: How First Time Buyers can Start Saving for a Home description: If you are in the process of saving for a home down payment, check out these tips that will hopefully help you reach your goal sooner than initially expected! image: https://blog.sdnyrealty.com/hubfs/Blog_Images/saving%20for%20a%20home.jpg --- - [Pay Rent](https://sdnyrealty.com/pay-rent/) - [Forms](https://sdnyrealty.com/forms/) -   [![S&D Commercial Real Estate Agency](https://blog.sdnyrealty.com/hs-fs/hubfs/S__D_Real_Estate_January2019/images/sd-original-logo_300px.png?width=300&height=194&name=sd-original-logo_300px.png "S&D Commercial Real Estate Agency")](https://sdnyrealty.com/) - [About](https://sdnyrealty.com/long-island-commercial-real-estate-firm/) - [Agents](https://sdnyrealty.com/long-island-real-estate-agents/) - [Listings](https://sdnyrealty.com/property-listings/) - [Property Management](https://sdnyrealty.com/property-management-company/) - [Resources](https://sdnyrealty.com/real-estate-resources/) - [Neighborhood Guide](https://sdnyrealty.com/neighborhood-guide/) - [Long Island](https://sdnyrealty.com/long-island-commercial-real-estate/) - [Nassau County](https://sdnyrealty.com/nassau-county-commercial-real-estate/) - [Bethpage](https://sdnyrealty.com/bethpage-commercial-real-estate/) - [Farmingdale](https://sdnyrealty.com/farmingdale-commercial-real-estate/) - [Franklin Square](https://sdnyrealty.com/franklin-square-commercial-real-estate/) - [Garden City](https://sdnyrealty.com/garden-city-commercial-real-estate/) - [Glen Cove](https://sdnyrealty.com/glen-cove-commercial-real-estate/) - [Hempstead](https://sdnyrealty.com/hempstead-commercial-real-estate/) - [Hicksville](https://sdnyrealty.com/hicksville-commercial-real-estate/) - [Long Beach](https://sdnyrealty.com/long-beach-commercial-real-estate/) - [Mineola](https://sdnyrealty.com/mineola-commercial-real-estate/) - [Rockville Centre](https://sdnyrealty.com/rockville-centre-commercial-real-estate/) - [Suffolk County](https://sdnyrealty.com/suffolk-county-commercial-real-estate/) - [Babylon](https://sdnyrealty.com/suffolk-county-commercial-real-estate/babylon-commercial-real-estate/) - [Brookhaven](https://sdnyrealty.com/brookhaven-commercial-real-estate/) - [Hauppauge](https://sdnyrealty.com/hauppauge-commercial-real-estate/) - [Huntington](https://sdnyrealty.com/huntington-commercial-real-estate/) - [Islip](https://sdnyrealty.com/islip-commercial-real-estate/) - [Melville](https://sdnyrealty.com/melville-commercial-real-estate/) - [Riverhead](https://sdnyrealty.com/riverhead-commercial-real-estate/) - [Smithtown](https://sdnyrealty.com/smithtown-commercial-real-estate/) - [Southampton](https://sdnyrealty.com/southampton-commercial-real-estate/) - [Consulting Services](https://sdnyrealty.com/consulting-services/) - [Property Appraisal Services](https://sdnyrealty.com/property-appraisal/) - [Zoning Regulations](https://sdnyrealty.com/zoning-regulations/) - [Forms](https://sdnyrealty.com/forms/) - [Veterans & Military Housing](https://sdnyrealty.com/veterans-military-housing/) - [Join our Program](https://sdnyrealty.com/veterans-military-housing/#apply-now) - [Forms & Applications](https://sdnyrealty.com/forms/) - [Pay Rent](https://sdnyrealty.com/pay-rent/) - [Blog](https://blog.sdnyrealty.com/blog) - [Contact](https://sdnyrealty.com/contact/) # How First Time Buyers can Start Saving for a Home - October 04, 2017 - [Buying](https://blog.sdnyrealty.com/blog/topic/buying), [residential real estate](https://blog.sdnyrealty.com/blog/topic/residential-real-estate), [buying your first home](https://blog.sdnyrealty.com/blog/topic/buying-your-first-home), [buying commercial real estate](https://blog.sdnyrealty.com/blog/topic/buying-commercial-real-estate-2), [buying a house](https://blog.sdnyrealty.com/blog/topic/buying-a-house) - 0 ![How First Time Buyers can Start Saving for a Home](https://blog.sdnyrealty.com/hubfs/Blog_Images/saving%20for%20a%20home.jpg) Once renters decide to make the jump towards owning a home of their own, they must figure out if they could actually afford a [down payment](http://www.bankrate.com/finance/mortgages/down-payment-1.aspx). There’s no point in even looking at homes until you know what you can afford! So, to help expedite owning your dream home someday, check out these tips that will assist you in saving for a home. ## Saving for a Home 101: Where to Begin ### Budgeting When it comes to saving for a [home](https://blog.sdnyrealty.com/blog/starter-home), the ultimate goal is to spend less money than you make. This will require you to create a budget that lays out how much you spend each month, what you’re [buying](https://blog.sdnyrealty.com/blog/buying-a-house) and how much extra you generally have left over. This breakdown of your spending habits will help you understand where exactly you can cut down. Of course, there are bills and necessities that must be accounted for, but maybe you can start with something simple like grocery shopping instead of going out for dinner. Whatever you do, there needs to be some change in your spending so you can stop buying and start saving. By figuring out how much you are saving every month, you should be able to determine exactly how long it will take for you to afford a down payment. ![saving for a home](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/saving%20for%20a%20home1.jpg?width=320&name=saving%20for%20a%20home1.jpg "saving for a home") ### Savings If you’re trying to afford a down payment, one simple way is to save up all of your windfalls like annual bonuses and tax refunds. Unlike making small changes to your spending habits, windfalls can actually make a sizeable boost in your savings and even help you reach your goal sooner. Otherwise, some people will even cap how much they’re putting into their [401(k)](https://www.forbes.com/sites/learnvest/2014/03/28/the-skinny-on-borrowing-money-from-your-401k/#41b6db93c0b0) at 6%, which is where most companies stop matching it. Then, they will be able to put what they aren’t spending into their home savings. However, if you’re desperate for a home, you can even dip into your retirement savings and funnel it towards the down payment. A home *is* an asset after all. ![saving for a home](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/saving%20for%20a%20home2.jpg?width=320&name=saving%20for%20a%20home2.jpg "saving for a home") ### Downsizing Sometimes, before you make the ultimate upgrade, it’s a good idea to [downsize](http://www.hgtv.com/remodel/interior-remodel/6-tips-for-downsizing) your living arrangements for a little while. For instance, if you’re living in a two-bedroom apartment, moving to a one-bedroom place for a period of time can save you way more than you’d think. However, downsizing can also be applied to your future home. For instance, lowering the expectations and requirements on your ideal [property](https://blog.sdnyrealty.com/blog/how-does-property-value-determine-when-to-buy-or-sell) will give your more flexibility in terms of financing. Besides, this may help you afford the down payment sooner. ![saving for a home](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/saving%20for%20a%20home3.jpg?width=320&name=saving%20for%20a%20home3.jpg "saving for a home") If you’re attempting to save for a home and really aren’t sure how, consult these tips and you should be able to afford your down payment in no time! 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While appraisals are used for a wide variety of reasons, one thing is... [Continue reading](https://blog.sdnyrealty.com/blog/home-appraisal) [![How to Paint your Home or Apartment: A Beginner’s Guide](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/How%20to%20Paint.jpg?width=768&name=How%20to%20Paint.jpg)](https://blog.sdnyrealty.com/blog/how-to-paint) - September 05, 2018 - [residential real estate](https://blog.sdnyrealty.com/blog/topic/residential-real-estate), [property value](https://blog.sdnyrealty.com/blog/topic/property-value), [home improvement](https://blog.sdnyrealty.com/blog/topic/home-improvement), [interior design](https://blog.sdnyrealty.com/blog/topic/interior-design) ### How to Paint your Home or Apartment: A Beginner’s Guide Whether it’s the wall, trim or ceilings, painting the interior of your home or apartment isn’t such an easy project. From preparation to execution... 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