Saving money is a lot like losing weight. It’s no fun, requires sacrifices and no one at
a dinner party wants to hear about your plan. For many first-time home-buyers, trying
to save enough money for the down payment on a house can seem like a diet that won’t end. It might even be tempting to click one of those email links that promise magical results, even though you know there’s no magic pill for weight loss and no magic plan for saving money.

This all came to mind this week as we have some close friends who are on that path towards homeownership right now. They’re frustrated, and they feel like they’ll never get into that new home. Of course, I’m full of advice for how to save for a home, what to expect when you start working that mortgage payment plus other expenses into your
budget, and so on, but I also recall the “getting there” part of the equation. And yes, it can definitely be frustrating.

Fortunately, if you’ve ever tried to lose weight, you already know how to save money. While most weight loss results are temporary, buying a home is something that won’t disappear if you skip the gym for a week: You’ll be living in a home you own, building equity and moving closer to financial independence. So, here are some tips to get you
moving toward that down payment:

Don’t bite off more than you can chew.

One of the biggest mistakes new homeowners make is buying more house than they can realistically afford. When my husband and I were ready to buy a home, we talked to our credit union, Afena, about what size home and mortgage was comfortable and fit our lifestyle. That doesn’t mean you have to use every dollar you qualify for. Figure
out exactly how much you can spend every month and make sure you don’t get in over your head.

You can’t lose weight without a scale.

Most people keep track of their weight every day while dieting. Some keep a food log. Some count calories, points, or carbs. The bottom line: You need to be able to see how you’re doing so you know when you can splurge and when you need to cut back. The same is true when saving for a home. Make a budget and stick with it. If you have a bad month, don’t get frustrated. Instead, commit to doing better next month.

Everyone needs a spotter.

When you save money every month, where does it go? Do you have a series of Mason jars filled with crumpled singles? Is it sitting in your Afena account, looking pretty when you check your balance but not doing anything else? Consider savings certificates and money market accounts, which earn a higher dividend rate for your savings. 

If you’re saving to buy a home, you should be proud of that goal. A home is an investment in your financial future, and it’s worth all of the time and effort you have to put into it. I’m Claire, the Afena blog mom. Thanks for reading