(Closed) Saving for a downpayment – Tips?

posted 9 years ago in Home
Post # 3
9050 posts
Buzzing Beekeeper
  • Wedding: June 2010

Ugh, I don’t have much advice for you, but mostly posting to back track to this post once some decent answers come up. 

We currently save my entire salary, but are looking at doing so for the next 3 years before we’ll have a 20% down payment, so I’m definitely wondering if anybody else has ideas to make this less painful.

Post # 4
7605 posts
Bumble Beekeeper

This may not be helpful, but the thing that contributed the most to our saving the 20% we needed was living at home, separately, with our parents.  The rest was just simple stuff….not shopping as often (like for clothes and shoes) and eating out much less frequently made a big difference.  I know there was a good thread on here a while ago about saving money in general….I’ll see if I can locate it for ya.

Post # 6
359 posts
Helper bee
  • Wedding: December 2012

Coupons!!! I’m one of those people that belives, soaps, toothbrush, tooth paste, shaving cream, razors and everything related to that MUST be free for me to get it! Don’t buy things when you need it, buy it only when its on sale before you need it. Coupons have been a life saver for me, to purchase my first home – and now in saving for our wedding. (I’ve even got tons of free wedding stuff, from Pier 1) I bought nothing and tried to save all of my money, it took a couple years but I’ve manager to purchase a house and now have purchased a second (condo, this time) as an investment property. You can do it!!

Post # 7
6659 posts
Bee Keeper
  • Wedding: May 2010

My biggest piece of advice is to commit to an amount you are going to save and just make it work. If that means you have to skip a night out with friends or buying a new outfit, then so be it. If you want to save badly enough it can happen!

We saved for a few years and also had some help from parents. We could have bought a smaller home on our own, but in NYC that would have meant a studio and that just didn’t make sense for two 30 year old’s! But things helped like renting a cheap apartment, our yearly bonuses, and of course the cash we received as wedding presents. In addition to that we stuck to our monthly savings plan and I am not fluent on Craigslist to sell things we don’t need instead of throwing them away.

Post # 8
99 posts
Worker bee
  • Wedding: November 2012

View original reply
@moderndaisy: THIS!

We made a plan to each save a certain amount and then we checked in at the end of the month to see how we did. Mint.com was great for helping me stay on track and seeing where the money was going. We’ve been doing that for close to 2 years now and we’re starting the house hunt this spring. It helps you remember to “pay yourself first” when you’re paying bills or buying things. Good luck! We’ve been long distance at our parents’ homes for close to 4 years now. It has to be worth it when you own your own place!

Post # 9
3373 posts
Sugar bee
  • Wedding: October 2011

We were both big savers from day 1. But anyways, our biggest thing was to save my entire salary every single month and about 1/4 of DH’s salary. It took us about 1 year (but I already had money saved before we got engaged too).

Post # 10
2114 posts
Buzzing bee
  • Wedding: November 2012

Find things that are fun to do but free… like geocaching … Fiance and I used to eat out almost every night. That stopped once we were seriously looking to buy a house.  Now that we are settled we probably go out once or twice a week but definitely not as much as we used to. I guess my answer is just SAVE SAVE SAVE and don’t spend where you dont have to.

Post # 11
4044 posts
Honey bee
  • Wedding: November 1999

figure out a budget, find out how much you cn afford to save and have it taken out of your paycheck/account automatically. i have an online savings account with ING ad it just deducts $X from my account the day after payday. if the money isnt in your account,you cant spend it. you will be surprised how fast it grows when you dont see it.

Post # 12
999 posts
Busy bee
  • Wedding: March 2012

FHA Loan 3.5% down.

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