4 Tips for Saving for a Down Payment

Published On:
June 10, 2024

Share it!

Congratulations! You finally found the house or car of your dreams, and now it is time to put a down payment on it. When it comes to saving for your down payment, make sure to give yourself plenty of time and get creative with saving solutions, as this will make reaching your goal more attainable. Below are four tips to start saving for a down payment and turning your dreams into a reality!

  1. Cancel subscriptions that you could live without. In the age of streaming, we pay for lots of services, some of which we might not even use. Go through your monthly subscriptions and get rid of the ones that you think you could do without. even if you aren't 100% sure, if you find that you want something on that service in a few months, you can always get the service again. By canceling these monthly subscriptions, you are saving some money that could go towards a down payment. 

  2. Sell your old items. There is a good chance that you have at least $100 worth of items lying around your house that you do not use. To make some easy money, sell those items on sites such as Facebook Marketplace or Poshmark. Not only will you earn money towards your savings and down payment, but you will also declutter and organize!

  3. Make a budgeting plan. If you have a specific thing you want or an idea of how much something would cost, go through your expenses, and make a game plan for how you are going to save for it. You can do this the old-fashioned way with pen and paper or use an app. If you have a plan for how you are going to save for a down payment, you are more likely to do so. Not sure where to start, try to do a week every month where you don't purchase any impulse items. 

  4. Put a little bit of each paycheck towards your savings into a high-yield account. Every time you get paid, set a specific amount aside to put towards saving for a down payment. Choose to save in a high-yield savings or checking account so that your money works for you and helps you reach your goal faster. If you start early, you will have plenty of money saved up to make those big purchases a piece of cake!

When it comes to needing a down payment, Arbor Financial Credit Union is here to help. On our website, you can find various financial calculators to see how much your monthly payments might be. We also have many high-yield accounts to choose from, like our Momentum Checking and Premier Savings Accounts. Not only is our website designed to make the financial processes more effortless, but our friendly staff is also always here to help and answer any questions you may have. Use these tips to start saving, and get more today!

Get the Latest Updates in Your Inbox

Financial Management Resources , Savings , Budgeting , Lending