New Years Resolution: How to Save for a House in 12 Months

Posted: December 11, 2019 by Alysia Bauer

The New Year is quickly approaching, which means it is time to start thinking about resolutions. What goals do you have for 2020? Do you want to lose a few pounds? Learn a new hobby? Spend more time with the family? These are all great goals, but why not start saving for a house as well? Buying a home is one of life’s biggest milestones and one of the largest purchases you will ever make. While it may seem impossible, we have some tips for how you can start saving for your dream home.

Set Aside Part of Your Paycheck

Every pay period, set aside part of your paycheck to be put into your savings. It is much easier to set aside money upfront and live off of the rest rather than living for the month and saving what is left over. You will find yourself running out of money before you can save a dime. And, when you get a bonus or your yearly tax return, put it in your savings rather than spending it. 

Cut Back on Luxuries

Little luxuries in life can add up fast. Now is the time to make your own coffee in the mornings rather than stopping at Starbucks on your way to work! Other luxuries that can be put on hold include cable TV, monthly subscriptions, eating out, manicures, your gym membership, clothing purchases and going out for drinks. 

Create a Second Income for Yourself

If you have a hobby or skill that you enjoy, it might be time to start profiting from it. Examples include freelancing your writing or art skills, walking dogs on the weekends, becoming an Uber/Lyft driver or babysitting.

Create a Budget

Being aware of your monthly expenses is important to knowing how much you are able to save each month. Take a look at your income versus your expenses and keep track of recurring expenses such as rent, utilities and other bills. See where you can cut back and how much you can realistically save every month. Even taking shorter showers and buying off-brand groceries can make a difference.

Making minor changes now can help you achieve your goal of purchasing a home in the New Year to come. It might seem impossible, but you can do it! Just follow our tips and you will be saving in no time!

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