9 Ways to Save Up for a House in 12 Months

Lauren Bowling
February 21, 2018

Saving for a down payment? Reach your goals with our free workbook.

Save Up for a House in 12 Months with These 9 Tips

Maybe you’re thinking about transitioning from renting to owning a home. Maybe you’ve already decided to buy a home and feel overwhelmed with the excitement and stress. No matter where you are in your journey to homeownership, chances are you’ve had to think about how to save for a home down paymentBut just like with everything else, the best way to tackle hurdles and alleviate stress is to take action. So what can you do today, to walk through the doors of your dream home in a year, or two? Our expert advice is to create a savings plan. To give you a head start, we put together a fillable 12-month savings workbook with tips and tricks to keep you motivated and on track.

In the workbook we show you how to:

  1. Automate your savings.
  2. Start a savings challenge.
  3. Ask for a raise.
  4. Save your tax refund.
  5. Find unique ways to earn more money.
  6. Cut unnecessary bills.
  7. Save on holidays.
  8. Set up “smart” savings plan.
  9. Stash your cash gifts.

Whether you fill out the workbook as an ideal savings plan or use it in real time to track your savings contributions, goals will become reality once you write them down. You can customize the plan to reflect your personal circumstances, such as the price of housing in your area or your personal debts. The important thing is that you start and stay committed.  

In order to help you visualize savings, we use an example person (Emily) with an average annual salary ($50,000) and no large debt payments. Emily is looking to buy a $180,000 home (around the median home price for first-time buyers in the United States). With a down payment goal of 20%, Emily needs to save $36,000. How will she do it? Follow Emily’s plan of action in the workbook, but, more importantly, create your own.

Ready to start saving for your dream home? Download LendingHome’s free 12-month savings workbook with step-by-step instructions and tips.

Download the Workbook

Use these tips to save up for a real estate investment in only 12 months.

Disclaimer: The above is provided for informational purposes only and should not be considered tax, savings, financial, or legal advice. Please consult your tax advisor. All calculations and information shown here are for illustrative purposes only. All third parties listed above are for demonstration purposes only and are not affiliated with LendingHome. All views and opinions expressed in this post belong to the individuals referenced. NMLS ID: 1125207 Terms, Privacy & Disclosures. Copyright LendingHome Corporation 2019.