One of the major components of the American Dream is owning a home. Those who have a home of their own generally feel like they've arrived on some level. To buy a home, it's necessary to come up with a down payment in most instances. Even with government programs through the USDA and the VA that require no down payment, there is usually a need to pay legal fees and closing costs that can reach a few thousand bucks. Therefore, it's important to save up some money to get into a home of your own. Here are some suggestions as to how you can save up money.



Set A Goal


Most of the time, a bank will let you know how much you can borrow. From this information, you can then figure out how much you'll actually need to save up to make a down payment or pay for closing costs should you qualify for a loan with no down payment. Once you know how much you'll need to save, you should be able to set a goal that you can break into smaller weekly or monthly chunks. For example, if you need a down payment of $20,000, you might set up a goal of saving $500 a month. This would take you a little more than three years to build up. From the goal-setting process, it then becomes incumbent upon you to come up with a strategy to save up this much money.



Sell Unused Items


Just about anyone who does not live like a monk will have some accumulation of stuff that's just sitting around the house. If an item has not been used in a year or two, it's probably not a necessity. Going through your house or apartment and setting up a garage sale to get some money for these items that you no longer need or use can get you started toward saving up for your first home. You might even consider this a down payment on your down payment.



Cut Back On Expenses


Just about everyone has some fluff in their budgets. Few will have nowhere that they might be able to cut back a few dollars here and there. Whether it's a daily latte addiction or an expensive cable package, there are likely dollars that you are unnecessarily bleeding each month. Find those items that are merely wants and not needs, and then look for a way to cut the expense. This might mean cutting cable altogether or searching for a lower rate on your insurance. Regardless, it's important to keep expenses to a minimum. Then, you'll be able to save more.



Look For Ways To Make More Money


With the rise of the Internet, there are many ways to make money. If you can construct coherent sentences, you could look into freelance writing. You can also fill out online surveys to make a bit of money each month. If you're able bodied, you can look for opportunities to cut grass or shovel snow from walkways. There are many retailers that look for part-time employees. Your ability to make a little bit of extra money each and every month is limited only by the time you have available and your imagination.



Consider Downsizing


Another way to save money for a home is downsizing your current accommodations. If you're paying $1,000 for rent, but you could cut that expense down to $800, you'd have $200 available for saving each month. Additionally, you could take in a roommate or two if you have the space available. This could greatly cut your housing expenses and allow you to supercharge your savings toward a home of your own.


Saving for a home is possible for just about anyone. By taking one or more of these steps, you can get started on achieving your dream. All it takes is motivation and the discipline to stick with the plan.

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