Are You Ready To Buy A House? Here Is How To Save Money!

Around this time of year many couples, new families and long-term residents begin to look at buying a home or even refinancing! Here is some food for thought if you are ready to take action and start saving today! We have provided you a step-by-step plan to make saving for your home easy!

Here are the clean and clear objectives when saving:

Set a savings target. Automate saving transfers. Minimize expenses. SAVE FOR A HOME!

Setting Goals:

Define your budget and get your deadline in order! These are the main factors you will need to prepare and conserve for à

  • The Down Payment: This upfront cash is how the borrower pays for a mortgage to buy a home. Interest rates at Hall Financial are at record lows! It’s important to lock in this down payment BEFORE interest rates go up.
  • Closing Costs: The fees to finalize your mortgage payment are typically 2% to 5% of the loan amount. These costs come at the very end of your journey which is why they tend to surprise many people. Don’t forget about this detail when budgeting!
  • Moving and Other Expenses after: Even if you deem your house both suitable and manageable upon inspection, you may still find a couple areas that need tweaking. This can result in a couple more trips to the hardware store thank you’d like. Expand this budget for the unexpected!

How to make your budget ACTUALLY work:

After determining how much you’ll need to save and your time frame, it is important to minimize existing costs. Reducing needless expenses may help you save for your home faster. Here are a few areas to consider looking into further à

  • Evaluate your car insurance rates
  • Try bundling your cable and internet services or altering your cellular phone plan to save
  • Refinancing your student loans to cut the monthly payments
  • Cancel subscriptions you do not use
  • OR try tracking your spending for a month to see where your cash goes!

Save raises and bonuses:

By transferring your tax refunds, bonuses, raises and any other financial windfalls to your savings you can better protect the security of your goal. Put these bonuses away before you get an opportunity to spend them!

Earn some extra money:

Start looking for ways to make additional cash to help you save up for a house!

  • Freelance online work can allow you to work remotely and on your own schedules.
  • Trade in old phones or electronics in exchange for cash.


  1. Check your savings headway AT LEAST once a month
  2. Any progress is worth celebrating!
  3. Hang up a savings chart in the kitchen or photos of your fantasy home to keep you determined!

While the journey towards saving can be rough with obstacles and unexpected downfalls, it does not mean that you can’t eventually save enough to purchase your own home! Each day is a step towards your goal, even if it is only a penny a day.