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Buying your first home is tough stuff. It's not 1965 where one income and being paid minimum wage can buy you a nice home in the suburbs.
That doesn't exist anymore. Yeah, Boomers, Millennials have it tough. That's not a complaint and that's not an excuse. You can still find homeownership.
Here are 6 simple ways to save for your first home you can Implement right now.
How to Save for Your First Home | 6 Simple Ways
1. Tracking expenses.
The reality is if you want to buy a home it takes some sacrifice. Nothing good in life comes from gratifying frivolous desires. So track expenses for a 30-day period. Go through every single expense. Give yourself an audit. I use a Google Sheets spreadsheet. If you want the exact tool I use to track my expenses send me an email and I'll send it to you, for FREE. Figure out what you don't need.
What's a desire?
What's a want?
Figure out the difference between the two. Eliminate as many wants/desires as you can.
2. Eliminate Eating Out
Don't eat out for a month and see how much money you save. Maybe it's not realistic to eliminate it completely but the reality is this is coming from someone who's eaten out six times in nine months.
It's saved so much money, and I'm not better than anybody but the reality is I have saved a thousand dollars this year by using groceries and making my own food as opposed to eating out.
If you watch one less episode of your Netflix binge, you'll have the time to make your lunch for tomorrow.
Time is not an excuse.
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3. You Are 60% Water
A $5 bottle wine may not seem like a lot of money, but do that five dollar bottle of wine every week for the whole entire year.
$5 x 52 weeks = $260
It's a lot of money.
If you eliminate alcohol and sugary drinks, which really aren't that healthy. Drink exclusively water. Finances will like it AND your health.
Drink water and drink a lot of it.
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4. Why TV Sucks
There are so many alternative options to cable. Netflix and Hulu among others that cost less than $20 monthly.
Cable is something that's pretty much obsolete at this point you can still watch all the shows you want.
BUT maybe cutting all television completely and reading is in the cards for you.
I have learned the most about finances by turning off the TV and tuning into financial books.
So, if you want to stay broke, keep watching TV.
If you call your cable or internet provider and simply play poker with them and say “I'm considering canceling” or just flat-out say “I am canceling your service” they will have their retention department attempt to entice you either with a month free of service, 20% off your bill or something similar. Even if you don't cancel the internet or the cable for that matter, you can usually get a better rate.
5. Less Meat = More Money for YOU
Meatless Monday is a fun way to eliminate meat for one day.
Eat more vegetables.
It helps to create health and longevity and what really matters and that is a healthy heart.
6. The Window That Kills Wealth
Stop window shopping.
Now not meaning when you go to a shopping mall.
But window shopping at night with your phone or your laptop.
I've bought plenty of things online at midnight and I realized a week later that it was a stupid purchase.
If you cut all your window online shopping after 9 p.m you will spend less money this month.
As a certified credit counselor and syndicated writer at MaxMyMoney, Max has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.