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How to Save Money to Buy a Home

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Part of the video series: Real Estate Tips: Buying a Home

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Summary: Saving money to buy a home is easy with the right savings account. Save money for a home purchase with tips from a licensed agent in this free video on real estate.

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By Richard Blake
eHow Presenter

Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor in Pinellas county, Florida for...read more

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"Saving money to buy a home can be a difficult thing to do. I'm Richard Blake, and I'm here to explain, how to save money to buy a home. The first thing that you want to do is set up a savings account, call it a home savings account. And make sure that only money goes in, and no money goes out. You can do a few things, such as, make it a point to take, say, 5, 10 or 20 percent of your weekly or monthly income, and put it into that savings account whenever your paycheck comes in. Make it mandatory, don't- you know, no ifs, ands, and buts about it, just put it in there, and don't do anything with it until you've accumulated enough for whatever type of property it is that you'd like to purchase. Some other things that you can do is, not necessarily even put money away, but maybe cut back your cost. And rather than spending money on certain items, actually take that money and put it into the savings account, put it into that home savings account. For example, possibly you've got a cable bill that's in excess of a 100 or a 150 dollars, cut back a little bit, and maybe don't watch Showtime, or HBO for 12 months, and put that 50 dollars extra a month away into that savings account. Several items such as that, that you're already spending money on in the home that you can cut back on, and that'll give you a few 100 extra dollars a month to put away towards the purchase of your next home. Okay? I'm Richard Blake, there's your few ideas on how to save money to purchase a home. Hope you have a great day."

eHow Article: How to Save Money to Buy a Home