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10 Creative Ways to Help You Save for Your First Home

Saving for a down payment on your first home can seem daunting. With the median home price reaching close to $200,000 and many lenders requiring 20% down, $40,000 for a down payment is a hefty sum to save for. Therefore, budgeting is key. Here are 10 creative tips that will help you cut costs and save money for your first home!

          1.  Be Your Own Barista

Brewing your own coffee can save you thousands. Indulging in a $4 coffee 5 days a week will cost you over a thousand dollars in the course of a year. Invest in a coffee maker now and your wallet will thank you later.

          2.  Ditch Cable

The results are officially in, cable is out and video streaming is in. Okay so maybe not officially, but you get my point. More and more people are choosing online streaming services such as Netflix and Hulu over traditional cable. With quality content and prices as low as $8 a month, the switch to online streaming is almost a no brainer! Save your money and ditch cable!

          3.  Cook More Pay Less

Limiting your restaurant trips and spending more time in your own kitchen is one of the easiest ways to save money. With an array of cooking recipes and easy to follow directions available online, anyone can become a cooking guru. Here is a list of fast and easy dinner recipes that will help you save money.

          4.  Get a Library Card

Are you a big reader? If so, you may want to ditch the book store and head to your local library. Borrowing books instead of purchasing them can save you hundreds of dollars over the years.

          5.  Cancel Your Subscriptions

With the amount of free news content available online, you can remain up to date on the news without your magazine and newspaper subscriptions.

          6.  Gym Membership? Forget About it

Working out at home has never been easier. Home workout videos flood the internet daily and can keep you fit and healthy without the extra expense.

          7.  Brown Bag it

Eating out three times a week at $12 per meal will cost you $1,872 over a one-year period. Save the expense and pack your own lunch. Who knew a peanut butter and jelly could take you so far??

          8.  Sell Your Old Items Online

Many websites such as and allow you to sell old items online for cash. Selling old items online may even become your own personal side hustle – that is if your closet is big enough!

          9.  Going Out? Leave Your Credit Card at Home

Having a cash only budget when you go out will limit your impulse purchases and guarantee that you stay within your budget for the day/night.

          10.  Find a Side Job

If you have a little extra time in the evenings or on the weekends, turn that time into cold hard cash with a side job. See this article for 68 ideas on how to earn extra cash with a side job.

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Jeffrey T. Bald, Esq. President
192 Duke of Gloucester St. • Annapolis, MD 21401
(410) 267-9300 • (410) 269-1900 office • (410) 269-6477 fax

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