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An illustrated red house sits atop a pile of green dollar bills.It is the dream of many hopeful families and individuals to one day have a home that they can call their own; to purchase a house with which they can build a better life for themselves and those that they love. However, there is often a journey of discipline and patience that goes along with accomplishing those dreams. Aside from building up a respectable line of credit, one of the most important goals to accomplish for those wishing to buy a house is to save up a down payment of at least 20%, or more, to put towards the value of a home. This can be a challenging task, though, as it will certainly require careful planning, and possibly changes to your lifestyle. Here’s some useful ideas to help you save for a down payment on a house…

Find a price range

It’s hard to start saving for something that is entirely intangible in your mind. So, the first thing that needs to be figured out is what exact amount of money you need to be saving up. To do this, you’ll need to figure out what price range you are looking for in a home. Take some time to examine options in the areas that you are looking to buy in, as well as what sorts of attributes are important to you, such as neighborhood schools or how big the backyard is. After you’ve found an appropriate budget for the area, then you can start to put together a more detailed plan at how it is attainable.

Have a separate account for this purpose

Don’t mix your savings for a new home with the rest of your general savings. There are all sorts of things that can cause you to dip into those savings a little more than you’d like. Instead, make a separate account to continuously save money towards your down payment. That way, you can make it more difficult to access this money, unless it is an absolute emergency.

Cut out needless expenses

The most important part of saving for a new home involves a game of shifting the money around. Every month, people have an allotment of money that they spend on all sorts of things such as food, entertainment, and items such as clothing. The goal here is to take the money that you are using for things like your cable bill, and put that towards saving for a new home. That may not seem like a lot, as it could only add $100 a month. However, if you are able to do this with a multiple things, it can lead to a substantial amount of savings.