For many, saving up funds to purchase a home is one of the biggest financial commitments they have. The cost of
homeownership isn’t a small amount, so monetary preparation is needed.

If you’re on the road to homeownership, you may be wondering, “What can I do to save money efficiently to purchase
the home of my dreams? “ 

Manage debt

Paying off debt may appear to take money away from your home purchasing finances; however, it’s quite the opposite.
Having a high debt-to-income ratio can negatively impact your credit score. Many mortgage lenders examine your
credit history to determine if you’re eligible for their loan. 

Having a good score can indicate you’re financially responsible and opens the opportunity for more lenders to accept
your loan request. This means more money in your pockets to purchase your home. 

High-yield savings account

When saving money for your next home purchase, consider storing it in a high-yield savings account. This type of
savings account has a higher amount of accrued interest, which in turn makes your money work for you. 

Consider a side gig 

Adding in a profitable side hustle is a wonderful way to quickly save up for your next home. Consider picking up
a side gig in connection with interests you may already have. For example, if you enjoy baking, consider
starting a small bakery business from home. The profits you make can all go towards the down payment of your next
home purchase. 

If you’re unsure of a specific hobby you’d like to pursue as a side gig, consider using your vehicle for part-time
food delivery. Many companies are offering positions for delivery drivers and the application process doesn’t take
long. 

Saving up to purchase a home takes extra effort; however, it’s worth the additional work. Consider these methods as
you plan for buying your new home.