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Creative Ways to Save for a Home Down Payment

February 28, 2025
Published by Garrette Custom Homes

Buying one of the homes in southwest Washington is a great financial investment. However, with down payments often coming in around 10-19%, that’s a lot of money to come up with in order to buy a home. Here are some creative ways to make saving a little easier.

• Cancel Subscriptions: How many streaming services and other monthly/yearly subscriptions do you have? Scale back as much as possible and consider cutting down to one streaming service a month when possible, and changing them up each month or two so you can still watch a variety of shows and films without the add-up in costs.
• Get a Roommate: While this may not be an option for everyone, it’s worth considering if it is possible. It can cut  your monthly bills significantly, leaving you with more money to go into savings.
• Get Another Job: if you can manage it, take on a part-time job a few nights a week or weekends. Waiting tables, walking dogs, food delivery, and working retail are just a few possibilities. Any sort of side hustle can soon add up.
• Mend and Make Do: When it comes to clothing, try to mend any damaged clothing and make do with your current wardrobe. It’s nice to buy new clothes, but resist unless it’s absolutely necessary.
• Credit Card Rewards: Explore credit card reward options, especially cash-back rewards. Use your credit card for as many regular purchases as possible – while paying them off each month to avoid interest – and put those cash rewards toward your down payment.
• Staycation: As tempting as it may be to go on vacation, that’s money that could help grow your down payment. Try treating your local area as a vacation destination by exploring museums, landmarks, parks and other low-cost attractions.
• Pay Off Debt: This may seem counterintuitive, but if you have high-interest debt, paying it down or paying it off saves money in the long run when you’re not paying all of that interest.
• Automate Savings: Treat your down payment as a monthly bill and set up automatic transfers into a separate savings account. Out of sight, out of mind makes it easier to save that money. Also consider high-yield savings options, such as CDs and Treasury Bonds.

Saving money isn’t fun, but the reward of owning one of the homes in southwest Washington can make it worthwhile. Take a careful look at where you’re spending money, see where cuts can be made, and consider alternative income options. Contact Garrette Custom Homes today and explore our range of homes including move-in-ready homes that are waiting for you!

Categorized in: Creative Ways to Save for a Home Down Payment, Finance Tips, home inventory, Market Tips

This post was written by Garrette Custom Homes