Turning a dream into reality starts with one thing: Having a plan. And if buying your first home is on your list of goals, now’s the perfect time to put a plan in motion to help you save.
And the best part? Reaching your savings goal doesn’t mean making huge sacrifices overnight—small, consistent steps can get you there over time. Here are a few strategies that can help speed up the process.
Step 1—Build a Budget That Works for You: Knowing where your money’s going is the first step to saving more of it. Take some time to track the money you’ve got coming in and going out. This helps you spot areas where you’re spending more than you realize. It also helps to give yourself some guidelines on what you want to spend for groceries, gas, and more—try to stick to whatever caps you put on each spending category.
Step 2—Cut Down on Any Extras (It Adds Up): Once you’ve got a clear budget, it’s time to tighten up. Look for areas where you can cut down your costs—like services you don’t really need – or ways you can reduce recurring expenses and put that money in your house fund instead. Every dollar you save now brings you closer to your future house. As Bankrate says: “If you’re saving for a house, cutting back on your spending can help. Start with cutting unnecessary expenses, like subscription services, entertainment, delivery services, or eating out. If possible, negotiate down recurring monthly or annual expenses, such as getting a better car insurance rate or reducing an internet bill…”
Step 3—Automate Your Savings: Consistency is the real game-changer. If you have to transfer money manually, you may forget to do it. That’s why setting up automatic transfers to a dedicated savings account makes it easier to save regularly. Even apps that round up purchases to the nearest dollar and save the difference can help you build momentum without effort. As an article from Forbes explains: “Automating your savings helps to keep your progress toward your goal consistent. Set up automatic transfers from your checking account to a dedicated savings account. This will help you prioritize saving and minimize the chances of spending your money on other things.”
Step Four—Put Any Extra Money To Work: Got a tax refund, work bonus, or a cash gift? Don’t fall into the temptation to spend it on something you don’t actually need. Use those unexpected boosts to make big strides toward your savings goal. Treating this extra cash as an opportunity, not just a nice surprise, will help you get there faster.
Bottom Line: Saving for your first house isn’t about perfection—it’s about progress. A solid plan, a little discipline, and a clear goal will take you further than you think. If you’re ready to make homeownership happen, connect with a Town & Country Realty Broker! As your local real estate market leaders, they can help you to map out the next steps to get you closer to the keys to your first home. Contact us today at 541-757-1781 in Corvallis or 541-924-5616 in Albany.
Source: Keeping Current Matters. Disclaimer: The information contained, and the opinions expressed, are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
A New Opportunity to Save for Your First Home!
Starting January 1st, 2025, saving for that first down payment just got easier thanks to the work of Oregon REALTORS®! Oregon is expanding the First-time Home Buyer Savings Account (FTHBSA) program! Taxpayers saving for their first home will now be able to claim an Oregon tax subtraction for contributions to a FTHBSA opened at any financial institution.
FTHBSAs were created in the 2018 legislative session. Oregon REALTORS® took the lead then, advocating for tax credits. In 2024, they worked with legislators from both parties to make it easier for financial institutions and consumers.
Who is eligible? Oregon residents who are saving for a home and haven’t owned or purchased a home for the last three years. Taxpayers who don’t have a personal account may now open one to help someone else save for their first home.
What is the benefit? For tax year 2025, account holders may subtract up to the first $6,125 in contributions or earnings per year, or $12,245 for those filing a joint tax return. Limits for future years are adjusted for inflation.
How can a FTHBSA be spent? Funds can cover the down payment, closing costs, broker fees, appraisal costs, and loan origination fees.
The market is dynamic and ever-changing—having a trusted advocate is key! Reach out to a Town & Country Realty Broker today for expert advice. To learn more about the FTHBSA program, visit: bit.ly/First-Time-Home-Buyer-Savings-Account