Saving for Your Down Payment - Make Changes that Matter! | Ernest Homes
If you’re saving toward a down payment on a new home, it will take you a long time to get from Point A (your rental property, or living with your Mom) to Point B (your own front door) if you don’t put some significant effort into the task. Don’t get me wrong…every little bit helps! However, this isn’t the time to talk about cutting back on Starbucks runs or buying generic spaghetti sauce instead of the brand name version.
Let’s say you want to collect a $20,000 down payment. How long do you think it will take? Ten years? Five? How about two?
Ridiculous, you say. How can I possibly save that much in such a short amount of time?!?! If you’re serious about putting the cash together and are willing to make some changes that matter, you can definitely write a check for that amount when the time comes. Let’s look at some of the best ways to gather funds quickly.
1. Reassess your current living arrangements.
Many people tend to take up more space than they actually need. If possible, move to a smaller house or apartment while you’re saving. If you’re single or part of a couple and have two or more bedrooms, consider a more modest space.
If you’re preparing for a future home purchase in the Savannah, Richmond Hill, or Guyton areas, explore our current opportunities at Ernest Homes:
If your landlord knows you’re saving for a down payment, they may even be open to a rent-to-own conversation.
2. If you don’t need it or use it, sell it.
If you’re serious about growing your down payment, take a hard look at your belongings. Do you really need two cars? Do you ever play that guitar in the closet? Is your high-end clothing better sent to consignment?
Hosting a yard sale, selling on eBay, or listing locally can quickly bring in hundreds of dollars. And clearing clutter now will make moving into your future new home much easier.
3. Find at least two or three major ways to save on regular expenses each month.
Most people can cut more than they think! Consider:
- Canceling cable and streaming instead
- Carpooling
- Negotiating lower rates on insurance or phone plans
- Reducing your dining-out budget
- Refinancing auto or student loans
Every dollar saved moves you closer to your dream of owning a new home with features you love — like our Ernest Homes Design Studio options.
4. Plan a “stay-cation” instead of an expensive vacation.
You can save thousands by exploring local experiences rather than traveling. Use the extra cash to build your down payment faster and bring yourself closer to your move-in day.
5. Pick up some extra work.
Many buyers boost their down payment fund by freelancing or taking part-time work. Even 10 hours a week can add up fast. Platforms like Upwork, Fiverr, or Etsy can turn hobbies into cash.
6. Just “say no” to shopping.
Make do with what you have. Buy secondhand. Ask yourself whether it’s a true need or just a want. The more you resist impulse purchases, the faster your savings grow.
7. Match your retirement contributions only up to the employer match.
If you’re contributing more than your employer matches, consider redirecting the difference into your down payment fund.
If you're a first-time homebuyer, you may also qualify for helpful programs — and our sales team is always available to answer questions. Contact Ernest Homes anytime for guidance.
8. Don’t mix your money.
Keep your down payment account completely separate. No withdrawals — only deposits. This mental separation helps maintain discipline.
9. Stick with safe savings.
Use high-yield savings accounts or certificates of deposit (CDs) instead of high-risk investments. Credit unions and online banks often offer the best rates.
10. Make it fun!
Saving doesn't have to be boring — turn it into a competition, set rewards, track progress visually, or challenge yourself to “no-spend weeks.”
Your dream home may be closer than you think — and once your down payment is ready, Ernest Homes has beautiful new construction homes waiting for you across the Savannah region.
Ready to talk next steps? Contact the Ernest Homes Sales Team — we’re always here to help.
