Ways to save for a new home

A home is often the biggest investment most people will make in a lifetime. Saving for a down payment can be a lengthy and disciplined process. Taking advantage of federal tax incentives and low interest rates are great ways to reach your goal of owning a home. Here are some small ways that can really add up to big savings.

1. Make coffee at home instead of buying a daily brew. Prices on lattes, coffee and espresso have gone through the roof.

2. Eat at home instead of going out. When you dine out, consider lunch instead of dinner and avoid purchasing alcohol at meals.
3. Consider taking on a roommate or smaller apartment to cut down on rent.
4. Eliminate extras like premium cable, expensive DVD rental plans, and excessive cell phone plans.
5. Use coupons at the grocery store and look for sale items. Shop for groceries and household cleaners at retailers that offer major discounts on items sold in bulk.
6. Cancel your overpriced gym membership fee and work out on your own.
7. Program your thermostat so heat is lowered at night or during the day when occupants are not home. Turn off the lights when you leave a room and use fans instead of air conditioning to keep your electricity bill low.
8. Carpool to work, buy low octane fuel and avoid taking costly taxis.
9. Purchase generic medications and toiletries instead of brand names, often,the same active ingredients are used and the items are a lot less expensive.
10. Pack a sandwich and bring it to work. Work lunches and office take out can be a drain on your budget.

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