Table of Contents

How to Save For a House


Table of Contents

richard uzelac's tips on saving for your first house

I remembered when I was at the age of 15 when I vowed to get fit. I started small, going for short jogs and swapping fast food for salads. Over time, I got into weightlifting. Now at the age of 65. Richard Uzelac didn’t regret his decision over deciding to prioritize health. I am in my fullest quality of life because of that. When you plan on getting fit, you might feel overwhelmed. Just like planning to buy your first home, it is daunting, such as trying to go to the gym regularly or resisting those mouth-watering delicacies. You would need to tighten your budget and bid farewell to those extra indulgences.

This would mean cutting back on fancy vacations, extravagant meals, and impulse purchases of clothes. While cutting back on vacations, dining out, and impulse purchases may seem difficult at first, the long-term reward of homeownership makes it worthwhile. Owning your own home provides stability, equity, and a sense of pride and accomplishment. With some discipline and focus, you can find less expensive ways to enjoy experiences and entertainment. And you may discover a simpler lifestyle has its own rewards. So let’s get down to it.

Tips from Richard Uzelac for Saving Money to Buy a House.

Saving $40,000 for a down payment can seem like an impossible feat. But just as you eat an elephant one bite at a time, you can achieve a big goal by breaking it into smaller, manageable steps. Instead of focusing on the huge total, set a goal to save $1,700 monthly. Do that for 24 months, and you’ll reach $40,000 before you know it. Tackle big objectives bit by bit – that’s how mountains are moved.


We recognize that it’s much harder in practice than it sounds. Coming up with tens of thousands of dollars while still paying your regular living expenses can feel next to impossible. But don’t let yourself become overwhelmed or discouraged! There are proven strategies that can make building your down payment fund much more achievable if you stick to them consistently.

Determine Your Down Payment Amount

  • Consider your income, spending habits, and lifestyle needs when deciding on a comfortable mortgage payment. As a general rule, keep it under 25% of your take-home pay.
  • Aim to save at least 20% of the purchase price for a down payment to avoid private mortgage insurance (PMI). But 5-10% is a reasonable goal for first-time buyers – you can make up the difference later.
  • Be patient and diligent when saving up your down payment fund. Shoot for reaching your target in 1-2 years.
  • Keep the money accessible but secure by using a savings account, rather than an investment account which carries market risk. The interest earned will be modest, but it’s about accessibility.

Build a Detailed Budget

Once you have set your goals clear it’s time to be realistic and don’t let your ego hits you. This means creating a detailed, realistic budget that aligns with your homebuying goals, 

Create a budget that aligns with your savings goals.

  • Track your net monthly income after taxes
  • Document all expenses like rent, debt payments, groceries
  • Identify areas to cut back like:
Expenses Potential Savings
Dining out $200/month
Clothing $100/month
Cable $100/month
  • Treat savings as a recurring bill – pay yourself first
  • Automate transfers from checking to your savings account
  • Review spending regularly and adjust to meet targets

With a realistic budget accounting for your full financial picture, you can find opportunities to boost your down payment fund.

Pick Up Extra Work

Besides closely monitoring your spending habit to identify areas where you can cut back, and exploring supplementary income streams through freelancing, side hustles, or taking on extra shifts. With some diligence and creativity, you can get your savings to grow faster than you imagined. The key is not letting the big picture paralyze you – take it step by step and you’ll make steady progress.Every little bit contributes to reaching your home buying goals faster.

Automate Your Savings

Automating the process of saving is a powerful way to effortlessly build your down payment fund for your dream home. Start by deciding on a monthly savings goal that aligns with your financial capabilities and ambitions. Once you have set your target, go ahead and set up automatic transfers from your checking account to your savings account on a regular basis. Treat these automated transfers with the same level of importance as any other recurring bill you pay diligently.


Homeownership comes with a multitude of benefits that extend far beyond the mere possession of a property. It represents stability, a sense of belonging, and a place to create lasting memories. Owning a home provides you with a space to call your own.


“Rather than deprivation, view saving for a down payment as prioritizing your goals. The temporary sacrifices will pay off enormously when you can celebrate in your new home. Homeownership is a milestone that brings happiness and security for years to come.” – Richard Uzelac

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