How to Save and Buy a House During the Holidays

Do you look at your bank account and wonder how on earth will you ever save enough for a house?

With the holiday season upon us, it can feel like your dream of owning a home is slipping further away with every purchase, from gifts for family and friends to travel, parties, and all the unexpected little expenses that seem to appear out of nowhere.

The good news is that saving for your first home doesn’t have to stop just because the holidays are here.

You can keep your home savings growing and still enjoy the season, celebrating with family and friends, and creating memories without guilt by planning ahead and making small adjustments.

Now let's help you save more money!

5 Tips to Save for Your First Home During the Holidays

1. Prioritize your home savings

Pay your savings into your first home fund before spending on gifts or events. Treat it like a fixed expense.

2. Make a realistic holiday budget

Write down all expected costs, including travel, meals, and gifts. Stick to the numbers.

3. Shop smart

Look for discounts, shop early, or make thoughtful homemade gifts to reduce costs.

4. Track spending daily

Keep a running total of all holiday purchases. Tracking prevents surprises and keeps your budget in check.

5. Find extra cash sources

Pick up extra hours, sell unused items, or reduce discretionary spending temporarily to add to your home savings.

6. Plan holiday meals and gatherings wisely

Cook at home or organize potlucks instead of dining out for every event. Sharing the cost of meals reduces spending and frees up more money for your home savings.

7. Limit your impulse purchases

Holiday shopping often leads to spontaneous buys. Make a list before you shop and stick to it to prevent unplanned expenses from cutting into your savings.

8. Talk to a discount agent as early as now

Reach out to a discount real estate agent, like WithJoy.AI, to see how much you could save with a commission rebate. Even a quick conversation can give you a clear idea of potential savings and help you plan your down payment during the holiday season.

Your FAQs About Saving and Buying a Home

How much money should you save for your first house?

Aim for a down payment of 10 to 20 percent of the home’s price. Also save for closing costs, moving expenses, and an emergency fund.

At what age should you have $100,000 saved?

There is no set age for this.

Many people aim to reach $100,000 by their early 30s if they plan to buy a home around that time but it really depends on your income, location, and home prices.

How much of a house can I afford if I make $70,000 a year?

A common guideline is 2.5 to 3 times your annual income.

At $70,000, that suggests a home around $175,000 to $210,000, depending on debts and expenses.

What is a good budget for first-time home buyers?

Aim for a monthly mortgage payment that is 25 to 30 percent of your take-home pay. Include property taxes, insurance, and maintenance in your calculations.

How much do you need to make to buy a $300,000 house?

Let's assume it's a 20 percent down payment and a typical mortgage rate, this would mean you generally need an annual income around $75,000 to $90,000. But keep in mind that this varies with debt, credit score, and location.

Want to Save More on Your First Home?

WithJoy.AI can help you receive a commission rebate at closing, giving you thousands of dollars of extra money for your first home.

Even during the holiday season, you can keep more money in your pocket. Find out your potential savings today!

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