Saving Money While Paying for a Home

You may be financially "exhausted" from saving for your home purchase, but now's actually a great time to keep saving.

It may seem odd to think about saving after making such a large purchase, but now's actually a great time to save.

Since you've already spent a considerable amount of time-saving money to buy a home, hopefully, it's become second nature and you can keep it going. Simply apply the same principles to saving for other major life events like college for your children or your retirement.

Try these tips for creating a saving strategy while paying your mortgage:

  • Keep cash handy. Save at least three months worth of income in a cash emergency fund, in the event you get laid off or injured.
  • Prioritize what you save for, based on urgency and need. If your daughter plans to attend college next year, you should be saving for that now. Likewise, if you don't plan to retire for several years, focus on more urgent expenses while setting aside a small amount in a 401k or IRA.
  • Pay more if you can. If you have enough cash on hand and no debt other than a mortgage, you may want to pay more than your minimum monthly mortgage payment and reduce your overall mortgage interest. Before doing so, check whether your lender charges penalty fees for making extra or higher repayments.
Keep Reading

Next Up

Real Estate Survival Guide: Seller's Checklist

Refer to this 10-step checklist to get you through the home-selling process.

Real Estate Survival Guide: Buyer's Checklist

Refer to this 10-step checklist to get you through the homebuying process.

Which Home Improvements Pay Off?

Basic maintenance, such as the roof and exterior painting, are frequently more important than an awesome kitchen.

13 Home Staging Secrets

Highlight your home's strengths, downplay its weaknesses and appeal to prospective buyers with these secrets.

On TV

Shop This Look

Found a living space you love in HGTV's Photo Library? Get the look in your own home with products from Wayfair.

Follow Us Everywhere

Join the party! Don't miss HGTV in your favorite social media feeds.