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Why It Is Important to Save for Your House

Updated on February 27, 2011

The Importance of Saving

Although my husband and I were living in an apartment when we first got married, we knew that we would eventually like to own a home that we could truly call our own. Buying a house is part of what many people consider "The American Dream". Most Americans that do not currently own a home of their own would eventually love to own their own home. Buying a house is certainly not a process that can take place over night. Many times, the process of buying a house needs to start months or even years before a house can be bought, because most people need time to save up money to be able to put a down payment on a house. This can take time depending on how much you make, how many other bills you have, and how much you are willing to set aside every month into savings. If you know that you would eventually like to own your own home, there is no time like the present to start setting aside money for your future home!

Do you own your own home?

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How Much Should I Save?

The amount that you want to save can vary greatly. There are several factors that will help you to determine this. First, decide how much you will be willing to spend on your home and see if you will qualify for a loan of that amount. How much you will qualify depends on several different factors such as your credit score, how much other debt you have, and how much income you bring in. Second, what type of a loan do you qualify for? There are several different types of loans, and the type of loan you qualify for will determine how much you will be required to put down on the house as a down payment. The difference between putting three percent down, five percent down, or twenty percent down can be huge! Third, how much time do you have to save? If you have five years to save and save $250 a month, in those five years you will have saved $15,000 by the end of five years. If you have only one year to save and you want to save $15,000 as well, you will need to save $1,250 a month, which would be extremely difficult for most people, especially if they already have a mortgage or rent payment. The sooner you start saving, the better off you will be. Even if you can only save $100 a month, it will add up quickly and you will be well on your way to owning your own home!

In Conclusion

Beginning to save for your house now will ensure that you will be able to purchase one later when you are ready to. Saving money can definitely be hard, and is not always exceptionally easy to do, but it will be well worth it in the end! When you are finally the proud owners of your first home, all of the saving and preparing you have done o purchase your home will have paid off and been totally worth it!

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    • Availiasvision profile image

      Jennifer Arnett 

      6 years ago from California

      On a $300,0000 30 year loan with a $1432 monthly payment, interest will be $215690.66. That's almost double the price of your home! Averaged out that's almost $600 a month in interest. So if you think of it this way, by living cheaply and saving, every dollar saved is really two dollars saved in the end. 40 years of paying high rent while saving may not make sense either, so a speedly saver wins the game.

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