You’ve decided it’s time to buy a home. But finding enough money for a down payment can be a challenge, especially when you’re trying to keep up with routine expenses. One savings strategy is to make small cuts in multiple areas, then put the money you save toward your down payment fund. Our cost-cutting checklist can help, with ideas you can try in four categories — to help you make small changes that can add up to big savings.

Embrace meal planning.

Eating out can be one of the biggest budget busters. Save it for special occasions and try these additional ideas for reining in food costs:

• Spend 30 minutes each week planning meals for the week ahead

• Shop with a grocery list — and stick to it

• Purchase fruits and vegetables in season

• Check your grocer’s weekly flyer and plan meals around sale items

• Swap more expensive brands for store brand items

Lower utilities.

Review all of your energy, internet and phone plans for features you don’t need or use. Call each service provider and ask for a lower rate or a promotional offer.

• Bundle services together for a lower rate

• Adjust your thermostat down a few degrees during cooler months and up a few degrees during warmer months

• Turn off lights and electronic devices that aren’t being used

• Seal air leaks around doors and windows

• Check for water leaks

• Cook smaller meals in a microwave or toaster oven

Shop smarter.

Consider wants versus needs to help avoid impulse buys, and always give yourself at least 24 hours to think over a major purchase before opening your wallet.

• Shop discount stores, sales and clearance racks

• Sell your gently used clothing and other items in good condition that you no longer use

• Set a monthly shopping budget

• Comparison shop to make sure you’re getting the best price

• Shop with specific items in mind to avoid needless purchases

Look for low-cost entertainment.

Saving money doesn’t mean you have to cut out all the fun. Try these budget-friendly ideas:

• Rent books, movies and music from your local library

• Trade pricey concert or theater tickets for free or low-cost local shows

• Ask your favorite museums and attractions if they offer free days

• Check your city’s community calendar for budget-friendly entertainment options

Track your progress.

Keep track of how much money you’re saving each month by making these small changes to your budget. Then set up a savings account specifically for your house down payment fund. Each month, transfer the money you’ve saved and watch your account continue to grow!

As you build your down payment fund, start exploring mortgage loan options. Many choices are available, including some that allow monetary gifts from family members and others with minimal down payment requirements. For homebuying questions or assistance, you can contact our Mortgage Concierge Team at (816) 234–2600 or allthingsmortgage@commercebank.com. We’re here to help.

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Also see:

• What to Know Before You Buy a Second Home.
• QA-Tips for Securing a Mortgage After a Financial Setback.