How To Save for a House as a Single-Income Earner

How To Save for a House as a Single-Income Earner

Saving for a house is one of the hardest things a couple can do. Cut the couple in half, however, and coming up with a down payment and all the other homebuying expenses by yourself seems downright impossible — but it’s not.

If you’re saving for a home on a single income, you’ve got your work cut out for you. The process requires discipline, dedication and sticktoitiveness — but with some clever strategizing, single-income earners can become homeowners.

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Start With a Reality-Based Timetable

Since you have only one income to work with, you might be tempted to work double-time to cut your homebuying schedule in half. One person doing the work of two, however, is not a viable long-term strategy.

“When you want to make a massive purchase, you should set a realistic timeline,” said Francis Locknear of The Cost Guys. “If you have an impossible timetable, you’ll end up frustrated if you can’t meet it.”

While the timeline should be achievable, it should still be demanding.

“It’s important that you set a challenging calendar,” Locknear said. “Making it attainable but aggressive will not only inspire you but also push you to continue

Automate Your Savings

If you’re saving for a down payment alone, you won’t have anyone to keep you focused when your motivation and self-restraint inevitably start to slip — and even the most disciplined saver is not as reliable as a computer.

Do yourself a favor and automate your savings.

“Your discipline may fail from time to time,” Locknear said. “However, you can combat it if you automate your contributions toward your big purchase. Schedule your monthly savings within 24 hours after receiving your paycheck. Doing so will prevent you from spending money that you should be saving instead.”

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