How to Save for a Larger Home Down Payment

The larger your down payment, the lower your home loan payment. The most effective way to save a larger down payment is to set aside a portion of each paycheck. With direct deposit, your employer can split your paycheck between checking and savings accounts.  Or, ask your bank or credit union to regularly transfer a certain amount from your checking account to your savings account. Also, ask your financial institution about other savings products that can help you save more. If you need assistance finding money to save, check out our savings tips and strategies!

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  • Fourth saving strategy: Save automatically through a monthly transfer from checking to savings http://ow.ly/sj3vP

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Saver Stories View all »

Learning to Save

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

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Challenging Herself to Save

It all started when Marchale Burton overheard Alabama cooperative extension colleague Isaac Chappelle, coordinator of Alabama Saves, explaining how saving just a little bit – even change – is all it takes to become a saver. “I thought about that,” Burton said, “and wanted to see if it would work.” So, she challenged herself to see how much change she could save.

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Starting Over

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

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