Saving for a house as a first-time homebuyer involves careful planning and disciplined saving. Key steps include reviewing your financial situation, reducing high-interest debt, setting a savings goal (ideally 25-30% of the home's price), creating a budget, supplementing income through side gigs, automating savings, exploring first-time homebuyer programs, and investing wisely. Staying motivated and tracking progress are essential to achieving homeownership.

Living paycheck to paycheck can make saving for a down payment challenging. To afford a home, focus on budgeting and cutting expenses. Even with little income increase, you can save for a down payment by tracking spending, lowering bills, and setting aside savings. Consider a mortgage with as little as 3% down if you have good credit. Calculate your homebuying budget using an affordability calculator and plan for additional costs like closing costs.

Experts recommend strategies to help home buyers save for a down payment, such as creating a budget, automating savings, and exploring homebuyer assistance programs. Key tips include paying off high-interest debt, reducing unnecessary expenses, setting up a dedicated savings account, and boosting income through side hustles. Utilizing high-interest savings accounts, allocating unexpected bonuses, seeking professional financial advice, considering lower down payment options, micro-investing, selling unused items, and making temporary sacrifices are also beneficial.

During mortgage renewal, reassess your financial situation to align with current and future needs. Start researching options 4-6 months before term expires to save money. Review financial goals and consider changes since last renewal. Factor in future plans like selling property. Evaluate different mortgage products, shop around, and understand renewal terms. Seek guidance from professional mortgage experts for personalized advice and assistance throughout the process.