Saving for a down payment can feel like the biggest hurdle on the path to home ownership. Whether you are buying your first home or moving into a new one, having a clear plan can make the process feel far more manageable. When used consistently, the right saving strategy can help you build momentum, strengthen your financial foundation, and bring you closer to the moment you receive your keys.

Below are five practical saving methods you can start using today, each designed to help you prepare confidently for your future home.

1. Set A Realistic Down Payment Goal

A specific target gives your plan structure and helps you measure progress. Even if you are early in the process, estimate:

  • The price range of homes you may consider
  • The required down payment percentage based on your loan type
  • Any additional savings funds needed for closing costs, moving expenses, and emergency savings

By setting a clear goal, you can create a monthly savings plan that fits your budget. Many homebuyers start by transferring a small percentage of each paycheck into a dedicated savings account to keep their down payment funds separate from everyday spending.

It is also important to note that while 20% is somewhat of an industry standard, many buyers use loan programs that accept 3%–5% down. Additionally, there are many resources out there to help cover the difference and get you to that 20% mark. Don’t hesitate to reach out to our team to discuss your options.

Related: Home Buying 101

2. Automate Your Savings

Setting up automatic transfers removes the temptation to skip a month and makes saving a consistent habit. Choose an amount that fits your budget and schedule it to transfer on payday or once a week.

If you receive bonuses, tax refunds, or irregular income, consider setting up “bonus deposits” that give your savings a boost.

Even $25–$50 per paycheck can grow quickly over time. Don’t underestimate the impact of small, consistent contributions.

3. Reduce Non‑Essential Spending For A Short Time

You don’t have to cut back forever. A short-term pause on certain non-essentials can redirect meaningful money toward your goal. Start by reviewing:

  • Unused subscriptions
  • Frequent dining out
  • Online impulse buys
  • Entertainment and travel spending

Many people are surprised to find hundreds of dollars a month going to items they no longer use or value.

Our tip is to try a “no-spend challenge” for one category (like takeout) and move the saved funds directly to your down payment. Make sure to choose a time frame that feels realistic.

Read More: Life Hacks To Trim Your Subscription Expenses With Banterra Bank

4. Use Tools Designed For Homebuyers

The best way to save for a home is with a savings account made for that exact purpose.

Banterra’s Home Savings Account offers:

  • Only $100 to open and earn interest
  • Tiered interest rates, higher than a standard savings account1
  • A $500 closing cost credit on a home closed with Banterra after 12 consecutive months of savings
  • No monthly fee when you maintain a $100 average daily balance
  • Four free withdrawals per month2
  • One-on-one guidance from a Banterra mortgage lender to help you plan

This account was designed for real people with real financial goals, especially first-time homebuyers facing rent, student loans, or limited savings windows.

Learn More About Banterra’s Home Savings Account Here

5. Explore Affordable Loan Programs

Beyond saving, your mortgage choice can make homeownership more accessible. Banterra offers multiple loan types with low or no down payment options:

  • Home Possible Loan – As little as 3%3 down, reduced Prive Mortgage Insurance (PMI), and competitive fixed rates
  • USDA Rural Development Loan – 100% financing for eligible rural properties
  • FHA Loan – Backed by the Federal Housing Administration with low down payments, even for buyers with past financial setbacks
  • VA Loan – 100% financing and no mortgage insurance, available for veterans and active-duty personnel

Explore Banterra’s affordable homeownership programs and speak to a loan specialist to see which is right for your situation4.

Explore All Banterra Home Loan Options

6. Look For Opportunities To Increase Your Income

Extra income can accelerate your savings timeline without affecting your core budget. You might consider:

  • Freelance work or part-time jobs
  • Selling unused or lightly used items online or at a garage sale
  • Asking about overtime opportunities
  • Participating in local gigs or seasonal work

Look for options that fit your schedule without creating financial or time strain.

Take The First Step Today

Saving for a home doesn’t have to feel overwhelming. With a clear plan, the right account, and a little consistency, your dream can turn into a reality sooner than you think.

From initial discussion, your first savings deposit, to a set of house keys, Banterra is here to help. With savings tools, mortgage options, and a team that gets to know you, we’re proud to support your next chapter.

Open your Home Savings Account online today or visit a nearby branch to talk with a local expert.

1$100 daily minimum balance to earn interest. Tiered interest, on account balance: $100-$24,999.99; $25,000-$99,999.99; $100,000-$249,999.99; $250,000-$499,999.99; $500,000+. 2Withdrawals more than four per month have a $2 per-item fee. 3A 3% down payment on a 30-year, ­fixed-rate loan of $200,000 with an interest rate of 6.00% / 6.463% APR will have 360 monthly principal and interest payments of $1,287. Payments shown do not include taxes, homeowners’ insurance, or mortgage insurance (if applicable). Actual payments will be higher. 4Subject to loan approval.