From Yahoo Finance: 2025-04-05 14:01:00

Saving up for a down payment on a house is challenging, but cutting unnecessary expenses can help reach the goal faster. Consider buying a home in places where property values are likely to increase. Cut back on average yearly food expenses of $9,705 to accelerate savings for a down payment.

The average American spends $855 monthly on expenses that could be redirected toward a home purchase. Cutting out $512 spent annually on alcohol and $240 on phone protection plans can boost savings. Quitting smoking or vaping can also increase yearly savings by nearly $3,000 or $1,000, respectively.

Impulse purchases cost American adults $3,381 yearly, with $1,690 being unnecessary. Credit card debt holders pay an average of $106 in interest monthly. Consolidating debt with a personal loan can save money in the long run. Setting a clear savings goal and tracking spending can help cut unnecessary expenses and reach savings targets.

Establishing a strategic approach to saving, setting a down payment goal, tracking spending, and automating savings transfers can accelerate progress. GOBankingRates provides tips on cutting expenses and saving $855 per month toward a down payment.

Read more: Cut 6 Expenses To Save $855 a Month Toward Down Payment