How to Save for a House Down Payment

Saving for a down payment on a house can seem tough, but it's doable with a plan.

First, figure out how much house you can afford using the 28/36 rule, which means spending no more than 28% of your income on housing and 36% on all debt.

Aim to save at least 20% to avoid extra insurance, but you can start with less.

Set a timeline and budget to see how much you need to save each month.

Look for ways to earn more or spend less.

Put any extra money you get, like tax refunds, into your savings.

Choose where to save your money wisely, like in a high-yield savings account or a CD, to earn more interest.

With these steps, you can reach your goal and buy a home.