Turn yourself from a "Broke wannabe homebuyer" to "Gimme those keys"; yes it's possible! Down payment may seems like a long shot especially if you are on a tight budget, but if you are determined, it is achievable.
Here are goals to set when buying a home according to Realty Times:
Make a plan and write it down
Get closer to your goal of a down payment by writing it down on paper; a definitive statement that makes your plan more real. Putting it in writing makes it easily accessible so you can come back to it any time.
When you have established the goal, now figure the amount you need to save on a weekly or monthly basis and the specific date that you will be able to buy the house.
Writing those specifics down is a simple act that will make your goal more concrete.
Make some budget cuts
It won't be easy, but cutting back on your expenses to buy yourself a house you can call your own is worth it. Analyze your bank statements; take out expenses that can't be changed like rent or car payment. And for the rest, such as your car and health insurance, you can consider changing up your coverage to save some dollars.
Now, assess your phone, cable, and internet bills. Is there anything that you can change? If you are getting more mobile data than you need, then maybe you can switch to a cheaper plan. Do you really need a DSL service that fast when you are only using it to check emails? And now, to something more heartbreaking: cutting out your daily Starbucks latte fix.
Let someone else make some cuts
Sometimes, you won't be able to see any or as much places to cut, so let your best friend or a family member have a look at your budget. They can give you an unbiased opinion and they may be able to see things you don't.
Cook your dinner
Eating out is one of the major and common expenses that could be eating a significant portion of your budget. If you are used to eating out five days a week, then maybe you can adjust and cut it down to two. If you can't cook for the life of you, easy-to-make or already-made meals can be your best friend. Trader Joe's and Coscto are nice places to go and grab a bag of roasted chicken and salad to last you several meals.
Look for ways to make extra money
Do you have skills that can potentially help bring in a few bucks? Put your Italian fluency to use and maybe tutor a neighbor who needs it. If you have art skills, refurbish an old piece you have sitting around and bring it to the weekend flea market or you can even put it up on Craiglist along with the video cam you haven't used for ages or the golf clubs you haven't taken to the golf course for a while.
