#PlanningAhead
Your blueprint for financial success
Have you ever dreamed of owning your own home? Maybe you’re renting now or staying with friends or family. Whatever your current living situation, starting to save for a home can feel like a big step. But with a clear understanding of where you stand and what steps to take, it’s easier than you think to get closer to your goal.
Am I ready to start saving?
Not sure if you’re ready to start saving for a home? Let’s find out. If the points below resonate with you, it’s a sign that it might be the right time to begin.
- Stable incomeHaving a stable income is one of the first indicators that you’re ready to start saving. With consistent earnings, you can set money aside for your home without compromising your ability to cover necessities. It’s all about balance—making sure you and your family are well taken care of while you save.But what if your income is inconsistent? No problem! You can still save by budgeting around your lowest monthly earnings. Any extra income during better months can go straight into your savings.
- Debt under controlBefore saving for a home, it’s helpful to have your debt in a manageable place. Reducing debt means you’ll feel more confident committing to a mortgage without being weighed down by too many monthly payments. Plus, paying down debt can boost your credit score, helping you qualify for better mortgage rates when the time comes.If your debt feels overwhelming, don’t worry—this doesn’t disqualify you from saving. It just means you’ll need to prioritize your savings goals alongside your debt repayment.
- Life milestonesBig life changes—like getting married or starting a family—can signal it’s time to start thinking about homeownership.Ideally, you’d begin saving well before these milestones, but life isn’t always that simple. If you’ve just gotten engaged and dream of owning a home together, sit down with your partner to set a savings goal. Even small steps now can help you feel more prepared when the big day comes.Feeling overwhelmed after a major life event is normal. Take a moment to breathe, reassess your financial priorities, and make a plan that works for your current situation. Remember, it’s okay to adjust your timeline if needed.
- Improved credit scoreIf you’ve been working hard to pay bills on time and reduce debt, you may notice your credit score improving. A higher credit score not only boosts your financial health but can also help you secure lower mortgage rates. If your credit score is on the rise and your finances feel stable, it’s a great time to start saving for a home.If you’re having a tough time raising your credit score, there are credit counseling agencies out there that can help take some of the weight off your shoulders. They can work with you to come up with a plan for managing debt and structuring repayments in a way that actually feels doable. You can look up certified credit counseling agencies through the National Foundation for Credit Counseling (NFCC) or check out the U.S. Department of Justice’s list of approved credit counselors.Rent reporting is also becoming a popular way to build credit without changing your day-to-day habits. With Percapita, you can report your rent payments directly within the app.* Just make sure you’re paying rent consistently each month—only on-time payments will help your credit score.
- Balancing rent and savingsRenting can sometimes make saving for a home tricky, especially if high rent costs leave little room for savings. If this sounds familiar, consider whether moving to a less expensive rental could free up money for your future home.That said, moving comes with its own costs, so weigh the pros and cons carefully. Look into free or low-cost financial guidance programs in your area—they can help you evaluate your options and create a savings plan tailored to your situation.
Saving on your terms
Saving for a home doesn’t have to mean putting away large sums every month. Even small, consistent contributions—like a few dollars each week—can add up over time.
The key is to start when it feels right for you. Keep checking in with your budget, prioritize your needs, and leave room for some fun along the way. With patience and consistency, you’ll be surprised how quickly your savings grow—and before long, you’ll be one step closer to owning your dream home.
*Rent Reporting is powered by
Percapita does not provide financial advice. This material is for informational and discussion purposes only and should not be relied upon as financial guidance. Consult a financial professional regarding your specific financial situation.
Saving Your Way
Planning Ahead
