One of the most exciting purchases you will ever make is a home. But that doesn't happen (for most people) without saving money. Although it's never fun to cut back on spending or put yourself on a budget, the reward – your dream home – is worth it!

We wrote this blog to help you navigate the process of saving for a home. Here are five of our best hacks, tips, and tricks.

#1 Come up with a savings plan

What does it take to make a goal reality? A plan of action. Your goal of saving for a new home is no different. First, you're going to want to determine how much home you can actually afford. This will depend on a number of factors, including your income and your lifestyle. You can calculate it here in just a few minutes using this free mortgage calculator.

Once you have that number, you'll be able to better decide what your down payment could be.

You'll often hear people suggest a 20% down payment. This is because with 20% down, you can avoid paying for private mortgage insurance (PMI). But if that's not possible for you right now, there are plenty of other options we'd love to help walk you through.

Once you know how much you would like to save, you can set smaller goals to help get you there. For example, you can set weekly savings goals, monthly savings goals, or even by the pay period.

Pro tip, if you're forgetful about putting money aside when payday hits, it might help to automate your savings! You can do this by contacting your bank and asking them to move a certain amount of money monthly from your checking account to your savings.

#2 Tighten your purse strings

The key to saving money is knowing what to cut back on, and that starts with taking a good, hard look at your wants and your needs. What are you currently spending money on that you don't need? For some of you, that could be eating out, buying new outfits, or choosing name brand over generic at the grocery store.

According to Dave Ramsey, one of America's most trusted voices for debt management, investment, and savings, here's how much you might be able to save by making simple adjustments to your spending.

Eating out only on special occasions: $200 per month

Generic over name brand: $160 per month

No more new clothes: $100 per month

Cutting cable: $110 per month

Pausing your gym membership: $60 per month

This small handful of temporary choices can end up saving you more than $15,000 over the course of 24 months – and there are so many other adjustments you can add to the list.

Here are a few others...

- Use coupons.

- Create a meal plan, so you know exactly what to purchase and what to pass on at the grocery store.

- Pause unused streaming services and other subscriptions.

- Opt for free entertainment like watching a movie at home or spending time outdoors.

- Use cash-back apps like Upside for gas and groceries.

- Buy used versus new.

- Cut back on water and electricity use in your home.

These changes don't have to be forever – but if done for a while, can really move along your savings plan.

#3 Ask for a raise or explore employment opportunities

There's no better time than now to finally ask for that raise – and although the idea of doing so can seem nerve-wracking, you'll never know until you try. The worst that can happen is they say no. But the best thing that can happen is they say yes, and you have that much extra income to put towards saving for a home.

These rapid-fire tips might help you make your case and secure the answer you're hoping for.

- There's a right time for everything. Steer clear of reaching out about a conversation during a hectic week.

- Be specific and be prepared. Come with a number in mind and specific examples of what you've done recently to deserve it.

- Be confident. Your attitude about the conversation matters. If you believe you deserve a raise, your boss probably will too.

But, say you're not in the right place to ask for a raise, or you asked for one and got turned down.

Unless you really love where you're at and what you're doing, it might be a good time to start exploring other opportunities. A higher-paying job could be the difference between saving for a couple of months or saving for a couple of years.

#4 Add to your income

Saving money isn't always about subtracting. There are plenty of great ways to add to your income by filling your time with new opportunities. Today, there are so many side hustles available at your fingertips. Just check out the list below.

- Uber/Lyft: Dropping off/picking up people at locations near you

- Rover: Walking dogs when the owner is working, busy, or out of town

- DoorDash/UberEats: Picking up and dropping off food

The great thing about these types of one-off jobs is that there is no commitment necessary. Do you have an extra few hours after work or a Saturday with nothing else on the calendar? There is no better time to supplement your income – and it's easy!

Here are a few more ideas that require a little extra planning but are great for making extra money.

- Dogsitting

- House sitting

- Babysitting

- Substitute teaching

- Instructing a fitness class

Think about how much money you could save if you used your free time to actively work towards your savings goal!

#5 Sell things that have no value to you anymore

Another great way to save for a home is by selling things that have no value to you anymore. This can be clothing, furniture, assets, etc.-- and nowadays, there are tons of easy ways to do it.

If you have a large variety of things to sell, you might host a garage sale. The benefit of doing this is that everything that sells will be out of your hair in just a day or two.

But if you have a smaller selection of items to sell, you might opt for online, using platforms like eBay, Poshmark, Depop, and Curtsy, just to name a few. How do they work? Let's use Poshmark as an example.

You'll start by photographing your item and answering a quick round of questions about it, like whether it's new or used and what size and color it is. Next, you'll price your item how you see fit, decide if you want to charge for shipping or not, and then post the item to the platform. Users will be able to purchase, put in an offer, or ask questions about it. When someone officially buys your item, you'll be emailed a premade shipping label. You'll send it off, and the money will be deposited into your bank account, PayPal, or whatever method you choose when the buyer receives it.

Some other ideas worth mentioning include local resale shops, Facebook Marketplace, and even asking your friends and family if anyone is interested in what you have for sale.

We hope you found value in these hacks, tips, and tricks. Saving money for something as big as a new home can definitely seem daunting. But it's possible, and the outcome is so rewarding. The Masiello Group is here to help with all of your real estate needs, and when it comes time to start looking for a home, we hope you'll keep us in mind.

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The Masiello Group is a second-generation family company that has been a trailblazer in New England real estate since 1966. With now more than 35 offices throughout northern New England, we're the largest residential real estate firm north of Boston to offer a complete suite of home services, including buying, selling, mortgage, title, insurance, relocation, and more.

You can find more information on today's market and other real estate trends by reading our blog weekly at https://www.masiello.com/news-and-updates/.