If you want to purchase a house, you know that it’s important to save up as much of a down payment as possible before making that purchase. The reason for this is that your mortgage rate will significantly decrease as you put forth more money because lenders believe you are a lesser risk. Here are our tips about how to save for a down payment in 2015:

Start Small.

If you want to save for a down payment, you can start small by cutting out unnecessary expenses. Do you really need that premium cable package, or can you get by with just a basic subscription? Do you need a latte every morning from a coffee shop or can you start making coffee at home? You will find that these small purchases will quickly add up and will start contributing to your savings account.

Take Up Side Gigs.

Do you have any hobbies that you like to do after work or on the weekends? If the answer is yes, try to make money doing them! If you love to draw, see if you can get a part-time work-from-home gig where you draw posters for people. Or, if you love to play guitar, see if anyone having a wedding would want to hire you to play at your wedding. You will be saving for your down payment and not even realize you’re working!

Invest Your Money Carefully.

If you have a savings account already established that is dedicated to your down payment, maybe it’s time to look into investing the money into an account that will give you a higher interest rate. You could look into a certificate of deposit if you know you won’t be needing the money for a certain amount of time.

Don’t Get Discouraged.

The most important thing you need to remember when you’re saving for a down payment is to not get discouraged. Every small savings will contribute to your down payment, and you need to keep reminding yourself of how much progress you have made.

Once you do all of these things, you will be well on your way to a down payment! Just keep saving and eventually you will be the owner of your very own home.