From wedding registries to cash-stuffing to secondhand flips, here’s how Americans are creatively building toward homeownership.
Buying a home is a dream for millions, but the down payment hurdle looms large. Whether you’re aiming for 3% or closer to 20%, building up that chunk of cash takes effort, planning, and yes creativity.
According to a 2022 study, nearly two-thirds of mortgage-holding buyers used personal savings to help fund their down payment. That means the path to homeownership often begins with lifestyle tweaks and financial discipline.
So, how do you turn daily choices into future equity? Here are 21 innovative and practical strategies to help you get there, some you’ve likely never considered.
1. Put a Home Fund on Your Wedding Registry
Asking for cash is no longer taboo, it’s trending.
According to The Knot, home funds are now the second-most popular cash request on wedding registries, up 55% in the last five years. Nearly 1 in 5 couples registered on the platform are requesting contributions toward a future house.
“Couples feel empowered to make their registries ultra-personal to their goals as a married pair,” says Esther Lee, Deputy Editor at The Knot. She adds, “There’s something so special about a wedding contribution helping new spouses reach another meaningful milestone: homeownership.”
Etiquette still matters. “Approaching a down payment registry option requires some additional thought,” Lee advises. That means not expecting the entire amount to be covered and waiting until after the wedding to count on the cash.
When setting up the fund, be clear about your intent. “It does help to include the down payment amount on your registry, so that your loved ones can thoughtfully consider their contribution,” Lee adds. And don’t forget gratitude: “This is a wedding gift over a simple down payment contribution.”
2. Launch a Side Hustle
A little hustle can go a long way. Dog walking, weekend waitressing, or selling crafts online can give your savings a serious lift.
“A side hustle doesn’t have to take up a lot of time,” says financial planner Bill Promes. “When you introduce a new source of income that has a specific purpose, it’s easier to stay on track.”
3. Rethink the Commute—and the Car
Carpool, take transit, or negotiate remote workdays—each mile not driven is money redirected.
If car payments and gas costs eat up your paycheck, consider trading down to a more affordable vehicle or switching to public transport. Just don’t swap into a gas guzzler or a fixer-upper that drains your budget.
4. Use Extra Cash to Kill Debt
Got a bonus? A little windfall? Crush your highest-interest debt first.
Paying down loans with high APRs cuts your monthly expenses, freeing up funds for saving. Every dollar in interest avoided is a dollar closer to your home.
5. Embrace the Capsule Closet
Minimalism isn’t just chic—it’s cost-effective.
Trim your wardrobe to essentials and sell what you don’t wear. Sites like Depop and ThredUp can turn old fashion into new savings.
6. Flip Furniture for Profit
Love DIY? Turn a profit on pre-loved furniture. Buy it cheap, clean it up, and resell. Online tutorials can help you learn the ropes.
7. Shop Secondhand First
Join local “Buy Nothing” groups or hunt thrift stores. You’ll be amazed by the quality you can get for a fraction of the price, or free.
8. Audit Your Shopping Habits
Impulse buys are savings killers. Before spending, scan your closet, garage, or pantry. Do you already have it? Will you really use it? Unsubscribe from promo emails that tempt you to splurge.
9. Try the Viral “Cash-Stuffing” Trend
Old-school budgeting with new-school hype—cash stuffing is making a comeback.
Label envelopes with your budget categories and only spend what’s inside. Any leftover at month’s end? Redirect it to your down payment fund.
10. Maximize Credit Card Rewards
If you’re disciplined, use cash-back cards and stash the rewards. Some cards even allow point redemptions for travel, helping you save elsewhere.
11. Pause the Travel Plans
Vacations can wait, your dream home can’t.
A 2022 survey found 41% of buyers canceled travel to save for their down payment. If you need a break, take a scaled-back trip using airline miles or points.
12. Automate, Automate, Automate
Treat your savings like rent, non-negotiable. Set up recurring transfers to a separate, high-yield savings account.
“Series I Treasury Bonds are an amazing location for some of your cash,” says advisor Jovan Johnson. And the interest is taxed only at the Federal level.
13. Downsize to Up-Size Later
Cut your rent, utilities, and furnishings by living in a smaller space.
“A smaller space also requires fewer things to fill it up, again saving you money,” says Ryan Graves of Bemiston Asset Management. “When the time comes, it’s also a lot easier to move from a small place to a larger one.”
14. Bring in a Roommate
Adding even one roommate can slash rent in half. If you’re truly committed, see if a family member would host you in exchange for house help.
15. Ditch Subscriptions
From Netflix to workout apps, the average American spends more than they realize on subscriptions.
16. Lean on Libraries
Skip the bookstore, borrow instead. Libraries now lend out more than just books. Some even offer fishing poles, sewing machines, and museum passes.
17. Reassess Recurring Bills
Cell plan too pricey? Internet speed overkill? Car insurance lacking discounts?
“Maybe you could weather a higher deductible for a year or two to lower your monthly premium,” Johnson suggests.
18. Find a Savings Buddy
Accountability matters. Share your savings goals with a friend or partner and schedule regular check-ins. Celebrate small wins together.
19. Reimagine Entertainment
You don’t have to spend big to have fun. Host potlucks. Stream free movies. Commit to one no-spend weekend a month. Nearly half of respondents cut back on entertainment to save.
20. Tap Community Perks
Free yoga classes. Outdoor movie nights. Public concerts. Your town likely offers more than you think. Make a list of low-cost fun near you.
21. Save That Tax Refund
Instead of spending your refund, funnel it straight into your down payment account, or knock out high-interest debt.
Down Payment Help Is Out There
Some local agencies and nonprofits offer down payment assistance grants or loans. Ask your lender or agent, or check the Down Payment Resource Center online.
Shane Sideris, managing partner at Synchronous Wealth Advisors, offers this tip: “Begin your conversations with a mortgage lender as early as possible. A lender will be able to tell you about different loan options, some of which may allow you to put very little or zero down if you qualify.”
The bottom line? With the right approach, the right tools, and a little creativity, that home you’ve been dreaming of might be closer than you think.
