RICH COUPLEIt seems like most buyers these days are trying to save a down payment for an FHA loan. The minimum down payment for borrowers who qualify for a $300,000 house would be $10,500.

I will use this price and down payment for an example of how one could save a down payment should they qualify for an FHA loan.

That means a borrower would have to save $1750 per month. How can a person do that? Here are some surefire ways to make this a snap.

1. Groceries: Eat at home and save big bucks. When buying groceries, skip the large corporate grocery stores. Instead, shop at Smart N Final, Costco, & 99 Cent Stores. Buy everything in bulk. It’s cheaper that way. Example: So you like corn chips with your salsa. Try buying the 5 pound bag at Smart n Final for $3.79 versus $4.99 for a one pound bag at the large grocery stores. This is one example of hundreds. The 99 cent store or dollars stores have many basic food items, produce and other household goods which cost a dollar verses the $5-$10 per item at a regular store. Remember, we all eat the same things over and over again. Buy large quantities and save at least $750 a month.

2. Coffee & Tea: Take a break from all the fancy coffee places or fast food places. Buy a thermos and take your own hot drink to work. If you miss the waiting in line for coffee and all the people watching you drinking your coffee, try this. Take your thermos of hot drink and spend 10 free minutes at the city park or other natural area where there are people. You will easily save $3 per day which is $75 over a month.

3. Clothes: Make it a habit to frequent thrift stores, garage sales, and Ross Stores. Be picky on what you buy and never pay more than what makes you glow, in getting a really good deal on some recycled quality clothes. Save $150 per month.

4. Bottled Water: Quit buying bottled water. If you live in Los Angeles County like I do, you have some of the cleanest water in the country. Do your own research on this to satisfy yourself but if you use tap water for your coffee, tea, pasta and workouts, you will save $125 per month.

5. Music/Movies: Do not buy or rent CDs or DVDs for 6 months. Instead, listen to music from Pandora.com. You can listen to it from your computer or cell phone. On Pandora you make your own radio stations to listen to in 3 easy clicks. This is my favorite web site of all time. For movies go to the best free movie site in the world…Hulu.com. This free movie site is my second favorite site in the world. Save $150 per month.

6 Cable or Satellite TV: Cancel TV services for 6 months and watch movies and or news programs on your computer through broadband or DSL. Save $70 per month.

7. Lunch: No restaurant lunches for 6 months unless someone else is buying or your company reimburses you for the lunch. Take a health lunch from all the bulk groceries you have been buying. Save $250 a month.

8. Transportation: Insist that each member of the household take a bus, carpool or bike to work at least 1 day per week. This will save gas, wear & tear and the average household will save about $180 per month.

Implement these 8 steps and save that down payment. Buying a house at the bottom of the market will be your key to success over the next few years.

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