And why it’s harder than ever for many people to achieve this savings goal.
It’s financial literacy month, so search engine Google GOOG, +0.28% has released its list of the most-Googled personal finance questions, including the questions they get on saving money. The No. 1 “how to save for” question Google got over the past year : How to save for a house. 2. How to save for retirement6. How to save for a down payment10. How to save for retirement at 40
At the same time, half of Americans who have pursued buying a home say they’ve faced barriers, according to a survey released in April by the National Foundation for Credit Counseling. Cost is the biggest factor — with the No. 1 barrier being rising home prices and the No. 2 barrier being lack of savings for a down payment or closing costs, the survey revealed.
Plus, “saving for a home can be an especially challenging goal, because other needs like student loan debt or paying down credit cards demand more urgent attention,” adds certified financial planner Bobbi Rebell, host of the Financial Grownup podcast and co-host of the Money in the Morning. Indeed, student loan debt hit a record high in 2018, as did credit card debt.
‘Automate and separate’ Then, make a savings goal based on those costs , and “break the goal into smaller goals,” says Trish Tetreault a financial analyst at FitSmallBusiness.com . Once you’ve done that, start saving. “The best way to get it done is often the most boring: automate and separate,” says Rebell. So you should automatically save a certain amount of each paycheck in a separate savings account for your home.
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