Learn creative ways to save money and create wealth every Thursday on the Evening Report at 6:00pm, by watching Change in Your Pocket.

Saving for a Down Payment

So, you`re ready to say goodbye to your apartment and finally commit to your dream home. No matter if you custom build or nestle into a quiet neighborhood, you`re going to have to save several thousands.

"What can I eliminate? What can I live without? Try to sock away as much money as you can," said KerriAnn Thompson with Dakota Community Bank.

"The best thing anybody could do, if you have 20 percent for a down payment, do it," said David Flohr with the ND Housing Finance Agency.

If you don`t have $40,000 sitting in your sock drawer, that`s OK. The North Dakota Housing Finance Agency has affordable housing programs tailored to help you with down payments and closing costs.

"If a person lives on the property for five years, then that loan or grant is forgiven. They don`t have to pay it back," Flohr said.

Like most people, if you`re already putting in 40 plus hours a week, you may not be too jazzed about moonlighting to earn a little extra income on the side. But bankers say a part time job can be a great way to earn benefits and potential discounts on things you might be buying for the home.

"If you`re getting a discount passed onto you from your employer for things you can purchase for your home, Wow! That`d be a win-win I`d think," Thompson said.

Finally, Thompson says you can stash some of that hard-earned cash in a separate savings account so you won`t be tempted to use it on everyday expenses. "Any chances you have to make additional funds to make that monthly living expense easier on a person is definitely a good plan."

A good plan that can help you join the ranks of proud homeowners while saving plenty of change in your pocket.

Lenders say if you`re willing to put at least 20 percent down on a home, you can often avoid paying private or federal mortgage insurance. That insurance is often around one percent of the home value, which could save you around $200 per month.