Money-Saving Tips to Get Your Dream Home

Talking finance is hot these days. The economy is booming and people have money to spend. But are they saving?

If you want to buy a home, saving is the key to getting there. A down payment is typically 10% of the value of the home. With today's housing prices, that is not a small number. But how can you save that kind of money?

Here are some pain-free ways to save your down payment and smarten up your financial health. Remember that once you buy the home, you will still need to maintain it. You may even want to remodel it. And you will absolutely want to have spending money for life's little adventures. Smart financial tips can get you into your dream house, and help raise your standard of living.

Use these strategies to get the most out of this financial boom:

1. Find ways to get the best return for your hard-earned dollars. If you want to buy within the next one to three years, stick with short-term financial investments. Stocks and stock-based mutual funds won't make sense. Look at the rate of return and the risk. You will want high return with relatively low risk if you need the money in the short term.

2. Look at high-yield Certificates of Deposit (CD). They have a short turnaround and often offer a high rate of interest for your money. Some are even offering six percent. That is far more than the typical savings account or money market account.