The first big step in buying a home is also the most difficult for first-time buyers. It's saving up for that down payment. Generally, you are going to want to have about 20% of the cost of the home to put down as a down payment. On top of this, you should remember that you will be required to pay out about $3000 at the time of purchase for closing costs. As it's unlikely that you're going to win a prize like a car sweepstakes contest that can help you save this money, how are you going to save? Here are some tips that can help you get started.

Open an interest-bearing savings account that is just for your home savings. Make a rule that money is only allowed to go in the account and not out. Decide on a percentage of your paycheck that you will contribute to that account every week and, if you can, get your employer to deduct it directly from your paycheck. This way you won't be tempted to spend your cash for gold jewelry that you don't really need.

Let your friends and family in on your plan to save money. This way when it comes time to decide on something to do for the weekend or when someone's birthday comes around they will know why you're not able to go all out. Instead of taking advantage of that Indiana spa package weekend away, maybe they would be willing to have a spa day in someone's house with a big potluck. The urge to splurge is usually on entertainment, so it's important to be surrounded by supportive people who won't tempt you.

Every little bit counts. Try and think of just two or three things that you can cut back on to help you save. It could be switching from a daily Starbucks run to bringing your own travel mug or you could opt for discount postcard printing at your small business instead of choosing a more styled design. Also, start a coin jar for all of your spare change. At the end of each week sort it all and deposit it into your home savings account.

Whether you're working as a teacher or do contract work for actively managed ETFs it's going to take some sacrifice to save up for your first home. But this is a key step in most people's adulthood and you'll most likely be happy that you took the leap. Before you know it you'll be calling the moving company.