Buying a home, especially a first home, is a big financial and emotional step. Make sure you do your financial homework: Investigate your mortgage options. Determine what level of monthly mortgage payment will be affordable and comfortable. And establish some discipline for saving for your down payment. A good way to do this is by enrolling in an automatic savings plan and having a certain amount transferred from your checking account to a dedicated savings account each month.

Many parents are willing, even eager, to help their children with the purchase of a new home. Be respectful of their generosity.

You can also trim expenses and save more by skipping a year’s vacation, eating out less, and deferring non-essential purchases.