Save for a down payment in three years

While it's still an ambitious savings goal (you'll need to save $1,389 per month), your approach won't need to be quite as extreme. However, the basic steps remain the same: Cut unnecessary costs and look to increase your income so you have more cash to save. Here are a few ideas to help you eliminate expenses and immediately save hundreds per month.

Switch to a streaming service

Reduce the number of meals out you buy each week

Eliminate expensive entertainment

Cut back on your vices

Work out at home

Negotiate your bills

Making the changes in this list could save you $455 per month, which means you're down to finding about $1,000 in your cash flow to allocate to your down payment goal. Giving yourself three years also lets you make sustainable and lasting strides with earning more. Every time you earn a raise, get a bonus, or make extra income, contribute it straight to your savings fund for your $50,000 down payment. That will either allow you to reach your goal sooner or require you to cut back less in spending.

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Information obtained from Trulia