Need to save $50,000? Here's how to make it happen.

Build your down payment in five years

You'll need to save about $834 per month to meet this goal. It's still a lot of money but completely doable if you're willing to cut back in places you currently spend. Use the tips from our last two blogs to help you cut costs and free up more cash for your down payment. Consider investing your down payment savings in a taxable brokerage account. But remember, all investments carry risk.

The biggest challenge in saving $834 per month for this length of time is staying focused. To help, create an automatic transfer from your checking to your savings each month so you know that money consistently moves to your down payment fund.

And of course, working on earning more during this time will help too. Just as you would if you shot for the three-year goal, you can work to make lasting, big-impact changes to your earnings. If you're entrepreneurial, that might mean starting something on the side and slowly growing that to a full-time business that generates more revenue than your current gig. The possibilities are endless, and with five years, you have much more time to test different paths and figure out what works best for you.

So when you are ready to buy a home or condo in Angel Fire or Taos we are here to assist you in all your Real Estate needs in Taos or Angel Fire. Are you looking to build your dream home we have many lots or larger parcels to choose from in Taos and Angel Fire. If you cannot locate the house, condo or land you desire, on our website, you can access the Taos/Angel Fire MLS from our website. We are dedicated to bringing you the best in Real Estate throughout the Enchanted Circle. For your Real Estate needs in Taos call us at (575) 758- 5852.Looking to buy or sell Real Estate in Angel Fire our number is (575)377- 2626. Our warm and inviting staff of knowledgeable agents go that extra mile to find exactly what you desire. To speak directly to a broker call Paula at 575-770-3306. We are here to serve and welcome you to our growing community.

Information obtained from Trulia