If you are one of the millions of Americans whose greatest personal finance goal is to save for a down payment on your first home, you know that it can often feel like an uphill battle. Experts say, however, that you can reach your goal faster by avoiding a few common money mistakes.

Stop doing the following and watch your home ownership prospects improve in short order:

Mistake #1: Thinking in terms of a “monthly” budget

Recent studies show that creating an annual budget, rather than a monthly one, leads to more conservative spending among consumers. This is because most of us tend to play it safe when budgeting annually, never knowing what expenses or financial changes the future may hold. If you have an aversion to budgeting, as many do, use a free personal finance app like Mint or Wally to help you get started and stay on track.

Mistake #2: Using credit cards with rewards

We all like credit card rewards programs, right? The most popular perks let you earn cash back on purchases or rack up free travel miles, which can seem like a great deal. However, researchers say these credit cards encourage a phenomenon called “purchase acceleration,” which causes consumers to buy things they simply don’t need in order to earn more rewards, continuing a dangerous cycle of debt. So, think twice before you use a rewards card on a purchase.

Mistake #3: Overspending on gifts

Were you among the majority of Americans who spent at least $900 on holiday gifts last year? Each year, many consumers find themselves overpaying for presents, especially when waiting until the last minute, since it’s often easier to choose convenience over budget during the busy holiday season. Planning ahead – and setting a budget – ensures you won’t take on more debt or borrow from your savings when the holidays roll around.

Your journey to homeownership – or accomplishing any financial goal – requires discipline in following the behaviors you know will improve your chances at success. Just as importantly, you should be sure to avoid the poor money habits that act as roadblocks in your path to achieving your goals.

Image via Flickr/CafeCredit.com