So you decided it's time to ditch your too-small rental and start saving up to buy a place of your own. Congratulations! But before you run out and buy a bottle of expensive champagne to celebrate, you might want to pause for a moment and consider your budget. Saving for a down payment can take time -- years, even -- and holding yourself back from buying anything your heart desires is far from enjoyable, especially when you quite enjoy bottles of expensive champagne. Except owning a home can be worth the tighter pocketbooks and lifestyle changes if it's truly something you want. Here are five ways to achieve homeowner status without completely forgetting you have a life that costs money: 1. Get insurance coverage that matches your financial situation. The Financial Post acknowledges that life insurance is important for all types of people, but the type of coverage could be financially beneficial or damaging if not carefully selected and monitored. For example, the article notes that whole and universal life policies may be better options for people with a high net worth. Most people -- especially those without a current mortgage -- can find sufficient coverage in a less expensive policy. 2. If you don't think you can spend less, look for saving in new places. It goes without saying that it's incredibly difficult to spend less money than you're accustomed to -- especially if you've been living a certain lifestyle of several years and that lifestyle includes buying new