I bought my first house in LA when I was 24, and now I'm a realtor - here's what my budget looked like

• Beatrice de Jong is the consumer trends expert at Opendoor: a home buying and selling app.
• de Jong bought her first house at 24 when she was a hairstylist.
• She was able to do it by finding a neighborhood to fit her long-term needs, budgeting, and using technology to keep on top of the latest saving and real estate trends.
• She says that it was a great investment for the future and recommends buying young.
• Visit Business Insider's homepage for more stories.

Despite the belief that today's youth are choosing to rent homes instead of buy, data from the National Association of Realtors shows that young millennials make up the biggest generation of homebuyers to date. Even more, the number of Gen Z mortgage borrowers doubled from 2018 to 2019.

Are you hoping to buy a home in 2020? If so, you may question if it's possible, how to start the process, and what kind of financial status and capabilities you'll need before you begin dreaming about a home of your own.

I bought my first property at 24 - when I was still a hairstylist - and mastered some smart strategies along the way.

Long before I was a realtor and the consumer trends expert at Opendoor, I decided I wanted to learn about real estate and buy my own home. At the time, I lived in a loft apartment with roommates and was spending a large percentage of my monthly income on rent.

Around the same time, I finished making payments for my first car. Though it may seem unrelated, the experience taught me the value of buying something over time and, eventually, being able to have access to it without making a monthly payment. This concept - or the idea of equity - made me think about the money I was spending on rent. Though I was paying for a place to live, I wasn't getting any long-term value. I realized that a mortgage would be a much wiser investment, and I was inspired to take my future into my own hands.

Feeling empowered by the idea of buying a house on my own, I kicked off the process by looking for areas where I'd like to live. I was careful to evaluate each location for its potential over time: The Arts District of Downtown Los Angeles had just barely started to pick up steam. It was in a great location for my lifestyle and was evolving. I knew it was where I wanted to be.

To get an idea of what I could truly afford, I got pre-approved by a lender for around $300,000. I also used a mortgage calculator to figure out exactly how much money I needed to save. I looked for homes in my price range and visited open houses to get a sense of different types of spaces. Today, apps make it easy to see new homes as they pop onto the market and schedule self-tours without any extra pressure.

It took me about two months to find a condo that I loved; it was a loft with a resort-style rooftop pool, a view of the downtown LA skyline, and a gym. It cost $319,000. Ultimately, I paid $64,000 for my down payment and $8,000 for fees and closing costs.

The following spreadsheet is an example of how I would organize my budget while saving:

I'll be the first to admit that saving for a down payment can seem impossible or overwhelming. Here are a few steps I took that were helpful as I set a budget and established a timeline to strategically save money:

1. Evaluate your current salary: Before you start saving, it's critical to understand where you are right now. How much money do you earn each month? Are you content with your current income, or could you earn more?
2. Note current debts: It's easy to overlook the amount of money you spend paying down debts regularly, but understanding how much money comes out of your paycheck for each expense will help you chart a savings course. Make a list of what you owe and come up with a sum that represents how much you pay.
3. Account for additional monthly payments: Debts aside, what other recurring monthly payments are you responsible for? From streaming subscriptions to regular costs like a weekly grocery bill, it's important to take stock of your spending.

Armed with this information, you'll be in great shape to create your budget. I budgeted to save weekly, rather than monthly, as this felt more manageable for me. In addition to debts and bills, I also tracked my spending across categories like fun, personal grooming, shopping, and hobbies.

While adjusting to a new lifestyle can be difficult, it will be worth it when you reach your goal. I used to love to shop, but once I created a budget, I was forced to evaluate what would really serve me while I was saving. This line of thinking still guides my choices today.

In addition to setting a budget, I did a few other things to help save up for my home purchase - like using technology to track my expenditures and growing savings. Mint.com makes it simple to set monthly budgets and a goal for savings. Additionally, a good online banking platform can help take the headaches out of managing your money.

To stay motivated, I made saving fun for myself. Instead of setting up automatic transfers, I decided to move the money manually. Not only did I feel accomplished each time I did it, but I felt more in tune with how much closer I was to my goal. I set calendar alerts as reminders, and left myself inspiring memos to actually get it done.

I also started something I call "bonus savings," which I still practice today. Bonus savings is any extra money that I end up having each week, whether from a canceled lunch date or a freebie I was expecting to pay for. Anytime this happens, I transfer the amount I would have spent directly to my savings - inching closer to a financial goal.

Being able to buy my first home felt like a huge reward for all of my efforts. And, it turned out to be a great investment, as my property quickly increased in value with neighborhood growth.

Today, I tell young people that if you can afford to pay rent, you can likely afford a mortgage. Buying your first home will help you build a future - and eventually afford the house of your dreams.