How to save for a downpayment
We’ve put together 5 super saving tips to grow your downpayment and fast track your home buying goal!
Let’s start this blog off with this appropriate quote “ The speed of your success is limited only by your dedication and what you’re willing to sacrifice.” -Nathan W. Morris
Now that we can all agree that nothing comes easy and sacrifices must be made we’ll jump right into our first money saving tip!
- Prioritize! Pick the most important things to spend your money on and find cheaper ways to do them. Limit yourself to a determined amount of spending money a month and don’t go over it!
- A big money pit is your vehicle, I’m sorry to say it but as convenient as a vehicle is it’s costing you! Gas alone is a huge expense and on top of that you have car payments, insurance and maintenance. Invest in a bus pass or bike – you’ll be doing the environment and your health a favour on top of your wallet!
- Move in with family or find a room mate to share the cost of living with. Let’s face it rent isn’t cheap and it’s hard to save up while you’re paying to live. Let’s say average rent is $1300/month, for 12 months that’s $15,600 splitting the cost with a roommate equals a savings of $7,800 a year!
- Stop eating out – not even coffee! Take a little time to meal plan and invest in a nice thermos, trust me it will get easier as you develop the habit of making a lunch and buying the right groceries. Focus on the added health benefit to get you through!
- Cut the cable! This one might sound difficult especially for the t.v. lover, but with the inexpensive cost of Netflix these days it’s an easy money saver! Cable will cost you around $60/month versus Netflix at $10/month, this is a savings of $50 a month and $600 a year!
It’s all about finding cheaper smarter ways to do things while keeping the ultimate goal of home buying in mind!