Saving for the down payment to buy your dream home can be overwhelming, but it doesn’t have to be that way.
Here are some strategies that can help you meet your goal to save for a down payment for your future home:
- You need to establish a saving goal with a timeline to help you get starting in your saving for your down payment and your home buying journey.
- Set up an automatic direct deposit into a saving account. Commit to use these savings for your down payment.
- Review your expenses and look for what you can reduce or remove altogether. Put the money you would have spent on those items into your down payment saving account.
- Pay off your high interest rate credit cards. Start with your highest interest rate card; when you have paid the entire balance, close the card, and proceed to pay off the next. At a minimum, transfer your credit card balances to the card with the lowest interest rate.
- Save your bonuses, pay increases and annual tax refunds to your down payment saving account.
- Contribute to RRSP which will help you not only get a tax refund but you will be able to use those funds towards your first home purchase.
- Ask for help from your relatives to support your dream of home ownership.
