August 15, 2019

, , , , , , , , , , ,

So, you want to buy your first home! If you are really determined to invest in the housing market, you can do it! You just have to do everything you can to make it happen. And I imagine that you already know how to save, but here is a refresher on  how to get what you want! One of the best ways I know is to focus on the results! That’s how I bought my first car back in my twenties.

Pay off your high-interest debts as fast as you can: The more you pay off, the more you save in interest

Make a reasonable budget. Identify areas where you spend too much and lower your budget categories. E.g. if you spend big dollars going out to dinner, buying lunch everyday or indulging in $5.00 fancy coffees change those habits. You can brown bag it, take a thermos of coffee and perhaps go out to dinner once a month-remember to put what you save into your down payment fund.

Set up automatic transfers on payday to your savings account: Once you get used to it, you won’t think about this money anymore.

Find an income booster such as a part-time job or offer a service such as tutoring, handyman jobs or child care.

Move to a more modest rental while you save for your down payment. Perhaps get a roommate cutting your rent in half….OR ask your parents if you can move in with them for a while.

Downsize your car to one that’s more fuel efficient and lower in insurance costs.

Sell some big-ticket items. One of the best ways to part with these things is to ask yourself if they mean more to you than owning a home.

Put away every windfall, bonus or other unexpected money you receive. Do not look at this money as a reason to spend.

Save your money in a TFSA or RRSP. The Canadian government allows you to withdraw up to $25,000 per year from your RRSP to put towards your first home.

Ask for a raise. If successful, take the additional money each month and put it into your savings account. Then leave it there until you are ready to purchase your first home.

If you need more information about buying your first home. Please feel free to contact me: Gillian Tenneson – 647-449-6642