We've heard a lot of Potential Buyers, including First Time Buyers, talking about how difficult it is to buy a home, let alone save up a down payment.
It's true that buying a home is not the same as it was years ago,but it is far from impossible.
While many still also have difficulty saving money due to School Debt, high cost of rent that doesn't seem to be covered by income, by making some easy changes you can save,
1. Cut down on Your Subscriptions!
Do you really need Netflix, Prime AND Crave subscriptions?
The Answer, even if you said yes, is NO. You don't need to spend all that money on subscriptions! Choose one a month and cut your streaming bills by half or more!
2. Stop Wasting Spending Extra for Delivery!
Eating out is no where near as inexpensive as making food yourself, but if you are eating out stop using Skip the Dishes and Uber Eats. Sure, It's super convienient but the cost definitley isnt worth it. Have you ever been shocked by how your bill goes up when you get to the last screen?
Do you have something you're good at? Creating something or doing something? Having a side job of gardening or lawn care for neighbours. Maybe creating customized mugs or hair bows? Even doing professional gift wrapping during the Christmas season! If you aren't confident enough to do any of these try something like babysitting.
4. Borrow if You Can!
It's possible that asking your parents or grand parents for a loan could work in your favour. It never hurts to ask and that could really give you a step up!
5. Sell things You Don't Need!
Do you even Play those video games? What about that popular book series? Will you ever read it again? Probably not. Sell it on Kijiji or Facebook Marketplace! Put the money away and don't touch it or you could use that money for things you want and keep your savings.
6. Hustle and Don't Waste Time!
Take those extra shifts that are offered to you at work, stay late and go in early. Think about what you would be doing instead? Playing on your phone or watching mindless TV? Just don't over do it and burn yourself out.
7. Check out CMHC.ca and your Local Municipality for Help.
Many Cities or Municipalities have down payment help.
8. Keep It Safe!
Make sure you don't spend the money you've saved. Don;t spend it on whims or things you really don't need and only want. What do you want more: A New IPhone or a Home of Your Own?
