Saving for your down payment: Yes, it’s possible!

Saving for your down payment: Yes, it’s possible!

Having some trouble saving for a down payment? Here are some helpful tips.

Set a long-term objective

Set an attainable and realistic goal, such as: before I’m 25 years old.

Be realistic

Be realistic depending on what you can afford, think about what type of house you like and where you’d like to live. A bit of advice, meet a financial advisor who can give you a good idea of what you’re entitled to and how you’d be able to achieve your objectives.

Budget

Paypecial attention to every payment that goes in your account versus what you earn. With this method, you’ll be able to evaluate you habits that need to be changed in order to save money.

Separate account

Open a second account in which you can deposit every month a certain amount of money that will allow you to achieve your goal.  This can be done at the same time of your pay cheque.

Cash

With every pay cheque, withdraw an amount of money that you will use until your next pay cheque. That way, you will hesitate to buy something unimportant.

Excess of money

If you do some overtime at work or you have an excess of money that you don’t have usually, place it in your savings account.  In any event, you are used to your standard budget!

Enjoy your home  

We know that going out in restaurants or in bars with friends can be pleasant, but it is often too expensive. Invite your friends for an evening at home and after a while, compare your budget you will be surprised!

Open a RRSP account

The federal government’s homebuyers’ plan allows you to withdraw up to $20,000 from a Registered Retirement Savings Plan (RRSP) to serve as a down payment for a first home. Consult a financial advisor or a mortgage professional for more information.

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