Tips to help you save for a down payment
Saving for a down payment can be a challenge.
Here are some strategies to get you started with savings.
Create a budget that tracks income and expenses. From there you can Identify areas where you can cut back and allocate those savings towards your down payment fund.
Set a savings goal. Knowing what you qualify for helps determine what the minimum amount of down payment you’ll need. Depending on your timeline, and budget, breaking this into monthly payments will help guide your purchase.
Think automatic savings. Set up with your bank on your pay day to have money automatically taken from your pay and put into a savings account. Out of sight, out of mind.
As a first time home buyer, you may qualify to use your RRSPs as a down payment. If you have not yet taken advantage, you can talk to your bank about an RRSP loan and use the tax refund to help pay some of the balance off or contribute it back into your RRSP.
If your goal is to own a home, I’m here to help break down the steps to help get you there.
