Tips To Help You Save For A Down Payment

Tired of paying rent?  Ready to start paying off your own house instead of your landlords?

 

It's not too early to speak to a Real Estate Agent.  Sit down with me and we will discuss a realistic goal for a down payment for your first home.  In Manitoba, our typical minimum down payment is 5%.

Forbes.com has given 9 smart tips to save up for a down payment.

1.  Work on paying down debt.

 The average interest rate on credit cards is a whooping 17.02%.  Pay off all of your credit card debt first before tackling other debt.

2.  Set up an automatic savings deposit.

 It is much less tempting to spend what you cannot see there.  Out of sight, out of mind may be the answer to helping to save hundreds.

3.  Reduce your rent.

Are you able to find something cheaper for awhile?  Maybe get a roommate?   Saving money on your rent can mean huge savings towards your down payment.

4.  Cut out unnecessary expenses. 

Skip the eating out to special occasions only.  Cut the cable.  Cut your clothing budget by half.  Can you do without your gym membership for awhile and work out at home?

5.  Get a credit card that gives you rewards.

Whether it be Airmiles, rewards towards purchases, or cash back, make sure that your credit card is giving back to you on your everyday purchases.

6. Take advantage of freebies.

Is there free wifi available at different locations?  Are you a member of freebie groups on facebook?  Free items can help work to save you money.  Every little bit helps.

7.  Use coupons and take advantage of deals.

Although it may take a more work, this little trick can help you save hundreds of dollars a year.

8.  Cook at home instead of eating out.

Previously mentioned in #4, this one merits a second look.   Eating meals out can break the bank quickly.  Even getting your morning coffee at home instead of spending $1.50 a day can save you over $540 per year!  Just imagine eating your lunch at home instead of spending $15/day.  If your $1.50 coffee saves over $540...

9.  Take on extra work.

Getting an additional part time job for a year or so may just be the last part needed to securing your first home.  Just remember, short term pain for long term gain!

Bonus tip!

10.  Skip the splurges

Getting an annual bonus?  Put it straight into your savings account instead of treating yourself to a new flat screen.  

Try skipping the holiday this year.  This sacrifice alone may save you up to $4000 alone.

 

Trying these tips will quickly get you on your way to your down payment goal.

Click here to see the full article.

As always, call me, Stacey Chudley 204-724-2573 to discuss all of your real estate needs.

email- stacey.chudley@century21.ca

www.staceychudley.com

 

 

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