Trouble saving downpayment? Try these tips!
- Set a goal
- When saving for a home, it must be one of your top priorities. Set a goal of when, why, and how much you would like to spend. Set a deadline. Talk to a mortgage specialist like myself to figure out what you need to do to make this a reality.
- Pay off high-interest debt.
- Paying off high-interest debt is one of the first steps that you need to do! It’s extremely hard to save money when most of it is going to interest. Again, it will be gradual, but you will see the difference when the debt starts decreasing!
- Create a budget
- How much money do you make, versus how much money do you spend. Creating a budget is one of the most important steps to saving for a down payment! Everyone has their hobbies and date nights. See if you can find the budget-friendly versions of them.
- Match your RRSPs
- Try and match your RRSP payment every month. As a first-time home buyer, you can access up to 25k of your RRSPs towards your down payment tax-free!!
- First-time homebuyers programs
- Ask me about first time home buyer programs B.C has to offer!
Saving is always a work in progress and is not always the easiest thing to do! A Mortgage expert like me is the perfect person to talk to if you need some guidance! Just reach out and I can help you create a plan that works for you.