Saving for a downpayment on a new home can seem daunting, but here are some things you can do to expedite the process:
- Create a budget from now until your ideal closing date. How much money can you save every week between now and then? Consider passing up on luxuries like movies and dining out until you have saved your goal amount.
- Have your bank automatically transfer a set amount every payday into a savings account.
- Consolidate and pay off your debts to reduce your interest payments.
- If you are a first time home buyer, consider using your RRSPs toward your down payment.
- Take on a second job and put all your earnings towards your house purchase.
- Borrow from family. Relatives are often happy to help get you started.