With rental rates rising and consumer debt increasing, it is no surprise that many potential home buyers are finding it difficult to save up for a down payment on a property. Here are some tips on how to start saving for your down payment:
Set Up An Automatic Deposit: Have your bank set up a set automatic deposit each month from your chequing to your savings account. It is best to schedule the automatic transfer after each pay day when you know you'll have the cash available.
Use a Round-Off APP: There are APPs like Acorns and Clarity Money that will round off each purchase you make to the nearest dollar and either invest your money or add it to a savings account.
Cut Down on Spending: Try to cut down on unnecessary spending. Bring your lunch to work with you instead of eating out or purchasing expensive coffees. Each month, add up how much you have saved and add that money to your savings account.
Clean House: Do a little spring cleaning and decluttering. Sell anything you don't want/need on Facebook, Craiglist or a consignment shop. It may only be $20 or $30 at a time but every little bit adds up.
The little steps you take now can make a big difference in your future.
Lake Okanagan Realty Ltd.
Tel: (250) 870-2792