Check out these 5 tips to help you save for a down payment

One of the biggest hurdles for homebuyer's is making sure they have the required downpayment.

99% of Canadians have the skills and knowledge to make informed decisions about managing their money.

However, it still takes an average of 5 years to save that downpayment. 

In order to make sure your time is well spent (in this case - saved) make sure you're using these following tips:

1. Make a budget and stick with it - Take a close look at your income and expenses and create a budget that allows for some money to be set aside for savings.

2. Cut out unnecessary expenses - Cut back on items like eating out, shopping, and entertainment and put that money towards your down payment.

3. Start an emergency fund - An emergency fund can help you cover unexpected expenses, so you don't have to take from your down payment savings.

4. Automate your savings - Set up automatic transfers from your chequing account to your savings account so you don't have to worry about manually transferring money each month.

5. Take advantage of employer contributions - If your employer offers matching RRSP's, consider contributing a portion of your paycheque to the plan. This money will be invested and grow over time, and first-time homebuyers can use it for their down payment.

If you're interested in knowing what mortgage you qualify for, contact me, and I'll connect you with an awesome mortgage broker!