10 Ways to Save Your Down Payment More Quickly

So you’ve decided to buy your first home. That’s great! Even with the help offered to first-time home buyers (see 5 Money Saving Programs For First-Time Home Buyers In Ontario), you will still need to pull together a down payment.  Here are 10 ways to help you save the down payment in record time.

 

 

 

 

 

 

Move back home. Save on rent payments by moving back in with mom and dad (if they’ll have you) temporarily.

Get a second income. Look for something you can do in the evenings, on the weekend or possibly seasonally.

Move to a less expensive rental. Think about whether you can reduce costs by moving to a different location or getting a smaller rental space.

Hi Roomie. Reduce rental costs by getting a roommate to share your space.

Take public transit and sell the wheels. In most cases, traveling by public transit is much more cost effective than owning a car. Save on parking, gas, insurance and maintenance by exchanging your car for a transit pass.

Lose the landline and cut the cable. Many people no longer have land phone lines or cable TV, but if you do, consider disconnecting and save the monthly fees.

Brown bag it. Paying for lunch out every day can really add up compared to buying food at the grocery store and preparing your own lunch.

Eat at home. As above, eating dinner out at restaurants frequently is an extravagance that few first time home buyers can afford. This is not to say you can’t enjoy a night out, but make sure it is the exception and not the norm.

Skip a trip. The cost of vacationing can really add up. Think of the airfare, hotel cost and restaurant bills. Foregoing one or two vacations can make a fast impact on your down payment if you put the money towards it instead.

Put a cap on extravagant purchases. This doesn’t just apply to your own clothes-shopping addiction, but also to gifts that you give. Set a budget and stick to it and achieve your dream of home ownership that much sooner.