5 Tips to help you save for a down payment!
1. Eliminate high interest debt first
Any outstanding credit card bill or high interest rates can impact the time it takes for you to save for a down payment. In addition, every $480 spent on car payments might hold you back from securing the extra $100,000 loan which you might need while saving a down payment for a house.
2. Identify area where you spend too much
Take a look through all your bank statements! You might notice some automatic payments and payments for subscriptions you don’t use too much anymore. There are so many areas where our financial planners can help identify and action on these areas to help you save for a down payment.
3. Build a budget for your household
Over paying for a product could be something that is holding you back. We have had many clients who have been held back by dated life insurance policies and other programs which have cost significantly more than their dated counterparts. Our financial planning partners can help identify these areas and may be able to grant you savings.
4. Set up automatic transfers
Saving up for a down payment is tricky, but if you set up automatic transfers, you can forget about that money while making use your TFSA and RRSP programs. Whether if you are living at home, have children, or have high interest debt, automatic transfers can absolutely benefit your savings.
5. Utilize contributing to your TFSA and RRSP
These banking programs are highly important since they are tax free! Your hard earned money will not be taxed and it’s perfect since you can set automatic transfers directly to your TFSA and RRSP.
Whatever your position is at the moment, we are here to help and understand every step of your journey!
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Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
