Blog Post

Ways to Save for a Down Payment on a Home

Tom Ireland • January 10, 2017

If you are hoping to become a homeowner, the first thing you will need to do is put together a down payment. For most people, this means saving up. The post Ways to Save for a Down Payment on a Home appeared first on Andy Schildhorn, PREC.

If you are hoping to become a homeowner, the first thing you will need to do is put together a down payment. For most people, this means saving up. Here are some things to think about that should help you save for a real estate down payment.

Stay focused – While many people start strong with their, after a while, other temptations start to creep in. It’s important to keep the down payment as your top priority and resist spending on other things.
Make it automatic – Set up a new account for your savings and create automatic deposits each month from your paycheque into the savings account.
Make it fun – Create little savings challenges that will make it feel like a game. Create a competition between you and your partner to see who can save the most on things like car insurance or internet bills.
Add any extra cash to the down payment fund – Rather than using unexpected cash (such as from birthdays or tax rebates) to treat yourself, put it into the savings fund.
Supplement your income – You could do some extra freelance work or sell unwanted items on Craiglist/eBay.