10 Easy Ways to Save for a Mortgage

  1. Look at your weekly budget, skip that daily coffee or lunch out. Decide what you’re willing to forgo.
  2. No savings account? Open one now and set up automatic transfer of funds every paycheque.
  3. Move back in with your parents or a friend. Take a roommate and bank their rent.
  4. Sell your car. You’ll save on insurance, gas and parking.
  5. Have a landline and a cell phone? Why?
  6. Rent a video, Netflix and chill, instead of going out to the movies. Watch basic cable instead of subscribing to every movie or sports package available.
  7. Staycation instead of vacationing. And even then set a budget and stick to it!
  8. See if a parent or relative is interested in giving you a cash gift for your birthday.
  9. Get creative about a second, part-time job: Buy a leaf or snow blower and put up flyers. Hold jewellery parties for friends and family. Walk dogs.
  10. Make lunch and take it to work rather than buying from the takeout down the road.

For more ways to save for a mortgage visit: www.fsco.gov.on.ca/mortgages