10 Easy Ways to Save for a Mortgage
- Look at your weekly budget, skip that daily coffee or lunch out. Decide what you’re willing to forgo.
- No savings account? Open one now and set up automatic transfer of funds every paycheque.
- Move back in with your parents or a friend. Take a roommate and bank their rent.
- Sell your car. You’ll save on insurance, gas and parking.
- Have a landline and a cell phone? Why?
- 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.
- Staycation instead of vacationing. And even then set a budget and stick to it!
- See if a parent or relative is interested in giving you a cash gift for your birthday.
- 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.
- 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