5 little habits to save for the downpayment

Are you itching to buy?  Home ownership is an exciting and wonderful experience.  The trick is being able to afford it!  Here are some simple tips to help you save for that critical down payment.

1. Be clear about your goal.  Put up a picture on your desk of a dream house.  Post a thermometer and mark off the savings as you put money away.  These things will motivate and remind you what you are working towards.
2. Learn about finance to make the most of your situation.  There are lots of online resources, books and courses available to help you with this.  Knowledge is power when it comes to your money!
   
3. Separate your savings.  Create a savings account specifically for your future home.  This will help motivate you and help to keep you from spending this money on something else!
   
4. In consultation with your accountant & financial adviser, you will want to look into investing in a Registered Retirement Savings Plan RRSP, as first time borrowers can borrow up to $25,000 from the Home Buyer RRSP Plan toward their first home.  You may also want to explore a Tax Free Savings Account TFSA or simply GIC's to help you save the maximum amount towards your goal.
   
5. Watch for any money you can put away for this goal:  Money willed to you or gifted by family, birthday money, tax refunds, work bonuses are great places to start.  You can also look for financial inefficiencies where you can improve to save more.  Try making your own coffee and taking lunch from home, cancel unnecessary subscriptions, maybe even pick up extra hours or a second job to see your way to the dream sooner.