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Martin MacFarlane: Markham Real Estate Agent | Homes For Sale

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4 Tricks to Help You Save for a Down Payment Fast

January 18, 2018 By Martin MacFarlane Leave a Comment

While buying a house is a dream for many Markham residents, it is also a lofty goal. While the amount of money you need for a down payment will depend on the price of a home and the type of loan you qualify for, you still need thousands of dollars to make home ownership a reality. If you wish to purchase your Markham dream home sooner than later, here are four tricks to help you speed up the saving process.

1. Side Hustle

It is no secret that to save more, you need to increase your income. You need to bring in more money than you spend. While getting a raise is not always something you can count on, a side job may be an excellent way to make a little money that you can put directly into your savings. Side gigs can be simple jobs such as housecleaning, tutoring, or babysitting. If you have special skills or hobbies, you can potentially turn those talents into a small business.

2. Borrow Money

A great way to increase your savings account is to borrow money or receive monetary gifts from your relatives or friends who have extra money to give. While there are some limitations to how much money you can receive as a gift and even who you receive the money from, this is a simple and fast way to become one step closer to your dream home.

3. Enjoy a No-Spend Month

This option can require a substantial amount of dedication and self-discipline but can have large rewards. For one month, you must freeze all your spending aside from necessities such as rent, utilities, car payments, and so on. This means for 30 days, you do not spend money on takeout, entertainment, or non-urgent items for the home. All the money you save throughout the month goes toward your down payment.

4. Pay Yourself First

While you may have a budget, you may also fall into the trap of only putting leftover money into your savings. Instead, pay yourself first when you receive each paycheck. If you choose to put 10% of each paycheck into your savings, over time you won’t even notice that money is gone. Even better, if you bring home $1,500 each paycheck and take 10% out for savings, that is putting away $300 a month and $3,600 a year with little effort.

Regardless of which saving methods you use and what your budget looks like, saving money for a down payment is going to require ample work and self-discipline. It must be a goal the entire family is willing to work towards. As you get closer to your goal, talk to a Markham real estate agent for referrals on the best local lenders who can help you throughout the financial process of purchasing a home.

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