Start a separate account for funds that will exclusively be used for your down payment. Consult with a financial advisor and set up a Tax Free Savings account to gain valuable interest on your down payment funds.
Look for cheaper ways to do things, and then put the money you save straight into the down payment account. Some examples would be: making coffee at home instead of your daily Starbucks, watching movies at home instead of the theatre, or cooking more meals at home instead of eating out. These small, daily expenses tend to add up.
Get rid of your landline and stop paying for cable TV. Instead, take advantage of the high speed internet you likely already have, and let’s be real, who needs a landline nowadays anyways.
Sell your car and take the bus instead. Car insurance, gas, car payments and parking can be a tireless money drainer, especially when you’re trying to save. If you can swing it, opt for a bus pass and carpool instead.
Sell your old stuff. All you need is a smart phone. Go down to your basement, snap some pictures of stuff you either don’t need or don’t use – that exercise bike you use to dry your laundry, old board games, children’s toys and clothes – and post them on Kijiji. Not only will you be making some extra money, you’ll be embracing minimalist living, which is the way of the future! Haven’t you heard?