Being a first time home buyer can be a really exciting time in life. However, it could be difficult for some to save up for that new home. It may seem like it will never happen. Especially when the cost of living has your bank account crying at the end of each month and the price of homes is rising. So, how do you save money? It can be difficult. Here are some things my wife and I try to do to save a bit of cash.
1. Shop at Walmart or superstore. Yes these stores are more crowded and you might have to bag your own groceries, but we save about $50-$100 a month. We are not able to buy everything we need at Walmart but it is easy to pop into Save-on-Foods to pick up the few things we can’t get at Walmart.
2. Pay down debt. We put lump sums of money down on our debt to pay it off faster when we are able. This way we pay less interest and it makes our monthly payments less for the months we can pay down more.
3. Eat at home. This can be hard to do. Especially when life is busy and it is so easy to quickly drive through McDonalds. It does save you money. Make coffee at home and skip the Starbucks. Or make Starbucks a weekly treat instead of a daily indulgence.
4. Watch for sales. New clothes are something my wife enjoys. If there is something she needs or wants she waits for sales and only buys from the sale racks. Also, she will ask for mall gift cards for her birthday so that she can fulfill her addiction.
5. Find free activities to do in your local area. Go for a picnic. Walk in the park. Go hiking. Play baseball with your kids in the park. Have home movie nights. It can be hard to do but with a little creativity you are able to make memories without spending money.
6. Put away a little money each month. Maybe it’s just $50. In a high interest savings account it will start to add up. You might not have a down payment saved up in a year but if you plug away and put extra away when you can you will be able to afford that home in no time.
If you want more ideas on how to save some money, check out this website:
http://www.mymoneycoach.ca/saving-money/saving-up-for-a-home