There is a pretty good chance that when you’re purchasing your home it will be the biggest purchase of your life. With this in mind, there can be a lot of pressure and anxiety about saving and budgeting accordingly for your home purchase. Luckily, there are lots of things you can do to help yourself budget effectively and minimize the stress involved!
1. Utilize budgeting apps.
There are plenty of apps that help take the guesswork (and the math!) out of budgeting. Try using apps that track your income and expenses, like Level Money, which calculates your expected income and lets you know what you have left to spend, to help you save up for your home. Read more about budgeting apps in this New York Times Article: http://www.nytimes.com/2014/01/04/your-money/household-budgeting/review-apps-to-track-income-and-expenses.html?_r=1.
2. Learn what you can live without.
A weekly manicure sounds great, but the home of your dreams sounds even better! Take a look at your regular expenses and see what you can cut back on, and put the money you’ll save from cutting out unnecessary spending towards getting the perfect home for you and your family.
3. Keep an eye on interest rates.
Try to pay attention to interest rates in your area to help you learn about the best time to buy. By keeping a close eye on interest rate trends you can find the optimal time to buy with the lowest rates to help you save money in the process.
4. Set goals.
Once you have calculated exactly what you need to purchase your dream home, set yourself time goals for when you will have that money. By creating a saving timeline for yourself you are more likely to reach your goals, and get that much closer to your dream home!
5. Use a Tax-Free Savings Account (or TFSA)
Now that you have decided how and what you will save, make the most of your savings by keeping them in a TFSA. TFSAs allow taxpayers to earn investment income tax-free, and this will help you save as much as possible!
Now that you have a plan to save and budget your money, you’re that much closer to buying the home of your dreams!
For more information on purchasing your new home contact Brent Sheppard today.
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Carole (my wife) and I have been very fortunate to have chosen this realtor for our house sale. Throughout the process for the original advice and agreement to use Brent as our representative, we have been provided with superb advice …