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Saving 101

 
Saving 101

Posted: July 30 2019

Expert Advice at your fingertips - Our Savings Guide to FastTrack Your Down Payment  

We want to get you into a home investment you’ll have confidence in for a lifetime. It’s time to refocus, prioritize and get back to basics. We want to be motivated to reach your goals. Your down payment is number one when it comes down to purchasing a home. You need at least 5% down payment of your total home cost to purchase in Alberta. For example, a home that costs $300,000 requires a minimum down payment of $15,000. We understand life gets in the way of saving. It’s easier said than done! We want to talk about realistic tips, methods and structure when it comes to saving. Let us help you achieve homeownership.  

1. Pay Off Debts  
It’s next to impossible to focus on saving if you have other current debts. Get on the phone and discuss repayment options to expedite paying credit cards and loans down. If you increase your monthly repayment amount by just $20/month you improve your credit score and work towards your goal faster–this is trick is so simple and brings a big impact.  
2. Cut Ties  
Have you been through your banking lately? Do you know exactly what is being charged monthly? Are you using that HBO subscription? How about the Amazon Prime account you used once during the holidays? And the apps on your Apple account, what are they charging you monthly? Review subscriptions and be sure unused memberships aren’t draining your bank account! Take control! We know it’s a hassle to go online or make the phone call to stop these minimal payments, but that $8.99/monthly subscription could be put towards your downpayment! Single digit subscriptions that don’t seem like a big deal when you sign up, but can result in EFT charges and add up to hundreds if not thousands of unused dollars over the course of a year. Reviewing bank statements and knowing exactly what you’re being charged monthly is a smart & responsible money move.  

3. Utilities…  
Monthly utilities can always improve! Shop around, call for the best rates and prices. Water, gas and heating companies are always competing. Make sure you’re not overpaying, and negotiate better rates! You'd be surprised how much you can save if you pay close attention to electricity and water consumption.  

4. Be Responsible­! 
Bring your lunch & make your own coffee. Challenge yourself and leave the debit card behind! This one is all about discipline and structure, but it’s oh so rewarding! Conquer lunch break and pack your snacks from home. You can save at least $10/day, which is at least $1000/year. Not only are you saving, by reusing to-go containers and thermos’ you’re contributing to saving the planet!  

5. Spare change? Garage Sale? Kijiji? 
Start contributing to a piggy bank (or a mason jar). Loose change adds up. Or, why not throw an end of Summer garage sale? The season is now, and old treasures you may not find use for anymore can not only clear up space in storage but can also add up and contribute to your savings. Sell &simplify. This is a chore you can feel good about doing. Everything counts!  

6. Budget & Contribute!  
Even if it’s a small contribution, you’re working towards a goal. Every dollar counts. Talk to your bank, open a savings account that automatically contributes for you, and keep it out of sight! Take advantage of benefits, does the company you work for have an RSP program? Take control of spending and implement budgets. What do you spend on groceries per month? What about gas and mileage? Dining? Is carpooling an option? Make notes and be aware of when and where you spend. The more financial conscious you are, the sooner you’ll have confidence and complete control of your savings.  

Stay motivated, remind yourself daily, weekly and monthly. Your dreams are within reach, you deserve the home you want for you and your family. Landmark Homes wants to work with you, and help you reach your goals. Stop into any one of our show homes, be inspired, and meet our friendly sales team. Our helpful sales specialists work daily with a diverse list of lenders who offer a variety of professional insights. Our team is experienced and knowledgeable, we can help you get into the home you want.