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Top 5 Money Saving Tips to Buy Home in Canada

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Buying your dream home can be the best milestone to achieve, but it’s not a one-night show. It may seem challenging to make your dream home brick by brick, but the hard work creates real value for you over time.

You might hear this hundred or thousands of times to stop paying heavy rent and start investing in real estate. But the question is, are you financially ready? Owning a house calls for celebration, and people work day and night to earn a house their dream home.

A dream home comes with years of hard work and savings. For savings, the earlier you start, the sooner you can relocate to your own house. While saving, every penny counts! You must lower your expenses and start side-hustling (part-time job) to accumulate money for your dream house.

Even saving for a down payment is not an easy feat. Luckily, there are several easier ways that you can do to possess your dream house. Here we’ve outlined some best money-savings tips.

1. Pay off your EMIs and Debt

EMIs and debts are the biggest suckers of your savings, so your first focus is to pay off your debts as quickly as possible. If you’re using a credit card, start from there because it’s a good way to improve your credit score and saves you from unnecessary interest.

2. Build a realistic money-saving plan 

You need to map a systematic money-saving plan to buy a house. You need to figure out how much you will spend every month to save some money for the down payment. Also, don’t forget that you need to pay the agent’s fees, so it’s recommended to set a practical goal.

3. Find a bank with low-interest rates 

Today it’s easy to apply for and get a home loan, as mostly all banks offer competitive rates and lucrative offers. However, it’s essential to apply for a home loan in a bank charging a low-interest rate. Here’s the hack, many Canadian banks offer low-interest rates for female borrowers. The interest can vary from 0.01% to 0.15. Industry estimates that home loan tenure can range from 15 to 25 years. Saving some money every month will protect you from the unforeseen financial crisis.

4. Save more money on your job

If you get a raise at work or started working as a part-timer, it’s important to save money in your personal savings account. It might sound frustrating to compromise on your expenses for a while, but it will add up.

5. Find cheaper ways to do things 

Start looking for cheaper ways, and get your work done. This is how many people save a lot of money. Get a local train instead of taking a taxi or Uber. Here are some more ways through which you can save a lot of money- 

  • Don’t buy new books, there’s a library from which you can borrow them for free.
  • Stop spending money on fancy eating outlets or restaurants. You can look for cheaper places to eat and most of the time food is better than the fancy ones.
  • Try to stick to your current wardrobe for little longer. You can also borrow your brother’s clothes if you have one.
  • Don’t go on expensive vacations. Spend some time with friends and family or stay at home. 
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