17 Tips for Saving that Elusive Downpayment!
“If you show money the respect it deserves today, and carry it through in all your actions, then one day, when you can no longer take care of it, your money will take care of you. Respecting your relationship with money, you see, is the key not only to your security and independence, but to your happiness as well.”
— Suze Orman, Women & Money
Respecting your money means taking care of it properly. To quote Suze Orman: “Your money is governed by how you treat it: it’s that simple. It thrives when you are being responsible, respectful, and doing honorable things with it.” Using a demonstration on Oprah, Suze said some things that made so much sense. “If you respect money, you put it in your wallet and keep it organized.” I started observing people with money and every single one of them puts their money in their wallet! Those without, always dig around in their pockets trying to find where they put it. How many times have I just shoved it in my pocket or thrown it on the kitchen table?! I immediately went out and bought a wallet and have religiously used it correctly ever since! Suze also said “money is attracted to those who respect it and are open to receiving it.” I look every day to find a penny on the ground as a simple show of respect to my money. The other day I found a dime!
1. Take on a second job to use strictly for savings.
2. Reduce your cable expenses and cut back on the huge portfolio of channels.
3. Consider ending the household phone. Many people are doing this now as they more often use their cell phone.
4. Put yourself on a strict grocery budget and shop with a list. Knowing what you need will help avoid those impulse buys.
5. Cook at home and avoid eating in restaurants.
6. Consider paying cash for that second car. It won’t be sexy but it’ll save you money and serve it’s purpose!
7. Reduce hydro/heat costs…turn the furnace down a few notches. Comfy rather than cozy!
9. Learn to live on 10% less income, and save the difference. It takes sacrifice but it’s so worth it!
10. Shop around for auto insurance and make sure you are getting the best price. If you opt for the higher deductible, your annual premiums go down.
11. Take a lunch to work (leftovers from the night before) and bring your own thermos of coffee. You’ll save $50-$100 a week just doing this!
12. Sell unused items around the home on Kijiji for quick cash.
13. Use only paper money for purchases and save the leftover change.
14. Avoid paying ATM fees. If you withdraw cash from your own bank, it’s usually free.
15. Renegotiate the interest rates on your current credit cards.
16. Review your chequing and savings accounts, finding accounts that have no monthly bank fees.
17. Take in a boarder. If you have the extra bedroom, it can now work for you and earn you cash every month!
Live like you already own your house. Figure out how much it would cost to pay for the mortgage, property taxes, utilities and practice for 6 months. If you can do this, you can afford to work towards the dream! Save that surplus money in the bank until the day you own, and you will be very prepared!