Saving for a down payment is a goal many people hope to achieve once they reach a certain age. Sometimes, though, saving feels impossible. Try to not stress! A lot of it comes down to revisiting your priorities and sticking to a plan.

Here are a few tips to make saving your down payment a little easier.

How Much Do You Need to Save?
First, calculate how much you need to save. The down payment on a condominium suite is typically less than that required for a full-sized family home. Choose an attainable goal for yourself!

Automate It
If you take the guesswork out of saving, saving is a little easier. Instead of remembering to manually transfer funds from your paycheck to your savings account each month, set up automatic transfers. This will force you to live off the funds you have left. There won’t be an option to indulge a little more sometimes!

Pay off Debts
Credit card debt is the worst when you’re trying to save for a down payment. Debt could also include car payments and student loans, though. It’s better to start saving at zero than trying to save while hovering in the negatives.

Save the Extras
When we receive monetary gifts, most of us choose to use this money to treat ourselves to something special. Change this mindset. Start setting aside any extras, bonuses, gifts, and you will be surprised at how fast your savings grow!

Cut the Extras
That’s right—cab rides, eating out, your daily specialty coffee. Pack your lunch wherever possible. Start a carpool group to get to work each day. Work out at home instead of holding onto an expensive gym membership. It’s important to become more aware of each item you swipe your card for. Every little bit helps!

High-Interest Savings
Do your research! Shop around for the best high-interest savings account on the market right now. If your money can make a little bit more money while you sleep, you’re a few dollars closer to your goal of a down payment each day.

Consider GICs
A Guaranteed Investment Certificate is, well—guaranteed. However, these aren’t always the most functional if you’re hoping to save quickly. Some have longer maturity dates, so you can’t actually have your money when you need it. This is a good option to consider if you are planning a little farther ahead, or know exactly what kind of deal you are agreeing to.

Compare Rent
If you’re living in a two-bedroom apartment downtown in a big city like Calgary, your rent is probably expensive. Consider moving away from the action or downsizing to a one bedroom to save a few hundred dollars extra each month. You’ll be owning your own place in no time!

Let Shane Multi-Family Help You Save Your Down Payment!
We offer down payment savings plans options for our condominium buyers to achieve their goals. While we build your unit, you have time to save! Our Area Managers create individual payment plans for our residents to help them set aside the total for a down payment by the time your down payment is due. Then you won’t miss any time between your condo being built and your possession date!

Ask our Area Managers how they can help you.