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Article:
First-Time Home Buyers Can Save For That Downpayment Faster by: News Canada (NC)-For many first-time homebuyers, the thought of saving a substantial amount of money for a downpayment can seem overwhelming. But there are several ways to make a downpayment a lot easier and have you into your new home faster than you'd ever imagined. So, here are a few tips on how to get your downpayment together: Invest in yourself first. No doubt you think that paying your monthly bills is an important financial commitment. And like many people, you may also consider savings or investments to be purely optional. However, if you can commit yourself to paying everyone else, you can make the same commitment to yourself. Set up a savings or investment plan and start making payments to it, just as you do for your other creditors. Re-organize your finances and you may find the money you need. Often, finding extra money for savings is as easy as reorganizing your budget. Managing your money a little differently, perhaps by consolidating your debts, can sometimes free up the extra money you need. Consider tapping into your RRSPs. RRSPs are a good way to secure your financial future while enjoying tax benefits today. Certain buyers may qualify for the government-approved CIBC RRSP Home Buyers Plan that allows you to use your RRSP savings toward the purchase of a home. If eligible, you and your spouse may withdraw up to $'20
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