Saving for a House and Other Large Purchases
Today Will, Tim and Jules sat down to chat about down payments and saving up for big purchases.
Where to start? How much do I need to start? What if I haven’t saved up a down payment yet?
Jules explains some down payment hacks to get you into a house if you haven’t saved up yet. Using the tax rebate on your RRSP and a cash-back mortgage.
Jules also told her story that when she bought her house, her parents had actually had 5% down payment saved up for her and her and her husband. They bought a fixer upper and were able to build sweat equity that way.
Will tells his own personal plan of how he is saving to put down more than 20% for his future house and how he plans of being mortgage free by age 40.
Tim plans on continuing to save and invest in his TFSA to expand that TFSA room and one day he will use that money as his down payment.
We then start talking about putting money away - Compound interest is the 8th wonder of the world.
We can never get that time back. Invest now. Seriously guys, this is the secret to wealth. Invest now. Start saving for a big ticket item that you might not even know you want now but if you start saving now, you will have the money for whatever you decided you want to buy (or not buy) in your future.
If you are in Canada and have any mortgage questions please reach out to Jules @mortgageclassroom.
If you are in need of a financial coach or would like some guidance on budgeting and investing, contact Will @moneywisemarriage Thank you again for listening! If you found this episode helpful please share it with your friends and family!
