New year and saving for a new home in Jackson at Walden

Make Jackson at Walden your New Years resolution with these ways to save for your down payment!

But first off, decide how much you really want to own your own home.  If your answer is kind of, your will power is already being challenged. When you decide that this is what you really want, you are now seriously ready to commit to that down payment!

Step 1

Map out your expenses. And be honest about all of your expenses. Wherever your money is going, it is not going to make that down payment so you have to understand how much you spend so you know how much you can save.

Step 2

Open a special savings account for this specific goal. Talk to your banking advisor about what is the best plan for you.

Step 3

Consider dining out less.  This is a HUGE money spender. Make eating at home and creating your favourite dishes an experience instead.

Step 4

Start cutting  or downloading coupons from your favourite stores.  There are various sites online that link you to the best discounts in your area. This might sound like it would not be that effective, but you can actually save up to $1,000.00 a year.

Step 5

Sell your old stuff.  Use sites like,,, and the newest app, Letgo. Sell things you don’t need, use or want anymore. Every little amount helps.

Step 6

Look at what you like to do and see if there is a less expensive way to do it.

Like to read? Don’t buy the book, join your local library.  And you can download music too. And another perk,  less books to move when you’re ready to move in to that new home!

Like going to the movies?  This can cost a couple up to $50.00 including treats.  Download a movie, pop your own popcorn and save $40.00. And, since you have the library card now, check out the video section there as well.

Like to keep on trend with your wardrobe?  Look at your staple items in your closet and only buy the trending accessories like scarves, belts or purses.  Accessories can bring last year’s look into this year’s latest look.

Like to vacation?  Try a stay-cation.  Remember, people come from all over the world to visit Calgary.  Check out what they find so great about our city!

Step 7

Let everyone know you are saving for a house.  By keeping this in the forefront, expectations of gifts will change.  Maybe the practical aunt or uncle will provide a monetary gift instead of a gift certificate on special occasions. Put this in the bank account right away.

So far, these are the easy steps. But now you are ready to get a bit more serious.  Just like working on a new fitness goal, after starting with the basics, it is time to ramp it up. So here we go:

Step 8

Take your credit card and put in the freezer.  Seriously, freeze it in water.  You will have to wait for it to thaw to use it.  That gives you time consider how important that purchase is.  And you will be clearing your debt off at the same time.

Step 9

Get rid of one car.  If you and your partner have two cars, consider getting by on one. By saving on car payments,  gas, oil changes and maintenance, you will save thousands of dollars a year. For example, it can add up to almost $9,000.00 a year.  If this is too adventurous for you, park a car for a few months.  Put that money you would have spent on your vehicle into your saving account.

Step 10

Borrow from your RRSP. You can withdraw from your RRSP to buy your first home without getting dinged the high taxes. This is a great way to come up with the down payment.  If you do not have an RRSP this may be a good way to save and at the same time get a tax credit to help you reduce your taxes.  Your financial adviser or banking adviser can explain the best course for you and the rules of withdrawing.

When you implement some or all of these ideas, you will be surprised how quickly your savings account builds.

Remember to be excited about your new commitment and tell yourself, your family and your friends every day that you are going to buy that new home in Jackson at Walden!
You will be reinforcing and reminding yourself what you are working towards.

See you in Jackson @ Walden!

Mary Ann