Buying a house seems like a dream in today’s economy. House prices continue to rise as the cost of everyday amenities like groceries and gas is growing exponentially. In times like these, saving money towards your dream house in Brampton seems like an unachievable dream. Saving money is a difficult process and needs you to follow the methods you’ve put in place.
- Cut out unnecessary expenses
- Move to an inexpensive neighbourhood
- Make regular payments to a savings account
- Sublet a room or put it up on AirBnb
- Pick up a side hustle
- Skip a vacation or two
- Apply for cashback programs and credit cards
In the blog, I am sharing with you 7 ways to save money when buying your first house in Brampton:
1. Cut out unnecessary expenses
This is something you would have probably read a thousand times but until you don’t change your spending habits, you won’t be able to save money. Cut down on the number of times you eat out, purchase coffee from an expensive cafe, shop for new clothes and gadgets, and subscriptions like Netflix and Prime. It will reduce your monthly expenses by $500 to $1000 and also put you in a habit of living below your means.
2. Move to an inexpensive neighbourhood
Brampton is relatively inexpensive than Mississauga and Toronto. Move into a basement or an apartment where you’re not spending more than 30% of your income on rent. If you’re renting out a 2 bedroom apartment, downsize to a 1 bedroom apartment.
3. Make regular payments to a savings account
Open a savings account with your bank. It’s free and also gives you 1-2% returns annually. You can set up an auto deposit or manually transfer a few times every month. However, I highly recommend you set a minimum for every month.
4. Sublet a room or put it up on AirBnB
Living in a popular city like Brampton makes it convenient to find a housemate. Rent a 2-bedroom apartment and sublet one bedroom. If you enjoy privacy and only want to sublet a few days a month, you can rent through AirBnB. Many international students and permanent residents through Express Entry and Ontario PNP will soon make their way to Canada.
5. Pick up a side hustle
Got a car and G Licence? Try driving Skip The Dishes or Uber Eats a couple hours every night. Other well-paying side hustles include freelance writing, translation services, website development, lawn mowing, and catering services.
6. Skip a vacation or two
I know we’ve been stuck home for 2 years now. But remember these are only temporary pleasures. Focus on your goal of saving for a down payment. You can take day trips to beaches in and around Brampton. Most are free and some charge $10 – $15 for entry.
7. Apply for points and cash back programs and credit cards
If you still haven’t taken advantage of the PC Optimum program, what are you waiting for? It is a cashback program by Shoppers Drug Mart, Joe Fresh, and a few other superstores where you get a $10 gift card for every 10,000 points. They have regular offers and discounts, which would need some research on your behalf.
Got questions about buying your first house in Brampton? Reach out to me today and I’ll be happy to answer any questions.