SAVING FOR A DOWN PAYMENT — IS IT REALLY POSSIBLE?
- johnathanmcquoid
- Jan 18
- 2 min read
Most first-time buyers struggle with one thing: the down payment.
Some get help from family — but many don’t have that option.
If you’re saving on your own, here’s how to make it happen… find out how 👇
1️⃣ Stop Treating Wants Like Needs
Saving becomes easier when owning a home becomes your top priority.
Every time you’re tempted to spend on something unnecessary, remind yourself:
✔️ that purchase delays your home
✔️ that money could go toward your down payment
✔️ you’re trading long-term gain for short-term comfort
Keeping the vision in front of you helps you stay disciplined.
2️⃣ Don’t Finance Depreciating Stuff
Avoid borrowing money for things that lose value — cars, furniture, gadgets.
Most “no interest for 12 months” deals end up becoming 29% interest traps.
Instead, protect your cash flow and direct it toward your future home.
3️⃣ Use a TFSA and Automate Your Savings
Open a Tax-Free Savings Account and set up monthly contributions.
Turn it into a challenge:
✔️ how fast can you grow it?
✔️ how consistently can you contribute?
✔️ how quickly can you get to your goal?
Everything earned inside a TFSA grows tax-free — perfect for a down payment.
4️⃣ Cut Your Biggest 3 Expenses: Housing, Transportation, Food
Business Insider reports 62% of spending goes to these categories.
If you can reduce even one of them, your savings grow FAST.
Examples:
✔️ live smaller for a few years
✔️ stay home longer to stack cash
✔️ cut eating out (this alone can save $300–$400/month)
Remember: renting builds someone else’s equity — not yours.
5️⃣ Track Every Dollar and Shop Smart
A budget is a must when saving for a down payment.
Buy groceries on sale, price match, and use the Flipp app to find weekly deals.
You can save hundreds per month just by being intentional.
Every dollar saved goes straight into your TFSA.
💬 Final Thought
Saving for a down payment is possible — but it requires focus, consistency, and a clear vision of what you want.
If you need help planning your mortgage strategy or want to understand your options, message The Frontline Mortgage Group anytime. 💬