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Empower

Writer's picture: Cheryl Hartwick - BrokerCheryl Hartwick - Broker

.... the freedom or confidence to do something


Did you know that nearly 40% of first-time homebuyers rely on assistance programs or a gifted down payment to help them get started? From time to time, there are programs and plans available.


But the real question is: does relying on those programs align with your goals and timeline? One thing is certain: if homeownership is your goal, saving for a down payment is non-negotiable.


Let’s focus on what you can control—building your savings and creating a plan that gives you the confidence to pursue your dream of owning a home. That’s where Empower comes in.


Take Charge of Your Finances: Empower Your Savings Journey

Here are three actionable strategies to help you take charge of your finances and save for your future home:

1. Budget Wisely----Knowing your budget is the foundation of financial success. For example, a recent study found that households with a detailed budget save 20% more annually compared to those without one, giving them a clear advantage in achieving major financial goals like homeownership.


Avoid overspending and aim to live well below your means. If you’re living paycheque to paycheque, it’s time to reassess. Small changes, like setting spending limits and prioritizing essentials, can create room for savings.


2. Needs vs. Wants----Ask yourself: Do I really need this? Use the “needs and wants” plan to evaluate purchases. For example, does your vehicle need to be brand new? Sure, 0% financing with no down payment might sound appealing, but it often comes with a hefty monthly payment that could derail your savings goals.


Think long-term and prioritize your future home over temporary conveniences.


3. Track and Trim Spending----Review your spending habits closely. You might be surprised at how much you’re spending on coffee runs, takeout, or impulse buys. Cutting back on small expenses can add up quickly.


Remember, a little delayed gratification now can bring you closer to the bigger reward of homeownership.


Empower Your Future

Saving for a home requires discipline, focus, and sometimes sacrifice. Every small step you take today brings you closer to unlocking the door to your future home. But it’s worth it. Take a hard look at your finances today, and start saving—or boost your current savings strategy.


By empowering yourself to make these changes, you’re not just saving for a home; you’re building a foundation for financial freedom and security.


Let’s make your dream of homeownership a reality. Start your journey today with confidence and clarity!


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