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Saving for a Down Payment is hard work, so its a good idea to really want to own your own home by the time you begin your Savings Account. Its difficult to turn down a weekend in the Bahamas (or Downtown at the Clubs!) when you dont have a definite goal.

Step One: Get a Job! This will definitely help you to find the money to save! ha,ha!

Step Two: Keep the Job — longevity on the Job is a major factor the Financial Institutions look for when your trying to qualify for a Mortgage.

Step Three: Go over your spending habits with a fine tooth comb. (Please, this is strictly figurative! No yucky combs on your Financial Papers!) Ask yourself some very serious questions — Do you really need to spend $5.00 for a cup of coffee five times a day? Even though its fabulously delicious?? Even one cup at $3.25/day is $1186.25 a year. Five cups at price per day would be $5931,25. Thats a lot of money, and often enough for a Down Payment.

Its a good idea to right down everything you actually purchase — lottery tickets, coffee, lunches, snacks, clothes you dont really need — its the little incidentals that really add up.

Step Four: Start a separate Bank Account, just for your house-to-be. Anything you can put in there is good — if you can manage $25.00/week, thats $1300. a year; $50./week gets you $2,600. a year, and if you can swing a $100./week, thats $5200. in a year.

Youll be shocked at how easy it is to piddle away $100. on all sorts of little things — when you make the big decision to Buy Your Own Place, all of a sudden, youll find yourself prioritizing…and that doesnt mean you have to slap your own hand to stop yourself from frivilous spending (which, sadly enough, happens to be the most fun type of spending! ha,ha!). Youll just make the decision one day that you need to Own Your Own Home so you can 1) Make Money, 2) Not hand over your money and have nothing to show for it at the end of the day — say, Monday…yuff, yuff! 3) Secure your Future.

Step Five: Find out how much you can borrow for your new place. Click on-line so you can quickly determine this info. Especially if youre new to the Real Estate game, its less stressful than heading in to the Bank, plus you dont have to make a special appointment!

Step Six: Start Looking for Your New Place! Check out the great new Condos that are all over the place, now. They have really good Payment Plans, and if you make your Purchase before theyre built, youll score a great deal.

Contact a Realtor to find out whats available in your Price Range — theyre there to help you, and can really help to narrow down the field and get you into something you can afford and love.

Remember that you dont have to live anywhere forever — a lot of people fall into the trap that they cant buy because theyre not sure where theyll be 5 or 10 years from now… even if you only have a year that youre sure about, go ahead and Buy. You can always sell it, and you wont lose money on Real Estate — maybe youll walk away with an extra $10,000. – $50,000. from the Property Values going up! Now, that aint bad! Not bad at all!

Heres a little Tip for Women: You know, its more common than you might think that a lot of women are waiting for a man before they even start to think about buying a place. Forget that! Men, Schmen! Go get it yourself, Girl! And keep it until youre sure you really like him… In the olden days, like when I was in my twenties in the early 80s (!), there was a weird thing that if a woman had her own place, then she was putting out a message that she didnt need a man…, and so a lot of women would wait until marriage before attempting to purchase a home.

Thank God those days are gone! Puh-leeease! Its always nice to have a man, but women dont technically need them … for any length of time, anyway… and you can go ahead and get your own place without waiting for anyone. You can be comfy and cozy on your own no matter who you are… you can always sell it later and buy something different together, which is a healthier to do for a new relationship, anyway, right??

So start Saving and before you know it, youll be moving into your very own home. Then you can start saving up to go to the Bahamas, and go dancing on the Island!

Ailsa Forshaw is a Writer, Builder, Website Owner & Manager, Teacher, Mother… all in Alberta, Canada. She is Married with Two Lovely Children, and one gorgeous wee dog. Her Website, is chock full of all sorts of useful & fun information to help anyone become Financially Successful, Slim, Trim, and Happy… what more could you want?? Pop in for a wee visit!



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This Financial Services article was written by Ailsa Forshaw on 8/19/2005

Saving for a Down Payment is hard work, so its a good idea to really want to own your own home by the time you begin your Savings Account. Its difficult to turn down a weekend in the Bahamas (or Dow