If you can’t make more money to save a down payment for your own home, you’ll have to cut costs. Last month the average home price in Canada was $472,000, so ratehub has done up a handy infographic to show what you can cut out of your budge to come up with that cash, and how long it will take.
Ready to pass on the pumpkin spice? If you hit Starbucks three times a week, skipping just 11,806 coffees to go will save you enough for your down payment – in only 76 years!
How about take out? (this one’s my kryptonite). If the average meal is $15, and you eat out three times a week (hey, we’re busy!) you’ll have all you need for a down payment if you stick to home cooking for the next twenty years. Easy!
Handy totals of how much you can save by skipping weekends out, Uber rides and brunch with friends will give you some ideas below.
Maybe that extra paper route wasn’t such a bad idea, after all?
READ MORE: What are average home prices across Canada?