Apply For a MortgageNo matter how little you make, you need to regularly save some money.
The reason “pay yourself first” works is because you treat your savings plan with the same respect and importance you attach to your rent or car payment.
You consider your savings plan a highly important monthly bill which must be honored no matter what.
David Chilton and many others advocate at least 10% of what you earn is yours to keep. It’s a good number. But if that seems intimidating or unattainable, set yourself a lower amount, and just do it. $20 a week will build more than $1,000 in a year.
Remember, if you don’t have the money, you shouldn’t be committing to an expense. So if you do want that new flat screen TV, better make sure you can pay for it in full when the payments are due.
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Ross Taylor
One of Toronto/GTA's Most Trusted and Knowledgable Mortgage Agents
Ross Taylor is recognized by his peers as one of Canada's pre-eminent difficult mortgage specialists. His ASKROSS blog and column in Canadian Mortgage Trends are focused on the intersection between mortgage financing and personal credit.
With unique dual certification as a licensed credit counselor and mortgage agent, Ross's insights are valued by mortgage professionals and homebuyers alike.
If you have questions about anything financial or mortgage-related, please contact [email protected]. Ross answers everyone personally.
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