Cracking the Mortgage Code: How Canadian Millennials Can Save for Their First Home

So, you've decided it's time to swap the rental game for a mortgage, eh? Congratulations, you brave soul! Now, let's chat about the magic password to the mystical land of homeownership – the down payment.

1. Hasta La Vista, Avocado Toast - For Now:

I get it; avocado toast is the nectar of the gods. But, maybe consider a homemade version for a while? Home ownership goals mean its time to pump the breaks on the Skip, Door Dash and Uber eats. You'd be amazed how those extra bucks can add up in your "Home Sweet Home" fund. 

2. Raid the Couch Cushions for Loose Change:

Every penny counts! Check under the couch cushions, in old purses, and in the infamous "junk drawer" for loose change. Ok but really, check to see if you have any cash sitting in accounts collecting dust. It's amazing how many people have $50 in a Tangerine, or Komo, account from 2016. It's like a mini treasure hunt but with real estate dreams on the line.

4. Embrace the Thrift Store Chic Revolution:

Vintage is cool, right? Dive into thrift stores for some hidden gems. Your wallet will thank you, and you'll be the trendsetter in your retro threads.

5. Flashback to the '90s: Get a Part-Time Gig:

Remember the good ol' days when you rocked frosted tips and pogs? Well, channel that '90s work ethic and consider a part-time gig. Whether it's bartending, dog walking, or even a POG trading business (okay, maybe not that last one), a little extra income can fast-track your down payment dreams.

6. Netflix and Chill Out on Other Streaming Services:

I love a good binge-watch, but maybe consider consolidating a few streaming services down to one or two. Is having both Spotify and Sirius XM totally necessary? Having multiple services add up quickly and shaving a few off will help you save some bucks.

7. BYOL – Bring Your Own Lunch:

It's time to dust off that lunchbox and say goodbye to the daily $15 noodle box. Packing your lunch might sound old-school, but it's a tasty way to stack those dollars for your home fund.

8. Call Your Aunt Gertrude and Ask for That Birthday Money:

Remember those crisp birthday cards from Aunt Gertrude with a sneaky $20 bill inside? Give her a call, tell her about your homeownership dreams, and who knows, she might just surprise you with a little boost. Gifted down payments from direct family members are legit, but remember we'll need Aunt Gerty to confirm the money isn't repayable.

Remember, the road to homeownership is like a quest in your favorite '90s video game – challenging but oh-so-rewarding. So, gather those gold coins (or loonies, in this case), dodge raising costs of rent and get ready to unlock the door to your very own castle.

Happy savings, future homeowners! 🏡💰