Money can't buy you happiness, but it sure helps to get a mortgage!

(Last Updated: 2019)

PiggyBankHouseMoney can't buy you happiness, but it sure can help you reach some of your life goals. But your money won't manage itself. Reaching your first goal as a first time home buyer takes planning, and sometimes guidance from an outside source, like a mortgage planner.  Here are five basic steps for reaching your financial goals.

  1. Get specific. Having goals is not enough. If down the line you want to save up for a house down payment, get real about that monthly commitment. Instead of, "I'd like to buy a house one day," try, "Every 2 weeks on pay day, I'll need to dedicate $250 to an RRSP account." (btw, great way to get the government to help for first time buyers!)
  2. Treat goals as destinations. You would have to be superhuman to drive from one end of the country to the other in a day. The same applies for going from zero to goal. Realistically, the best and most rewarding route to your destination is the scenic, yet efficient one.  Enjoy the ride,  just don't fall asleep at the wheel!
  3. Be flexible. Change is inevitable. Check in regularly with your goals and yourself to make sure that both of you are still on the same page and working effectively. Changes in your life may mean tweaks to your goals, your priorities and your approach.
  4. Don't obsess. While it's key that you stay on track to achieve your goals, don't obsess over them. A great time to check your progress is at the end of the year, when you can compare it to the end of the previous year.
  5. Save one dollar at a time. Focus on the road directly in front of you: the dollars and cents you can stow away today to get you to tomorrow. Thanks to the miracle of compound interest, that $250 every two weeks (roughly $18 a day) you manage to put away earning 2% interest PLUS your tax refunds (from using an RRSP to save) should approach $20,000 in just TWO years.

Whether your goal is to pay down debt, buy a house, or simply build a nest egg, having someone in your court to support you on your path to reaching your goals can sometimes be your best ally, especially when that someone has the financial background to help. Mortgage and financial planners are here to help through all of life's special moments. Getting a mortgage in Alberta or anywhere else in Canada starts with a plan ...  Contact Us!

Learn more: Can You Get a Mortgage?, or if you are getting close, please contact us for a free pre-assessment.