Saving a down payment can feel like one of the biggest obstacles to buying a home.

When people think about saving more, the first thought is often, “I need to make more money.”

But before worrying about earning more, there may be another place worth looking: the money already leaving your account every month.

Small monthly expenses can become big annual expenses

Subscriptions and automatic payments are incredibly easy to stop noticing.

Streaming services, apps, gym memberships, cloud storage, gaming subscriptions, delivery memberships and other recurring charges may only cost $10, $20 or $30 individually.

But put them together:

$100/month = $1,200/year

$200/month = $2,400/year

$250/month = $3,000/year

That doesn't mean you should cancel everything you enjoy.

The point is simply to know where your money is going and decide whether those expenses are still more important to you than the goal you're saving toward.

Try a 10-minute subscription check

Open your bank account and credit-card statements and look specifically for recurring charges.

You may find subscriptions you forgot about, services you rarely use, duplicate memberships or expenses that made sense a year ago but don't anymore.

Even finding an extra $100 or $150 each month can start moving your down-payment savings in the right direction.

Start before you're ready to buy

One of the best times to start preparing for homeownership is before you've found the house you want to buy.

If buying a home in Belleville or the surrounding area is something you're considering in the next year or two, we can look at where you are today and work backwards from there.

You don't necessarily need to be ready to buy now.

Sometimes the first step is simply figuring out what down payment you'll need, what mortgage you may qualify for, and what you can start doing today to get there.

If you'd like to have that conversation, feel free to reach out.

Mark Carr | Mortgage Agent Level 2

Marbelle Financial Services Inc.

Brokerage Licence #10343