The holidays are certainly a time for celebration, and yes, spending. The new year always brings promises to do better after the holidays – eat better, budget better, and go forward into the new year with new goals overall. I’m one of those people who believes budgeting, being frugal and making smart purchases should happen all year round (but subscribe wholeheartedly to the goal to eat better…later…after the holiday feasts!)
I recently spent a day in Saskatoon sharing tips and strategies for staying on budget throughout the holiday season (and beyond!) Some of what I say is common sense, though a lot is learned behavior, those tips and tricks to save money that we need to learn (sometimes the hard way).
It pays to be smart and do your research. According to The Terrible Money Twos survey by RateSupermarket.ca, Canada’s comprehensive financial rates comparison resource, finds 55.6% of respondents believe their ability to start or expand their family is directly impacted by real estate prices in their region. The challenge is even greater for millennials, at 72.11%. I love that millennials are thinking ahead and planning for huge life changes like starting a family but was frustrated that real estate prices can hold such a huge barrier on starting a family.
This is where it pays to do your research. With current prices, it’s more important than ever that would-be homeowners compare their mortgage options and boost their affordability with truly competitive financing, with tools such as RateSupermarket.ca mortgage rate comparison tool. Simply enter in as much information as you have, for example the purchase price, your down payment dollar amount or percentage, and the length of the term you’d like. RateSupermarket.ca will show you the rates across the board from financial institutions and mortgage providers giving you a very clear and easy to compare look at your options.
If you simply look to the lender your parents used, you’re not looking far enough. There are a multitude of options out there – perhaps the someday of starting a family (or simply purchasing your first home, with the family an open option a few years away!) isn’t as far off as you once thought.
Check out the full survey results in a great infographic at RateSupermarket.ca!
I totally agree with the listed stats above. We are a family of three. We have always rented, and moved twice in the past 5 years withmy husbands job and our daughter is almosf 4. The realestate market where we currently live is crazy! (Think typical 3 bedroom/2 bath house, usually like in the 250’s but 400’s here!)so thats why we rent. & come to the conclusion in this crazy market maybe its best if we stick with just renting. If we owned our own home and knew that thr oil & gas business (hubbys job) was going to be safe for the next four years we would totally consider another child, but at this time in our lives we want to live a bit and buildour savings for whatever lifeholds for us.
Rate supermarket sounds neat – when our mortage is up for renewal, I’m going to check that out. Easy way to compare rates -usually it seems like such a big job to do this.
I’m sorry, but I think this is a little bit of an unhealthy worldview. We don’t need to have everything. We shouldn’t spend more than we can afford, but it doesn’t always have to be the best.
I just to get through selling my house, I’ll probably end up renting small.
There is so much to learn about finances and we are never really taught anything in school. It’s so important you would think we would prioritize it a bit more instead of letting kids (and adults) learn from their mistakes.
I’m not planning a family (mine is already grown) but as a single parent living in the suburbs of Toronto all I could afford to buy was a condo. However, now that I’m in relationship we still decided to move to another town in order to afford a detached home.
ill be honest,ive never rented,we bought a trailer before we were married,,it was cheaper than renting,,sold that and bought upgrades each time,now its retirement time and I want to downsize but the market isn’t good for larger houses,,we have no mortgage but the maintence is big on a larger house,,cant get my husband to understand that
There is so much to learn about finances we all need to know,we built our home according to our means.I always say little is more!
I haven’t gotten to that point in my life however it is great information to consider!
I love RateSupermarket! It’s so handy for comparing everything financial!
RateSupermarket is definitely a great resource.
I need to go and check out this RateSupermarket
It is SO important to do your research.. Cost of living is going up and up; everyone needs to be smart and learn what their best decisions are as I think majority of us need to watch our spending!
good advice even though we own our home. it can be passed along to the kids or someone else.
I am a single mom with a very tight budget and I am constantly finding it hard to stay on track with my spending!!! I know I’m not alone. Thanks for the tips.
I resolved to get wiser about our finances in the upcoming year, with less frivolous spending.
People should never spend more than they have
This upcoming year is all about paying debt. I will be debt free!! (That’s the goal anyway!)
I will have to check out this rate supermarket
Thanks for the info, lots has changed with mortgage options in the last 10 years.
lots of good tips, my son just starting out in the working world and eventually buying his own home, will have to get him to check this out!
I just found out about rate supermarket and its a great resource!
Thanks for the read 🙂
Every year I audit my finances and see where I can save a dime. Did you know you can renegotiate some of your credit card terms (if you are in good standing). I just did and am saving on the interest.
Sounds great for potential homeowners. Always love to see you doing your thang on TV 😉 Great Post/info!