Smart Saving Tips: Save Your Down Payment


Are you beginning the process of finding your first home? First things first, the biggest thing you need to worry about right off the bat is… down payment!! Are you looking for different ways on how to save for your down payment? Do you want to begin the process of purchasing your first home? Then, you’ve come to the right place! Our team has come up with these great smart saving tips to get you started in this home-buying process.

Open a bank account

person working at computer opening up a new bank account

Open up a separate bank account to show what you have saved

First things first, open a separate bank account.  Start by separating your bank accounts, you can clearly distinguish what is being put aside for what. If you use one bank account for all of your savings, you could hit the goal amount but empty your savings. This will then in turn leave you nothing for emergencies. Keep things separate!


Are you a serious buyer? Have you become very motivated to purchase your first home? Then, it is time to prioritize. It is time to put aside money you would be spending eating out, shopping, and going out on a weekend towards your down payment. You would be surprised as to how much money you can accumulate if you put that money towards your down payment rather than spending it elsewhere.

Pay off your Debt

calculating debt that is owed on a calculator

Pay off existing debt before saving for a down payment

You can’t save money in your bank account if you are also stacking up interest on a credit card. When you are trying to put money aside, consider paying off your high-interest credit cards first. This will then in turn pay off your debt and also put you in the positives for savings! You are almost ready to purchase your first Kelowna home! 

If you are ready with your down payment and are eager to begin now the search for your Kelowna home, contact the knowledgeable real estate agents at Quincy Vrecko and Associates. We are a team of highly trained professionals with strong negotiating skills ready to help you find your first Kelowna home. Contact us today at 1-778-760-2860!