Saving for your first house

If you plan to settle down in the next 5 years, here are some things you should know abut home buying.

1. Banks require a minimum 20% as the down payment for a mortgage

• You should research area you want to live in and the going prices of the type of home you desire
• From here you can get an estimated mortgage and calculate the 20% that you should be saving towards
• If you plan to split the cost with your partner, you should include them in this process so that you both are striving to attain the savings goal for your future down payment
• Credit Report
• The banks will be reviewing you credit report at the time you apply for a mortgage. Even though this is in the future, you can do things now to improve your future credit rating
• Go to http://www.equifax.com/ecm/canada/EFXCreditReportRequestForm.pdf to receive your free credit report to review your current score
• RRSP
• You withdraw a max of $25,000 from your RRSP for first time home buyers without tax consequences
• This amount must be repaid in 15 years with the required annual installments
• The benefit here is that you can reduce tax liabilities in the years that you saving for your first home and invest your funds. Thereby increasing your savings!

If you have any tips, please share them in the comments.

Get fit!

For those of you who are looking to get fit here are my suggestions:

To lose weight:

- Cardio exercises: 3 times a week for 20 min sessions

- Cut out excessive eating (dessert, snacks, large portions)

Once you lose the weight you will need to rebuild muscle

- Strength training

- Use resistance machines if you are a beginner for arms, core and legs

- Use freight weights to target your problem areas when you are more comfortable with weights

- Do this 1-2 times a week on your problem areas

Greek Yogurt

Recently I tried greek yogurt and grew addicted to this healthy treat! At first I thought it had bitter taste but you get used to it very easily.

Benefits:

• high calcium and protein content
• creamy and thick consistency

Cons:

• More pricey than regular yogurt

Suggestions:

http://www.presidentschoice.ca/en_CA/products/productlisting/pc_2_greek_yogurt_blueberry_pomegranateprod1460001.html