8 Jun 2012

How to pay for the milestones in your life

There are major milestones in life that just about everyone experiences, though they can sometimes take a toll on the finances. Having a baby, getting married or making a down payment on a house are all major financial decisions. Moneysense.ca recently offered some tips for these "firsts," including how much Canadians should expect to spend on each.

A typical cost for a condo in a major city is $280,000, according to the news source. A 20 percent down payment is recommended, which works out to $56,000. Obviously, that will take some saving – more than $400 per paycheck for five years. From there, Canadians can take $25,000 from their retirement savings tax-free, as long as they pay it back within 15 years. A 20 percent down payment is a great jump start on a mortgage, so its worth waiting that long.

Other costs include about $33,000 for a new car, $10,000 to support a child for one year, and $20,000 for a wedding.

With so many expenses to think of, consumers should consider some creative ways to save money. For example, buying a smaller house or condo will help cut down on monthly mortgage payments, leaving you with more cash on hand. If the space ends up being too small, supplement it with additional room at an affordable self storage unit in Toronto. Be sure to choose a facility with cheap rates to stretch your dollar the furthest.

Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.

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