5 Ways to Boost Your Financial Fitness

Marci • July 10, 2017

Thinking about buying your first home?

The race to home ownership is more like a marathon than a sprint: diligent planning, pacing and strategy are the keys to success. Are you ready to approach the starting line? Here are five ways to shape up and boost your financial fitness so you’re set for success.

1. Check your credit score

First things first: order a copy of your credit report and credit score. Your credit score, which is calculated using the information in your credit report, is what lenders look at when considering you for a mortgage. Your score impacts whether or not you get approved and what interest rates you’re offered.

2. Reduce (or eliminate) credit card debt

Ideally, your credit card balance should be zero. But if, like 46% of Canadians, you carry a balance each month, make it your priority to chip away at it. You’ll boost your credit score while reducing the amount you’re paying in interest, freeing up more cash for saving and investing.

Use one – or, better yet, both – of the following strategies to make a dent in your debt:

• Make more money (i.e., take on a side gig, work overtime hours, pick up odd jobs)
• Save more money (i.e., sacrifice your satellite TV package, swap your gym membership for running outdoors, cut back on eating out)

3. Bulk up your savings

Now’s the time to save aggressively, stashing that cash in a registered retirement savings plan (RRSP) or tax-free savings account (TFSA). Use automated savings to ensure that money goes straight from your checking account to your savings, investment accounts or both.

Remember: As a first-time homebuyer, you can withdraw money from your RRSP to put toward a down payment. (Generally, you’ll have up to 15 years to pay it back into your RRSP.)

4. Stick to a budget

As points 2 and 3 illustrate, getting financially fit takes determination and commitment. It can feel less overwhelming when you’ve got a snapshot of goals and actions right at your fingertips. Sit down with your partner to create a monthly budget. And stick to it.

A smartphone app can be a game changer in keeping you organized, accountable and on track with your financial fitness plan.

5. Keep your eyes on the prize

Stay inspired, motivated and positive by remembering why you’re working so hard to boost your financial fitness: to buy your first home!
Crunch preliminary figures online to come up with ballpark estimates on how much home you can afford.
Raise your real estate IQ by watching HGTV shows, researching neighbourhoods, perusing listings and attending open houses.
That will make you a more educated shopper once you’re ready to enter the market qualified with a mortgage pre-approval. Do your research now, so you can hit the ground running when you’re ready to buy. 

 

This article was written by Genworth Canada’s Vice President Business Development, Marc Shendale.

Share

Smart Strategies to Save for Your Down Payment

By Marci Deane • March 25, 2026
How to Start Saving for a Down Payment (Without Overhauling Your Life) Let’s face it—saving money isn’t always easy. Life is expensive, and setting aside extra cash takes discipline and a clear plan. Whether your goal is to buy your first home or make a move to something new, building up a down payment is one of the biggest financial hurdles. The good news? You don’t have to do it alone—and it might be simpler than you think. Step 1: Know Your Numbers Before you can start saving, you need to know where you stand. That means getting clear on two things: how much money you bring in and how much of it is going out. Figure out your monthly income. Use your net (after-tax) income, not your gross. If you’re self-employed or your income fluctuates, take an average over the last few months. Don’t forget to include occasional income like tax returns, bonuses, or government benefits. Track your spending. Go through your last 2–3 months of bank and credit card statements. List out your regular bills (rent, phone, groceries), then your extras (dining out, subscriptions, impulse buys). You might be surprised where your money’s going. This part isn’t always fun—but it’s empowering. You can’t change what you don’t see. Step 2: Create a Plan That Works for You Once you have the full picture, it’s time to make a plan. The basic formula for saving is simple: Spend less than you earn. Save the difference. But in real life, it’s more about small adjustments than major sacrifices. Cut what doesn’t matter. Cancel unused subscriptions or set a dining-out limit. Automate your savings. Set up a separate “down payment” account and auto-transfer money on payday—even if it’s just $50. Find ways to boost your income. Can you pick up a side job, sell unused stuff, or ask for a raise? Consistency matters more than big chunks. Start small and build momentum. Step 3: Think Bigger Than Just Saving A lot of people assume saving for a down payment is the first—and only—step toward buying a home. But there’s more to it. When you apply for a mortgage, lenders look at: Your income Your debt Your credit score Your down payment That means even while you’re saving, you can (and should) be doing things like: Building your credit score Paying down high-interest debt Gathering documents for pre-approval That’s where we come in. Step 4: Get Advice Early Saving up for a home doesn’t have to be a solo mission. In fact, talking to a mortgage professional early in the process can help you avoid missteps and reach your goal faster. We can: Help you calculate how much you actually need to save Offer tips to strengthen your application while you save Explore alternate down payment options (like gifts or programs for first-time buyers) Build a step-by-step plan to get you mortgage-ready Ready to get serious about buying a home? We’d love to help you build a plan that fits your life—and your goals. Reach out anytime for a no-pressure conversation.

Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Marci Deane • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Marci Deane • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?