So you've already decided that home ownership is a priority.  Alright, where to get started?  

Here and Now by assessing what you spend vs. what you earn. The process, Budgeting, is a necessary step. Knowledge is power and in many cases individuals are shocked when they go through the process and figure out where they are financially...you may be fortunate and be pleasantly surprised.

A realistic budget to forecast your spending for the year will help with long term financial planning, will help you get a handle on how much you can save and ensure you make it to your goal of home ownership.

An inheritance would be nice, well fabulous actually, but for most of us it’s a day-to-day balance between needs, wants and "well I really shouldn't have". 

Check out Gail Vaz-Oxlade's web site. It includes a budget worksheet and directions! http://www.gailvazoxlade.com/resources/guide_to_building_budget.html

It's your money and you can do with it whatever you like, but be aware that:

• It's easier to spend when you use plastic and there are a number of financial institutions banking on it. 
• You need to prioritize your expenses and live within your means.  If in debt, pay off high interest obligations first, then use that payment amount to pay off the next most expensive debt until its retired. Consider consolidating debt at a lower rate of interest.
• From time to time you should re-access your lifestyle, if you live in a city do you really need the expense of a car? Do you purchase a daily Starbucks, lunch, meet friends for a drink?
• Saving bonuses will get you to your goal faster. Note: Once you purchase a  home, related expenses will use up 35-40% of your monthly cash flow.
• Look for ways to do things more economically, use the library for books and movies, use coupons, buy on sale, look for deals on sports equipment, toys etc at garage sales.
• Borrow from your RSP. Click here to see our article.
• Finally, stash that money a tax-free savings account.