Now is not the time for food waste, unnecessary subscriptions and impulse buying. Go through your spending line by line and find your most important priorities for spending. If it’s super important , keep it. If it’s not, reallocate that money toward savings towards that eventual home purchase and paying off consumer debt. You won’t want to be balancing a mortgage alongside credit card balances.
You can also look for income potential with your purchase, like a rental suite, an extra parking stall or storage space. By generating income from the property you can better manage your cash flow, pay off your mortgage faster and possibly allocate more savings towards retirement. There are downsides to take into account like the fact that you’ll be on call 24/7 if something goes wrong like a burst pipe.