Effective strategies for saving for a home include prioritizing savings over discretionary spending, creating a budget to identify cutbacks, and paying off high-interest debts first. Using cash instead of credit can lead to significant savings. Saving raises, bonuses, and tax refunds separately is beneficial. Utilizing RRSPs and Tax-Free Savings Accounts can aid in down payments, and some cities offer interest-free loans for first-time buyers. Seeking advice from a credit counselor can improve saving strategies.