“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
Saving money for the down payment is undeniably challenging and daunting. Sometimes, it is even a struggle for some people to save, especially when they are on a tight budget yet they still have bills to pay. However, saving money for you dream home is not that hard as you think it is – that if you have the determination to do so.
The moment you decide to invest in a real estate, saving should be on your priority list. Whether you plan to invest in Tagaytay properties or any real estate property in the Philippines, there’s no reason for you not to achieve a desirable amount. To give you an idea, we list down some easy and effective ways to save money for the down payment.
1.Plan on saving money
Planning is a big help when saving money. Think about what and what not to do for you to save. How will you plan out your everyday routine without spending too much? Are there any alternatives you can think of for you to have a bigger discount? Considering these things, it will guide you on what to do next. Moreover, when you have a good plan, it would be easier for you to save, since you know how to do such.
2. Make a budget
After you plan out on how you are going to save, it is now time for you to build a budget plan for your spending. Just because you are saving money, that does not mean you’re not going to spend. Of course, you are – but in a reasonable way as possible. For instance, if you usually buy more than what you need, now, you just have to buy just enough for you to use. With this, you are already saving a lot of money out from it.
3. Record your expenses
When saving, it is advisable to track every expense that you have for a week or month. Perhaps, you can have a journal on how much you spend on every coffee that you bought, snack, groceries, toiletries, and other things you have spent your money. It is in this way; you will know whether you are saving or spending too much.
4. Set saving goals
As a homebuyer, you are not going to save for the down payment forever. Right? That means you have to have a timeline in achieving a particular amount. For how many months or years should you save for the down payment? Are you saving for long-term goals or long-term saving goals? With this, you will be able to determine how much you should save to come up with that amount in that given time.
5.Decide on your priorities
We all have different priorities in life, especially when it comes to financial matters. However, if you are planning to invest in a real estate, your goal is to save for you to purchase your dream home. That means you have to focus on the things that would make you achieve a desirable outcome.
6. Different saving and investment strategies for different goals
There are a lot of ways where you can save. And one of the safest ways to save for your down payment is to have it in a savings bank. To get you started, you should open a regular savings account. Or if you are not sure about where and what kind of bank should you choose, then you should consult a professional before you decide on a particular. Of course, this is just to ensure that you will not regret your decisions later on.
7. Watch your savings grow
This is one of the most fascinating about saving money. The more you save, the more it increases. Perhaps, you can check your progress every month. Moreover, monitoring your savings will ensure you that there will be no problems when it comes to your money. And if there are any, at least you can immediately identify and fix problems quickly.
We all do know that purchasing a property is an ideal investment one can make. That means, if you have plans in buying your dream home, make sure to know what and what not to do when it comes to saving for your down payment. When you do, you will achieve a desirable outcome.