It is more difficult, not to mention expensive, to buy a house now than back in your parents’ day. While the cost of every item has gone up considerably in the past decades, salaries have not improved.
That is why, owning a real estate, especially at a young age, seems like an impossible dream for many. However, it is doable. Here are a few tips if you want to save up so you can buy your own home:
Aim Far
Sure, acquiring your own property with the money you earned is going to be expensive no matter where you live. However, it will be considerably more affordable to buy a home outside of capital cities. Whether you want to start a family or you simply want to stop renting, there is a townhouse for sale in the Philippines that is ready for you to move in to.
It might not be located right beside your place of work, but there are several benefits to moving out of the city. One, you leave behind the noise and air pollution. Two, you can get more space and, most importantly, a favorable deal when you buy a home outside of the city.
Watch Where Your Money is Going
Even if you are not saving up for a house, it is smart to be wary of where you spend your hard-earned money. Stop buying stuff that you do not need, like trendy clothes or gadgets. While those things might not cost a lot, if you add them up and sum it all up, it is still a lot of money that could be putting into your savings.
Look at your daily expenses and identify which ones you can trim out. For example, if you find yourself buying a cup of coffee from a cafe every morning, it would be cheaper for you in the long run to invest in a coffee maker and make your own cup of coffee before work. You also do not need to upgrade your devices every year. Buy only what is necessary, not what you want right now.
Look for Another Source of Income
Obviously, if you want to buy a house, switching to a job that offers a higher payment is ideal. However, if that is not possible right now, there are other avenues where you can get additional income.
Look for freelance or part-time work. Browse websites such as OnlineJobs.ph and UpWork for openings in your field. If you have a car, driving for Grab before and after work would give you an additional source of cash.
Create a Separate Savings Account
If you are serious about saving up, create a new bank account that will serve as your house fund. You are not supposed to touch this account no matter what.Create a monthly budget then transfer the rest of your monthly salary, plus windfalls, to this new bank account. You should be saving at least 20%of your monthly salary.
Buying a house is a huge investment. It is a milestone that not everyone will be able to achieve in their lifetime.While it would take a lot of hard work and self-control to stop wasting money and save up enough to buy a house, in the end, it is all worth it. You will have your own place and you can truly be independent.
