It is everyone’s dream to own a home. Owning your home comes with many benefits such as having great freedom, not worrying about paying rent every month, having a bigger space, etc.
By Paul Muaysa
It is everyone’s dream to own a home. Owning your home comes with many benefits such as having great freedom, not worrying about paying rent every month, having a bigger space, etc. Even though building a home is not an easy task, it is doable if you have the right tools and strategies.
The path to owning a home is not a smooth one, unless you can sacrifice on your lifestyle and save money. In fact, a survey carried out in 2017 showed that out of 13,000 adults, only 39% of millennials can make the standard down payment on a home and one in five can pay the bare minimum to secure a mortgage. This just shows you how tough it is out there.
Well, to make your dream of owning your home become a reality, the following are saving tips to help you build your home.
- 0% Intro APR Credit Card
Building your new home isn’t going to be easy financial wise unless you have all the money in advance, which is pretty hard to get these days. A great source for saving home related expenses could be using a cash back card which offers cash back rewards for the money cardholders are spending anyways. Moreover, the cards that offers 0% APR which is like zero interest, can be a great deal for paying your new house-related expenses and enjoy 12 to 21 interest free months.
- Open a savings account
The first thing you should have is a savings account. Nowadays, you don’t have to walk to a bank and open a savings account. Several banks provide online savings accounts to their customers, so they can set up their accounts anywhere, anytime.
Having an online account is convenient, and it can also earn you more compound interest on your deposits. Online savings accounts continue to raise their rates making it easier for customers to earn solid compounding interest on their savings.
- Make your savings automatic
When setting up your savings account, ensure that you automate in on a monthly basis. When you do this, part of your paycheck will automatically go into your savings account before you are tempted to spend the whole of it. This will make a significant difference in your savings, and it will also help to prevent the urge to spend your paycheck on items that are not necessary.
- Cut down on the unnecessary luxuries
It is no surprise that those unnecessary luxuries can cost you a lot of money. The unnecessary luxuries can be those pricey meals out, the daily cup of Starbucks coffee, massages, manicures, magazine subscriptions, meal delivery services, expensive books, clothes, etc. these might appear like little luxuries to you, but they require money, and if you calculate the amount of money that you spend on them monthly, you will be surprised.
- Create a budget
Having a reasonable and realistic budget will enable you to pocket enough cash for a down payment. Creating a monthly budget is good. The best you can achieve this is to check what comes in and out of your bank account every month, i.e., your income vs. your expenses.
After removing the unnecessary expenses, keep track of the recurring and fixed expenses like rent utilities, etc. Decide on the amount that you need to save on your savings account every month. Then from there, you can figure out the amount of money left to spend on miscellaneous expenses like food and groceries. Having a budget can help you to save diligently.
Paul Muaysa is a professional digital marketer focused on content driven campaigns. He is passionate in providing copywriting services for businesses of all sizes. He loves to write and has five years’ experience in this space. He has delivered digital media in niches of interest such Health, Business, Money and Construction. He enjoys spending most of his leisure time reading, playing ping pong or the violin. You can find Paul on LinkedIn and Twitter.
