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Effective Saving Tips to Help You Buy Your Dream Home Sooner

By: Paul Simpson

17 May, 2018

Determine your innermost desire

You are not getting any younger, soon you will be building your own family. Ask yourself, “What’s your innermost desire right now?” If you want to save money for your future home, you must be clear with your intentions and the necessary actions needed to succeed on your objective. You can start by saving a portion of your monthly earnings and set it aside in the bank.

Follow a strict budget

Proper handling of your finances is a must. Create a workable budget for your household expenses like weekly food allowance, transportation and other basic essentials. Avoid overspending on things you don’t actually need and try to live a modest life. It’s fine to go with your friends on a Friday night after work to unwind, but this should not be done on a regular basis if you want to save more for that property.

Ask the help of your parents or close friends

Living on your own gives you all the freedom to make decisions on your own. If you are really serious saving for your future home, ask the help of your parents or close friends to monitor your savings progress. Have them remind you of your obligation to meet your targeted savings, so that you don’t fall behind schedule.

Pay your credit card bills on time

Interest rates on credit cards are relatively high and if you have existing credit card bills, pay them diligently and avoid incurring delayed payments. Remember, any amount you will save from penalties, you can already put that as part of your savings.

Watch out for venues where you can be an exclusive member

Saving for your dream home doesn’t mean you have to give up certain pleasures. Sometimes, being an exclusive member of a reputable leisure company can give you privileges like reward points or exclusive discounts to any of their services or getting an upgrade. You can also check online deals where frequent online shoppers are given exclusive shopping privileges on discounted items on sale and other seasonal promos. Again, any amount saved from this effort, put in your savings account.

Find a reliable bank

Is your present bank accommodating your financial needs? If you really want to succeed with your plans of saving for your future property, talk to your bank representative and confide your intentions of saving, so that he or she can provide different options on how you can save on a regular basis. There are many banks that provide certain bank products wherein a client is debited directly from his or her payroll account the agreed amount he or she is willing to put in a savings account. Don’t forget also to compare interest rates of other banks and choose a bank that offers higher interest rates.

Live with your parents

Lastly, if your goal is to save more in a lesser timeframe, why not consider the option of living again with your parents. Imagine the amount of money you will save from not having to pay anymore rent. Of course, it would be reasonable if you share some bills at home like food, since you aren’t paying utility bills.

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