31 Aug Saving up for a home
“Trying to find the large amount of money needed to buy a home can be a daunting prospect,” says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie’s International Real Estate. When trying to save up for your dream home, being careful with your money is a vital step to gaining enough funds. The thought of giving up your date night or daily espresso might be off-putting, and rightly so. If done right, many strategies can be adopted that can make all the difference, without causing a massive change in lifestyle.
• Keeping a list of all that you spend not only allows you to examine what you spend money on, but also allows you to form a realistic budget. By having all your expenditure in front of you, you can cut down on unnecessary spending. Once the search for a new home begins, it is vital to budget all the expected costs of the process, while also leaving some funds for unexpected ones. Doing so gives you an accurate picture of your price range before you enter the market.
• People are creatures of habit, so naturally it follows that in order to save money, monitoring your funds needs to become part of your own schedule. If you have investments, set a specific day to you check them. Doing the same for bills and savings keeps you on top of your cash flow, and is needed to form an accurate picture of what price range of home you can afford.
• Those few coins you spend on upsizing your soda and popcorn at the cinema, or the extra sum you pay because you leave your geyser on all day, add up quickly. By being careful and cutting down on unneeded spending, you can save large amounts of money for your home.
• Furthermore, by phoning around and comparing deals on what you buy, you may save large amounts of money. Some shops may be running specials, or just offer cheaper, yet equally sound, alternatives to your purchases. Making use of online tools or apps to check prices for you is a quick, easy option that can make a world of difference.
• Credit cards allow us to make large purchases without physically having the cash. However, not keeping up with payments is a guaranteed to make securing a home loan more difficult, while also ensuring these payments become larger, making saving harder too. Paying off more than the minimum amount will help you keep on top of your debt. Changing to a debit card is also an option.
• It is vital to ensure that the money you are saving is not being squandered in a bank account that charges more than you gain in interest. “Finding the best investment opportunities will help your money to grow and make saving worth the effort
Whether its counting coupons or finding the perfect investment opportunity, small changes in how we handle our money can make a massive difference when saving up for a home.