Tips and Tricks to Save up for a House
Owning a property is probably one of the most important goals anybody can set for themselves. Yet for many, the dream of home ownership seems nigh impossible. It’s not the mortgage payments that make it difficult, and it’s not even getting approved for a mortgage. The hard part is saving up enough to afford the initial down payment, land transfer tax, lawyer fees, and all the other upfront costs associated with buying a home. However, no matter how long it may take to save up, no matter how difficult it is to remain vigilant in your saving quest, it is possible to bank enough dough to buy a home, even without a high salary. Here is some sound advice that will allow you to save up enough funds to buy a home.
Live Within Your Means
For some people, this is the easiest concession to make, and for others, it is the most difficult. Whatever your spending proclivities, making sure you’re always bringing in more than you’re spending is paramount to saving up. Generally speaking, this is going to be something that will take a long time, given the sheer amount most down payments require you to fork over. It’s going to require determination, extraordinary will power, and discipline. Of course, it’s much easier to save up as a single person with relatively few financial responsibilities than it is when you’ve already started a family, but the end goal is worth it. Having money invested in a home is the single greatest investment most people will ever make, and if you play it right, it can even set you up for retirement.
Avoid Frivolous Spending
This tip ties in quite nicely with the previous bit of advice, but still deserves a section all on its own due to its sheer importance. Really, it can boil down into one concise phrase: DON’T BUY THINGS YOU DON’T NEED. This includes expensive clothing items, pricy accessories, and all other luxury items. If your goal is to save up to buy a home, you’re going to have to cut back on a few things that your paycheque doesn’t support. Even minor, but repeated, costs such as lunch everyday or going to a cafe every morning really add up over time. The key is to SAVE, and you can’t save what you’re not keeping, it’s that simple.
Make as Much as You Can
This might seem terribly obvious, but it’s the one thing that will dramatically reduce the timeframe in which you’re able to buy a house. If there’s a job opportunity that comes up or an available promotion that pays more, take it. If you have a chance to do more work on the side of your normal 9-5, do it. The short term stress will be worth the long term benefits of investing in a home that appreciates in value.
Don’t Give Up
There will be times when your resolve is tested. There will be times when your willpower is put to the test. Something will go on sale, a friend will ask you to take an expensive vacation, or perhaps your spouse will try to persuade you to buy a luxury item. Whatever the case may be, you must remain vigilant at all times. After all, if buying a home were easy, everybody would have one. Stay strong, and you’ll be a homeowner eventually.