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How to Save for a House Down Payment – 5 Awesome Tips
Top 5 great tips to save for a down payment
Do you want to own your own home? Well, who isn’t? You may not be looking to buy a home right now, but eventually you will be. Owning a home is a dream of most people, but only a lucky few manage to get a home they really want. You are not alone if you are worried about saving enough money for a down payment. I hope that our tips to save money will help you collect the necessary amount for the down payment on the apartment you have seen.
Your bank will finance almost 80% of the cost of the house/apartment (in some cases 90%). The balance is a deposit that you have to be financed. This is a substantial amount for a middle class family. For example, If your 2 bedroom kitchen costs Rs. 30 Lakhs then your bank finance up to 24 lakhs and rest 6 lakhs was self financed.
Buying a home is a complex decision especially if you are a first time home buyer. You will need professional help that will help you get the best houses at the best price. Having enough money in the bank before you go out house shopping will give you confidence and peace of mind as you choose a home. We are going to share some money saving tips here that will help you take control of your finances and save for that daunting payment.
1. Track your expenses and expenses
OK, let’s admit this is one of the most boring and cliché tips for saving money, BUT tracking your expenses really works. There are a lot of apps and websites that help you track your spending and keep a total of the amounts you spend on specific items or categories.
This process is an eye opener for many. Sometimes we don’t see the obvious until an app tells us!! You will need to cut back on luxuries and divert money towards savings. Finding out where your money goes is the first step to understanding how to keep more in the bank.
2. Invest in Mutual Funds- Don’t be afraid, Research
Do a simple research on the power of compounding or the power of compound interest and you will understand why mutual funds are one of the most popular methods of investing these days. India has seen, in recent times, a sudden spurt in the number of people investing in mutual funds. While there are many things you need to consider before investing in mutual funds, we recommend starting a monthly SIP in an equity fund that matches your risk appetite.
Generally, equity funds are the best as they offer you high rates of returns. These funds are also risky because the market fluctuations in these equity funds can be regular business, but over a period of time Mutual Funds usually offer better returns than Bank FD rates.
Go to a website called valueresearchonline.com and read about Mutual Funds. The final decision is yours, but we speak from personal experience – mutual funds offer good returns on investments. There are many SIP calculators that will help you plan the exact amount of savings you need every month to reach your payment within a certain period of time. For example, if you want to buy a house in 2020, a mutual fund SIP calculator will tell you how much money you need to start saving for your 20% down payment.
This method of investing is not one of the usual tips to save money, but it is a method that helps grow your money.
3. Make a monthly budget and stick to it
Sticking to a monthly budget will be tough, especially if you’re used to a life of indulgence and luxury. Sticking to a tight budget is often not very fun and it is challenging. remember, A penny saved is a penny earned. Having said that allow an occasional treat or two, but treat it as an exception and ALWAYS offset the cost of this exception in other activities. Any belt is now a minor sacrifice that will be quickly forgotten when you get the keys to your new home.
4. Start Saving First
Have you heard of the saying well begun is half done? One of the major shortcomings of our education system is that we do not teach financial literacy at a young age. We are not taught how to save and why to save. We don’t know long term and short term financial goals.
Although our mothers always insist on saving, most of us lack proper financial literacy. Start saving early, dedicate at least 15 to 20% of your salary savings every month. Start with your first job when the responsibilities are less. Some people save as much as 50% of their savings while they can. Among many Tips to save money this is the most powerful.
The benefits of starting to save early is that by the time you’re 30, you’ll have enough money for a down payment on your house.
5. Look for ways to boost your income
For most of us middle class wage earners, there is only one source of money coming in (ie monthly salary). In addition, the husband and wife are working so in these cases there are two sources of money that come in. and expenses like an upside down funnel. Every successful person understands that additional sources of income must be created to save money.
There are many ways in which you can create an alternative source of money. You can consider starting a blog, a YouTube channel or simply affiliate marketing. You can start an online store and earn good money if you have done proper research. There are many online videos through which you can learn about online businesses.
You don’t need a considerable investment to start one of these businesses. All you need is a laptop and some time. There is a TedX video on YouTube that says that you only need 20 hours to learn a skill to a satisfactory level.
Your budget consists of two parts: money coming in and money going out. You will get the best results if you make improvements on both sides.
Open a savings bank account for the purpose of payment and consider it untouchable. Providing a major emergency, you don’t even have the idea to spend any of that money until you are ready to buy a house. It is easier to maintain an off-limits payment fund if you create a separate account dedicated only to this purpose.
Treat this bank account as a black hole into which light enters, but nothing comes out.
Here is a video with more money saving tips
We hope these tips for saving money for a down payment on your home have helped you. Saving for a down payment on your home is hard but not impossible. There are other things you can do to get financial benefits. For example, Pradhan Mantri Awas Yojana is a big scheme that has benefited millions.
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