Saving money isn’t an easy feat! This is even harder considering how houses can get very expensive in the Philippines. It’s not as simple as saving money to buy the newest clothes or the latest gadgets. It takes a lot of sweat, determination, and hard work to finally have a house you can call your own.
Save money and purchase your first home today using these quick and easy tips.
Involve the whole family in saving money, including your kids.
You’re not the only one who’ll live in the home. Your family will most likely live with you, so involve them in your saving journey for your new home, too. Open a savings account where all family members can deposit their share regularly.
If you can, involve your little ones, too! Designate a piggy bank where your kids can put their spare changes from their allowances. This way, they know the importance of saving money even at an early age.
Track your monthly expenses no matter how insignificant they are.
If you want to save money, track your every expense, no matter how small it may be! You’ll be shocked to know how much small expenses for candies or ice cubes from a sari-sari store, for instance, can all add up.
Tracking your monthly expenses can also help you monitor your spending habits. You can know how much of your income goes to your needs or wants. This way, you can cut down on your costs and change your spending habits accordingly.
Increase your income or have more means of generating it.
To speed up your saving journey, increase your income by taking part-time jobs or freelance works. Of course, it’s great if you can secure that promotion or salary increase in your full-time work, but it’s easier said than done.
Otherwise, you can open up a small online business. Utilize your cooking or baking skills, and make a good amount of money. Your array of options is endless as to how you can generate more money. You just have to identify what products or services you can offer and sell them.
Research the home prices in the location you want.
When buying a house, the most important thing to do is to research the average prices in the location you want. This gives you an idea of setting your saving goal and approximately how long it takes to achieve it. Besides the house prices, you should also research the average prices of appliances to know how much you should really save.