By | March 27, 2020

IT SEEMS THAT LIFE DOES NOT ALLOW SAVING, BUT YOU CAN DEFINITELY GET IT WHEN YOU HAVE THE GOAL OF FORMING A HERITAGE. THESE TIPS CAN HELP YOU.

Having the financial resources to buy a home  is not easy, especially if your income and fixed expenses only allow you to live daily. However, forming an estate is not something you should give up. Here we propose some actions that will allow you to manage your personal finances and raise the capital you need to start buying a home.

Consider making a savings plan

The first step to create a savings plan is to find out how much you need to save to collect the down payment on the property, that way, you will define the amount and the time it will take you to get there.

At the same time, prepare a budget that allows you to understand your current financial situation. Write down how much you earn, how much you spend and choose what expenses you can cut or, even better, what part of your income you can spend each month solely to generate savings for housing.

  • Get a cheaper rent

Much of the monthly earnings are absorbed by rent payments, and even if you want to save enough, that may make it very difficult. Try to find a smaller house or an alternative place to downtown areas, so that you pay a maximum of 30% of your salary in rent. Pay special attention to its connections with the public transport network so you don’t spend your savings traveling to the office. If you have the opportunity, ask your parents to let you live with them for a while, but don’t forget that you are saving to become independent.

  • Eliminate certain expenses

In this saving process, it is important to stabilize your finances by getting rid of those expenses that could be interfering in your economy, for example, impulsive purchases, constant outings that you do not plan based on your budget, etc. Although they seem insignificant, together they add up to a large percentage of your monthly expenses.

  • Invest

In the market there are different investment tools that can give you good returns. The choice should be made according to the time you plan to save, since most of these funds ask you for a certain period.

Avoid investing your money in informal systems like buy property, family loans or pyramid businesses that can put your money at risk. If you have your savings in a bank account, find out about the financial funds they can offer you to grow your money.

  • Try to save more to request a lower credit amount

The  mortgage loans  are a great opportunity for those who wish to form a heritage. However, you should keep in mind that this is a long commitment and that interest rates raise the amount to be paid. Therefore, the less financing you obtain, the lower your debt will be.

In general, financial institutions only finance between 80% and 90% of the total value of the property in blue world city, the rest (in addition to the down payment and other expenses that the purchase implies) you must put out of your pocket.

Saving to buy a house requires a lot of dedication, but we guarantee that you will feel great satisfaction when having your own assets.