How to Start Saving Money for a House?



With increasing inflation and rising prices, things are turning expensive day by day. One of the worthwhile investments, which is a buying a house has turned very tough for an average person to achieve.  A large number of people are unable to buy a house because there is never enough money around.

Fortunately, there are several ways through which savings can be done and a house can be bought. Here is a list of steps to assist you get to the path of saving money for buying a house –

1) First of all, create a budget. Saving money has never been easy and you will find oodles of hurdles in the path. There will be an umpteen number of cases, when nothing will be left at the end of the month, and you will also be unable to figure out where it has gone. A budget can undoubtedly make things easier. Set amount a fixed budget to save every month.

2) Secondly, consider opening a savings account. It has been found that money in hand is always spent. If you choose to deposit the budgeted savings every month into the savings account directly, you won’t be tempted to spend unnecessarily. It is assured that the balance at the end of the year will definitely surprise you.

3) Try and make fake house payments every month for one year or more. Besides serving as a preparation platform, a good sum of money will be accumulated at the end of the year. However, ensure to select a decent sum, so that it can be squeezed out from the pocket easily without creating any undue pressure.

4) You can try saving three fourth amount of tax return you receive every year. As this expense has already been made, saving the reimbursements will definitely be very easy.  A good trick is to follow this practice for a minimum of three to four years.

5) Hunt for ways to spend less. Try to cut down your electrical consumption. Start carrying lunch from home instead of buying food from your office canteen. Dump the habit of taking out your car for travelling short distances, instead consider walking.

6) Lastly, look ways to earn some extra income. The money earned from the second part time job can be totally saved as you were already handling the expenses from your main source of income.{pic from arslexis.com}


Published by in How To, Tips, and Advice, on June 10th, 2011

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