Feb 18, 20By Sam Morales

Everyone wants to have their own house someday. Whether it be a house and lot or a condominium unit, it does not matter as long as it is the place that we can call our own and go home to. 


But the process of saving for it can be quite taxing since a home isn't exactly cheap, especially if you're buying your first home. It can seem impossible to achieve, but if you wisely save and lessen your expenses, anyone can attain their dream home in the near future. 


Here are some tips you can use to save for your future dream home.


1.Set a realistic budget 


Avoid buying a property that you cannot afford to keep. Owning a house doesn't end with just buying the house. You need to also shoulder maintenance fees on top of other expenses like periodic association dues, real estate property taxes and improvements. 


So ask yourself: how much can you really set aside as your home budget? What things can you live with or without? How much do you need to live daily? This includes not only the downpayment for the house but the taxes, insurance, and maintenance for it. In a way, it can be a practice that you allocate your budget for these expenses which makes it easier for you when you buy the house itself. 


Once you have a set figure in mind budget, in a way you will find yourself micromanaging your finances and spending only what you need to reach your homebuying budget.  

                                                                                                                   

2. Make a habit of allocating monthly mortgage estimate 

The first few months of paying off your monthly mortgage might be smooth-sailing, but it might not be if there are some emergency expenses. On the other hand, auto-allocating them allows you to put that mortgage money “out of sight” Make a savings plan that is more manageable. Start by saving an approximated amount required to pay off your monthly mortgage. 


3.Augment your income

The only way to get more than enough for your budget is to create multiple income streams or increase the income stream. 


Besides your income from your work, you can take on part-time jobs online or sell stuff you don't need. Online jobs like teaching online and writing papers are quite common even for college students. Selling stuff you don't need by posting on websites or groups in social media can be convenient too. 


But before you do that, you need to ask yourself questions before deciding on taking more work:

  • How much extra income do I want to earn?

  • Do I have the time to do this?

  • Am I capable of doing this job?


Otherwise, you can entertain a promotion or a salary increase. Either way, these steps will both mean more work and responsibilities for you.



4.Increase your government contributions


Increasing your monthly contributions means better credit standing with Pag-IBIG. And if you intend to finance your real estate investment through them, now is the time to assess and increase your contributions to the maximum allowable amount.


5.Involve members of the family in the budget


A dream house usually involves not only one person but the family as a whole. Having a budget that is backed by the whole family is a factor that can aid in saving for the house. This house benefits not only you but the future members of the family who plan to live in the future home for the longest time. 



Have you tried other tips to save money for your future home? Like us and post a comment on our Facebook page!