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Top 5 Tips to Save for Your Dream House

360training.com January 15, 2014 0

This year, one of your ultimate dreams might be purchasing your dream house. But you know how difficult it is to own one especially if you’re just an average wage-earner. Here are five tips to help you save up for your dream home.

  • Do not spend more than you are earningsaving money for dream house

The biggest problem with many individuals is the habit of spending more than what they earn. In fact, some have the tendency to have spent their salaries even before receiving them. Credits here and there wipe them out of their capacity to save for some more important things. To avoid the same fate, do not spend on unnecessary things like gadgets, jewelries, and clothes when you have them already. It will help if you’ll starve yourself of some social activities too. Instead of going to the movies once a week, why not do it once a month. Put the money you should have spent on luxuries on your savings.

  • Save on your utilities

A large chunk of your earnings goes to paying utility bills like electricity, water, gas, and internet connection. It will help if you’ll cut down on your power consumption by assuring that appliances not in use are unplugged. Cut down on your TV and internet hours. For a moment, disconnect your toilet flush. See how many gallons of water you can save and how much can be slashed on your water bill.

  • Look for part-time jobs

If you’ve heard of success stories from other individuals who have purchased their dream homes, most of them have part-time jobs apart from their regular jobs. If you have plenty of spare time before or after your work or perhaps during weekends, try looking for additional sources of income. Home-based jobs like data entry and blogging are popular. There are several online platforms that support remote work services. You can also sell personal stuff online and earn money for things that are just occupying spaces in your shelves and storage.

  • Venture into small businesses

Utilize your weekends for a garage sale. Perhaps, if you are skilled in cooking or baking, you can sell food and beverages too. Start by selling to your neighbors and conduct a weekend bake sale. If you’re skilled in guitar or other instruments, render your services for weekend tutorials. Get one or two students to start with. A lot of companies offer dealerships of their products. Try one for small capital. Good products are herbal supplements and cosmetics.

  • Do not enter into a web of credits

Another huge problem faced by working individuals is the pile of debt which they incur. A lot of times, this is caused by impulsive buying. They buy through credit cards which charge interests upon interests. When the dues are unpaid, they end up paying too high for items that are low-priced. You can save up by breaking this habit. Pay bills on time. Companies sometimes give rebates to early payers.

Owning your dream house is not a far reality. With the right attitude and proper spending discipline coupled with adherence to these tips, you can pump up your pocket with enough money for its purchase.

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