With price of everything we want, everything which will define us as being successful, rising; we don’t hesitate going in for financial help from external sources. These sources usually come in the form of home loans and car loans. Although these loans pay a huge amount of the actual cost (80% – 95%), we still need to pay a part of it through our own pocket which can be a substantial amount. So in order to make it easier for us to pay the down Payment.
In this three part article we are going to tell you a few tips on how to save Funds for your down payments.
Make a budget – Allocating funds for down payment is not an easy task. But it can become easy if you plan your finances. Planning a budget for the month and following it will help you save funds for down payment. Here you will have to curb those expenses which are non-necessary. By curbing those expenses and slightly controlling those which are necessary, you will be surprised on how much you can save for your down payment fund.
Find more options – Want to save money and without compromising on your current lifestyle, then you can always look for cheaper alternatives. You might not realise but these days we spend a lot on travelling between workplace and homes. You can always go in for public transport and or go for a carpool. These days there are a lot of apps which let you pool your ride. Not only is it cheap, it is also quite comfortable. If you are a fitness freak, don’t go to the gym, go for a run outside. Not only it is more healthy you will again be saving a lot on your monthly gym expenditure. There are many ways by which you can save funds for your down payments.
Create a piggy bank – Now you might think that it is slightly immature, but once you realise that how much you can save by adding the spare change in that box you will think otherwise. If the amount saved is considerable then you can also put that money in a fixed deposit. The idea is to make full use of whatever money you have.
Continued in the second part….