2019 is a new year to celebrate and to set your goal to own a Property. There is no magic formula for this, but it does present an opportunity to drive up your skills and boost your confidence to claim it. To make your dream a reality is indeed most challenging, but it is something that's certainly worth it in the end, resulting from both your Financial and emotional investment. To own a property means that you will have to be monetarily capable of purchasing this investment. Money doesn't just come even if you work harder. More importantly, you will need to plan on how to achieve this goal and the steps needed to reach it. Nothing comes easy when you talk about investment, particularly of a real estate property. Property investment requires you to manage your finances accordingly. Focusing on your objectives and sticking on a Budget will lead you to success. It would also help to use an effective income management tool. To assist you on some of the necessary steps, here are the top 5 ways to own a property this year:
1. Create a roadmap to reach your goalIdentify your vision in buying a property as the foundation of your plan and a journey guide to your dream. It is important to know where you really see yourself in the future and what kind of property you plan to call your own. Strategically list down items that you currently own, and those that you need to own in the future, with practical reasons to back it up. Afterward, do a self-assessment that can describe your possible financial capability in the coming years.
2. Live within your monthly budgetYou have to come up with a list for allocation of budget for all expenses you incur on a monthly basis. After which, check if figures are just and good for you. You also need to cut down unnecessary expenses such as subscriptions and online shopping. Lessen your food trips and travels. Throughout the process, you need to be disciplined and financially conscious. If you are planning to purchase through a loan, you can compare different rates using a home loan calculator available online to plan your monthly mortgage ahead of time.
3. Automate your savings in the bankNow, how much percentage of your monthly income you could save? It will be a critical question since it will determine if you could afford to amortize and pay the down payment needed for the property. Remember that it would be a great form of sacrifice since you are setting the road to having a brighter future. Make it mandatory to save an exact amount per cut-off and consider this as a future expense.
4. Seek advice from a qualified financial advisorSeeing a financial advisor does not mean that you are incapable but instead, you are willing to learn and improve the way you handle your resources. Stories of successful people will tell you that it will be the best favor you can do for yourself. This will make you realize how valuable every peso that you earn. It could be training for you too because who knows, if you find out that you're a natural and consider it an interesting thing to do, maybe you could earn extra as a financial advisor or planner in the future.
5. Stay focused, broaden your network, and get a side hustleTo reach your goal you need to focus, be positive and determined, do the hard work, and trust the process because remember there are no shortcuts. You have to consistent, persistent, and driven to succeed from the beginning until the end. If you already did the math and it turns out that resources are quite thin, then try to add connections beneficial to your goal or get side jobs to help you earn additional income. You can view these ways as your means of managing your income wherein you see a budget as a management tool. When you focus on a monthly or yearly budget, you are handling your money correctly as you keep track of your income and make adjustments that will prevent your expenses from going over. Using this system, small, incremental amounts may not appear to hold much value, however, you will begin to notice its significant importance as your savings compound in the long run. Still, if you have some budget left, you can allocate a portion of that for emergency or social gatherings with the confidence that it wouldn't affect your financial goals. Also, following a strict budget mentality can help you learn financial self-discipline, a perfect way to start managing your personal expenses. It will lead you to understand how cash flow works and how to prioritize your wants, against your needs. The more you give attention to little details on your budget plan, the more you will be able to allocate your resources effectively. Overall, you will establish a solid foundation in budgeting, along with a positive outlook towards it.
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