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Hacks to save for a house


If you’re planning on buying a house in the near future, it is important that you know these tips and tricks that might help you save so that you can have your dream come true.

1.       Target

You first have to know how much you’ll need to save. Then, put a time frame on that amount. Obviously, the shorter your timeframe is, the higher your annual savings goal will be.

This must not only include the price of the house but also the furnishing and all the scanty expenses that come along with a house.

2.       Budget and Save

You need to make room in your budget, so that you are able to cut down as much as you can on your unnecessary expenses and your emotional buying habits.

Get automated savings. Make sure that a portion of your pay check is always routed into a savings account, so that you will not be tempted to splurge your money as soon as you get paid. 

3.       Be Open to flexibility

Since we’re talking about saving several Lakhs per year, you have to make sure that your savings goal is doable. It is important to build flexibility into your savings plan.

Remember that your usual expenses and demands will still be there. None of these will magically stop just because you have a goal of saving money for a home.

Remember this isn’t an emergency fund or a retirement plan. You’ll be needing a large sum of money that too at quite a short notice.

READ ALSO:  HEALTHY MONEY HABITS

READ ALSO: HACKS TO SAVE MORE

Written By: BALAKARTHIGA.M



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