Five Money Saving Tips to Build A Solid Budget and Buy A Dream Home

Money is indeed one of the key essentials in deciding the outcome of buying a dream home. However, the very outcome of  Buying a dream home depends largely on the amount of readymade money one has. The readymade money gets added up in due course of time through the long-continued practice of steady savings. However, the question remains unanswered – how to develop a behavior vital in helping out save the money for your future home? You know very well money is the sole determinant for any materialistic gain. So, without sufficient money in hands, dreaming about a home is nothing but the result of dreamer’s fruitless mental obsession. An individual homebuyer can’t avoid the necessity of saving money as a proactive approach to fund his/her dream home. Here, we have jotted down five most intelligent and perhaps overlooked money saving tips that will play a vital role in helping you cultivate a habit of saving big bucks for your future home! Buying a dream home.

1.      Develop a clear-cut, entirely focused money-saving goal

The successful outcome of any task or venture remains an unclear or blurred concept until the seeker is not free from the mental illness of “The mind is willing but the flesh is weak” attitude. Means, if you are earning the substantial amount of money that is big enough to sustain your livelihood, you can easily pluck out the remaining amount into your saving account. Reena Vajpayee, a software engineer from an MNC company based in Gurgaon, said, “Previously, I was not honest in saving money as I did not realize its importance until recent times. I learned the significance of saving money and the value it adds to your finance. I believe saving money strengthens your financial budget. It is just a blessing in disguise. You will get to know its importance in your rainy days.”

Therefore, develop a goal of saving some money. If you save at least 5% of your entire earnings, it will build up the steady income growth that you’d be surprised to see in your account! Have a goal and start with it.

2.      A nibble on the apple is better than a big bite to enjoy the sweetness of the fruit

Technically speaking, if I ask you to save a large chunk of money on one go, chances are that you may not follow my advice or may be unwilling to put it on priority consideration. That’s not because the suggestion is impractical, it is because you find it too hard to follow as there may be a lot of domestic responsibilities in place to fulfill or perhaps personal expenses to be maintained on serious priority basis. Whatever may be the reasons, what boils down to the fact is the unwillingness that may be dissuading you from saving big bucks on one go. To sum up, just try to save money from the lowest amount, the least minimum amount that is easy for you and which does not stretch any pressure on your entire home budget. And I bet, you’d love the sweetness of the saving.

Remember – every droplet counts to make a vast ocean.

Keynote: Pick up certain amount that you feel no longer necessary for your basic needs. It could be Rs 10, 20, 30….depending on the bearing capacity of your budget and your willingness.

However, the bottomline remains the same – Save little! Save little! Save little!

3.      Control the small, random expenses

Someone said this to me that a horse usually gets jibbed (a movement of a horse when it moves back and forth and utters neigh wildly) on the road if led to provocation by a human or a thing lying within the animal’s visual distance. This is what the small, random expense all about. The habit of squandering money impulsively on the things which barely belong to the fulfillment of your basic needs is a potential factor in ruining your budget. Sadly, most spendthrifts do not appreciate the money spent until they feel the goods bought by the money were actually the outcome of conspicuous buying syndrome (an uncontrollable tendency to purchase things just to impress others). This calls for the need to organize small, random expenses to build a healthy budget in due course of time. This may be a difficult task on prima facie, but will turn up a blessing in disguise, as Reena said in the above statement.

Cut short on any expenses you think are the waste of your precious penny. Be it fancy dresses, discounted appliances or eye-popping gadgets; never use your money in buying them until deemed absolutely necessary. If you develop the habit of ignoring the urge to squander money on things not relatable to your needs, you will end up saving a lot of money in the long run.

4.      Owning any debt? Pay if off. Now!

One of the worst ways to wreck financial budget is to pay out the hard earned money as an interest to certain debts. Whether it is credit card debt or any form of the liability, until and unless you get them sorted out, they would keep disturbing your budget. More so, it will keep your saving plan in cold storage. As a rule of thumb, pay off your credit card debts or other liabilities as soon as possible.

Key Note: Take a good look on the amount of debts you’ve incurred. Map out a strategy and know which of the debts must be paid off according to the convenience of your budget. Pay off all your debts, starting from the smallest ones with highest interest rate.

5.      Keep an eye on your saving

Whether you drop some coins into your piggy bank or deposit few money in your saving account, always check the progress of your savings, monthly or quarterly. The feeling can be compared to the lush green crops you had cultivated in your farmland. Moreover, frequent monitoring will help you remain focused on your personal savings plan. Besides, you will get the hang of how to fix small problems easily, mainly avoiding the unwanted household or personal needs for the sake of the savings.

In conclusion, money has always been the crucial source for buying things of personal needs, including your dream home. However, it is the sufficiency of the money that determines the outcome of your future home. And that sufficiency can be brought into reality if certain habits associated with saving are taken into consideration and followed with commitment. In a nutshell, if you continue to make small savings day by day, there will come a time you will have sound funds in hands to afford the cost of your dream home.

For more information related to buying your dream home under the affordability of your budget, visit our facebook page : https://www.facebook.com/bhoomiassociates  in your leisure time.