Home loans are very common these days and young couples flock to the banks' doors, looking for ways to finance their first house. But even though the financing is available easily, it is not cost free. In fact, home loans in our country are much more expensive than they are in the Western world. This is why we must try to pay off as much of the price as we can, and take a minimum loan, if at all.
Here are a few tips to help you save for your dream house
1. Be an OLX champ. Sell off everything you buy after you don't need it any more. Your daughter's princess dress, your son's stroller, your hubby's leather jacket, your own handbags, or any other thing that has not been used for over six months can be sold. Put the money in an account for your home purchase. Even small additions will count!
2. Watch the small expenses. Often we curtail our big ticket expenses, but ignore the small ones. Watch those coz they add up to huge numbers over a month.
3. Use public transport. This will save quite a bit of money you spend on petrol.
4. Don't compete with your friends and neighbours. Don't let them be the reason behind your spending patterns.
5. Avoid using the credit card. In fact, just cut it up and throw it away.
6. Cultivate a hobby than can bring in some extra money. If you like gardening, you could supply potted plants and bonsai's to hospitality industry, corporates etc. Similarly, other hobbies can also be done with a business objective.
The basic idea is to increase your income and drecrease the expenditure.