Do you spend with a purpose? Do you buy things that you need rather than those that you want? Well as much as most of us make the effort, we still find it difficult to budget and in turn, it becomes harder to save for the long term goal. We tend to imagine that we shall do most things when we get richer but how certain are we that the time will ever come? How certain are we that we shall get the millions to buy a house? The future is uncertain and so are our expectations of it, why not save a little each day for that house. Here are the budget tips that will help you buy a house and give you good value for your money in the long run.
Budget trimming.
Nothing is as hard as cutting down on your budget since it means giving up on what you want but trust me, it is worth the course.
You need to take charge of your money then direct your spending on what is necessary and forgo what isn’t. For instance, dining out is more expensive than cooking so why not get a recipe and do a homemade dinner? Why not go for discount purchases on groceries or clothes? Is it too much to forego the designer $60 shirt and buy the local one that goes for $5?
Kenya homes blog on, Why people buy what they don’t need with money the don’t have.
I know we want to feel good on the expensive stuff but the bitter truth is, “if you want to save and get closer to your goal of buying a house then we have to adjust.” It is going to be temporary and will do you no harm so trim that expenditure
2. Pay off debts.
There is no short cut to this, it ought to be a rule because you can’t save while owing others. Thus, paying that debt should the priority before it robs you the chance to make and save money for that dream house. Debts can pull you back or cost you a great deal, have you seen people losing their assets on debt payment to banks or individuals? Don’t fall, a victim of debts, clear it since it is one of the budget tips that will help you buy a house.
Ways to save money on a tight budget.
3. Do budget with your spouse.
Are you married? If yes, then two hands are better than one so why not do a family budget with your counterpart. This will make the budget easier to adhere to and will bring both of you on the same page with saving to buy a family house. If you are single, you could find someone that will come through for you in ensuring that you stick to the plan.
4. Review your spending habits.
You need to find out where you overspend and what seems to be costing you too much because every single coin counts in saving. It is significant to do a review on your spending because some things could be costing you serious money.
It is your hard-earned money so why not redirect the money you overspend on avoidable habits to saving for the house? Is it at Java or Pizza inn that you overspend? Cut it. Keep receipts as well, it will ease the review on where too much or too little was spent.
5. Make a schedule.
Nothing will cost you more money than impulse buying. It will make your saving plan for buying a house impossible since you are not disciplined enough to sticking to the plan and budget. But guess what, I have a remedy for impulse buying. You simply need to design a schedule that dictates when to pay the bills, when to do the shopping and specific days to buy groceries then stick to it.
Learn how to talk yourself out of purchases that you don’t need so that those few coins can be saved. You can also avoid impulse buying buy doing due diligence on prices and quality of products before buying. Go for the best price and save the rest toward the house purchase goals.
6. Generate more income.
How badly do you want to buy a house? I bet you badly want it. Will it be too much to sell what you don’t need or use your skills to earn more on a part-time job or take a second job or even start a business. Simply do any extra thing that will generate more money that can be saved to buy a house. Actually, this what Americans do and from statistics mosts of them have houses they call their own.
7. Make adjustments.
Each month calls for a new budget so make adjustments and make the effort of spending less. First, take a certain percentage and save. Secondly, categorize your needs in terms of priorities in the order of food, shelter, utilities, clothes, and transport. Once the basics are catered for, you can budget for unexpected expenses and in case of some change, you can budget for one time fun as well.
In a nutshell,
You know how much you earn but do you do where it all goes? Track your expenses as you also consider your money spending habits as a reflection of who you are. If it reflects you like a drunkard and you don’t like that then spare the coin because it will go a long way in saving for the house.
Remember, it is never about how much you earn, it is about how much you save. A coin drop in the basket or a note saved in the bank each day will make your dream of owning a house become a reality. It is simply a matter of time, patience and discipline so follow these ideas on budget tips will help you buy a house.
Kenya homes comes through for you by offering these sophisticated insights that will bring you closer to buying a house. When the budget gets right, bring us closer to housing you.
