All of us dream of building or buying our own house. Having a home is a sign of an important milestone or fulfillment in our life. That's why most adults work hard to save or earn money to buy their dream house.
However, not everyone can afford to fulfill their dreams due to one apparent reason: they don't have enough money to fund their house. How can you ensure you'll raise the appropriate funds to buy your dream house? Here are the things you need to sacrifice to fulfill your dream.
Procrastination
One main reason why most people fail in buying their own home is that they failed to have a specific plan for it. According to the financial experts, just by saving isn't enough to buy your house. You need to create a concrete, specific, and tangible plan which you can achieve. Lastly, you need to set a hard deadline for it.
You need to assess the value of your dream house first. The real-estate experts advise you to have at least three options
Next, calculate your salary and how much you can save to make a purchase. If your current earnings made it impossible for you to save for the house, then move on to your next best option. This should give you an estimate of how long you'll have to save for your dream house. For example, if it'll take you 8 years to buy your house, then you need to be committed to setting aside your savings each month to buy your dream house.
Put Your Other Tickets on Hold
To become a true homeowner, you have to put your other leisures or priorities on holds, such as buying a new car or traveling for your holiday getaway or vacations. Instead of spending your hard earned money on traveling or doing other leisure activities, you can save this money instead so that you'll get closer to accumulate the funds needed to buy your own home.
Ordering Food and Takeouts
Most working adults nowadays are fond of eating in restaurants and ordering takeouts. You might think that spending $1 or two won't hurt your wallet and savings. But financial experts say this is where you're making a mistake. These unliquidated expenses can accumulate big money in the long run.
According to a recent study, this seamless addiction of impulsive buying can cost you to spend more than $1,000 a month!
Instead of buying takeouts, financial advisors suggest you prepare your food at home instead. Think about this, you already have a budget for your food for a month, why don't you maximize your grocery budget by eating the food you bought instead of spending more money to buy more food?
In this way, your extra money can be set aside for your house funds. Of course, you're also entitled to treat yourself occasionally, but make sure to do it in a minimum so that you can reach your saving goals faster.
Cable Subscriptions and Other Unused Services
According to study, most Americans spend more than $100/month just to have a cable subscription. This is already a large sum of money for a service where people don't have the time to maximize or fully use it.
Instead of opting for a cable subscription, why not opt for services like Hulu (for about $8/month), Netflix ($8/month), or even HBO ($15/month) where the costs are cheaper? The extra $90 you save in a month is already a huge amount to save for your house fund! Aside from cable subscriptions, the real-estate experts advise you to eliminate other unused services such as music streaming, and magazine subscriptions to increase your cash flow. Take advantage of the internet to avail these services without sacrificing your finances.
Showing Off To Your Friends
Most financial experts advise every millennial to keep a minimalist lifestyle. Focus more on saving to achieve your dreams, and your milestones will speak of your success
While the idea of showing off to your friends may sound tempting, most financial experts say this is the key to draining your money. The last thing you need is to spend more money on senseless things just to make an impression on your friend that you're rich.
Instead of buying the latest gadgets or buying branded products to live to your neighbor's standards, concentrate on saving up your money to become a homeowner in no time. The sooner you build effective saving habits, the sooner you can reach your dream of owning a house, and achieve all your dreams.