Ready to buy a house? How to save for the down payment

EAre you considering taking out a loan to buy a house? As the banks do not finance the acquisition at 100%, it is necessary to put money aside for the initial entry – which means that it is necessary to set up a savings account.

The company specializing in personal finance Finance Doctor seven savings tips that can help you. Take note:

  1. Talk to your bank – “Before taking any action, you must contact your bank. First, to understand what are the necessary conditions for you to benefit from a mortgage. Processing expenses, taxes, and initial deposit that you will have to pay”;
  2. Make a monthly budget – “Already knowing, at a glance, the value you need to achieve in your savings for entry into a home loan, start organizing yourself through a monthly budget. Enter, for example, in a table, your fixed and variable monthly expenses. a maximum amount you can spend on variable expenses. This in order not to exceed this ceiling and to manage to set limits on what you spend”;
  3. Analyze expenses and see where you can cut – “Analyze in detail the expenses you have in your monthly budget to see if there are any where you can cut. For example, do you have fixed expenses with subscription services? Think about whether, at this stage when you want to save, you can do without these services. In variable expenses, try to reduce the amounts you spend. You don’t need to change your lifestyle, but there are always solutions to not spend so much”;

  4. Bet on the return of your money – “If you already have money saved, you can try to monetize it to generate even more savings. Currently, there are options to monetize your money, considered low risk, with capital and reduced remuneration”;

  5. Monetize your hobbies – “In order to save for mortgage entry, you can also monetize any hobby you have outside of your professional activity. Currently, you can monetize small businesses through the digital world. With the social media has made it easier to promote work So if you have a hobby like: photography, printmaking, cooking, jewelry making, writing, drawing or crafting, why not try to sell your services online?” ;

  6. Put the money aside – “So that you don’t have the temptation to use the money you save and that you have a better idea of ​​how much you can save, try to put it aside. You can do this in several ways: withdraw the ‘money and save it in a piggy bank or safe, put it in a savings account or secondary account, or online via, for example, Paypal’;

  7. Find the best proposal – “When you are about to save money for the entry of the housing loan, start doing an exhaustive search of the market to find a good deal. And a good deal and profitable in the long term also passes by the subscription of a housing loan. It is important that you analyze several proposals from different banking institutions, to find the best one”.

Read also : Do you want to choose the best home loan? Five points to remember

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