Buying a property is a decision of a lifetime and a huge one at that. We know, there are plenty of banks that will grant you loans to pay for your dream house. Nevertheless, you are still going to have to save for some of the expenses such as the down payment, property tax, stamp duty, registration charges, etc. It is a pretty challenging situation to save money for the house that you will buy in the future. If you start at an early stage, say your early 20s, then within 7-9 year you will be able to buy a pretty decent house for yourself. Of course, it also depends on how much you are saving.
Here are some tips that can help you in your saving process Save Small Take baby steps. In lieu of overthinking about all the payments, start by saving a small amount each month. And if you ask, our Supertech experts would suggest starting it from today itself. Every month, take out a small portion of your salary and save it to another account that you wouldn’t use frequently. Secondly, set a date or decide when you are willing to buy a house, and this will help you find out how much amount you need to save each month and how far are you from achieving that goal. Also, you can not forget that house expenses are not the only thing that you need to save for. You can’t just empty your bank account because of a house or no house, you still need food and other stuff. So, make sure that you have enough amount in your account after having done the down payment. Invest To Earn Profit There is no harm in earning a little bit of profit on the side. It will only increase your savings and will make the process slightly quicker. You can invest in mutual funds, Fixed deposits (FDs), or you can even invest in a public provident fund. If you buy a good policy with great terms and conditions, investing in mutual funds can get you good returns between the range of 10-18 per cent. A public provident fund will offer you slightly less but still a good bargain of around a 7 percent interest rate. You can even invest in the share market, pick the shares which will provide higher dividends and profits. However, all these investments are associated with market risks. So, as an expert, the Supertech owner would suggest you tread carefully and before investing take complete information about it. Systematic Investment Plans A systematic investment plan can be a nice alternative to the standard mutual fund and is affordable. It is commonly referred to as SIP, and in this, you are allowed to invest a small amount on a regular basis depending on the mutual fund scheme you selected. Unlike the standard investment, you don’t have to worry about arranging a big amount or that big amount going from your bank account. Instead, a smaller amount will be deducted from your account each month. This will ensure financial discipline in you and the return from SIP will be much higher than the standard mutual fund where you invest a lump sum amount all at once. Also Read : Tips to Maximise Space in your Small Living Room | Supertech
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