Create a roadmap to reach your goal
Identify your vision in buying a property as the foundation of your plan and a journey guide to your dream. It is important to know where you really see yourself in the future and what kind of property you plan to call your own.
Strategically list down items that you currently own, and those that you need to own in the future, with practical reasons to back it up. Afterward, do a self-assessment that can describe your possible financial capability in the coming years.
Live within your monthly budget
You have to come up with a list for allocation of budget for all expenses you incur on a monthly basis. After which, check if figures are just and good for you. You also need to cut down unnecessary expenses such as subscriptions and online shopping. Lessen your food trips and travels.
Throughout the process, you need to be disciplined and financially conscious. If you are planning to purchase through a loan, you can compare different rates using a home alone calculator available online to plan your monthly mortgage ahead of time.
Automate your savings in the bank
Now, how much percentage of your monthly income you could save? It will be a critical question since it will determine if you could afford to amortize and pay the down payment needed for the property.
Remember that it would be a great form of sacrifice since you are setting the road to having a brighter future. Make it mandatory to save an exact amount per cut-off and consider this as a future expense.
Seek advice from a qualified financial advisor
Seeing a financial advisor does not mean that you are incapable but instead, you are willing to learn and improve the way you handle your resources. Stories of successful people will tell you that it will be the best favor you can do for yourself. This will make you realize how valuable every peso that you earn.
It could be training for you too because who knows, if you find out that you’re a natural and consider it an interesting thing to do, maybe you could earn extra as a financial advisor or planner in the future.
Stay focused, broaden your network, and get a side hustle
To reach your goal you need to focus, be positive and determined, do the hard work, and trust the process because remember there are no shortcuts. You have to consistent, persistent, and driven to succeed from the beginning until the end. If you already did the math and it turns out that resources are quite thin, then try to add connections beneficial to your goal or get side jobs to help you earn additional income.
