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Here are eight new year resolutions to finally become a homeowner in 2016
2015 is already over, and we are back to that time of the year when we promise to change our ways to make the coming year a better one. Many people, for instance, promise to cut down on fats and calories and save more money every time the new year comes. For some people, however, new year resolutions involve bigger and more important life changes, like a couch potato to an active kind of lifestyle, a single person to getting married, or a renter finally buying a home.
The last item requires funds, which are not changes small enough to be saved up for in a month or two. A home is quite a big purchase that you will have to change your entire way of living and spending just to afford it. For that, we have got your back. Here are a few new year’s resolutions you may vow to uphold this coming year to boost your savings and you finally afford that dream home.
1. Start Buying Smart
There are some expenses that we just cannot avoid, like food, utility bills, or a new appliance. However, there are future expenses that we can prevent. In buying an appliance, for example, it is a widely held fact that you have to shell out a few more thousands to get good ones. Often, the price of the item is directly proportional to its quality, which is quite important as you would definitely like an appliance to last many years. Buying an item made by a trusted brand, even if it is a little more expensive, will assure you of its quality, and will help you avoid frequent trips to service centers for maintenance checks and fixes, or even to the stores for replacement.
2. Grab That Opportunity to Work Freelance
If you are really eyeing to purchase a home this year but have not saved enough for down-payment or deposit, now is a good time to work on the side. Whether it’s a hosting gig or a freelance writing job, there are plenty of opportunities open for freelancers. Check out openings at oDesk, Freelancer.com, or even local website Raket.ph for job openings.
3. Start Investing or Investing More
If you do not have a lot of time on your hands but have enough cash stashed in the bank, you may get into investing. Investments, in general, are necessarily time consuming as it involves personally overseeing the acquisition and disposition of stocks, bonds, or whatever it is you are investing in. There are, however, alternatives to this. You can acquire investment policies from insurance companies, start on mutual funds, or even buy Treasury bills issued by the government.
4. Sell What You Do Not Need
Often enough, we buy more than what we need. This is probably due to the common notion that it is better to have more than less. With this, people tend to have a lot of “junk” stored in their homes; stuff that are barely used, but are kept anyway. This year, go and sell the “junk” you have at home. This way, you get rid of excess items in your homes, and earn some cash in the process.
5. Cut Down on Your Unnecessary Spending
Cut down on your vices and your other unnecessary expenses, and you will be healthier and richer by the end of the year. But this is easier said than done, so do not do this abruptly. If you are so used to enjoying a Starbucks latte every morning, cut down your consumption of this pricy (and calorie-loaded) beverage to twice or thrice a week. This alone will save you more than Php60,000 in a year, which will be a considerable addition to your savings.
6. Seek Financial Help
In line with the previous resolution on investments, seek financial help from finance experts and fund managers. If you have friends in the financial sector, you may ask them for budget tips and other ways to make the most out of your money. If you do not have access to such financial assistance, download a budget app on your smartphone, and keep track of every expense you make vis-à-vis your monthly income to monitor how much you are spending on what, and exactly how much you’re really saving.
7. Start Raking in the Extra Hours
Many employers offer overtime or holiday pay to those who opt to work past the required number of hours, or to those who choose to show up for work during the holidays. This does not even take into account the night differential pay you may get if you work the night shift, or if your overtime runs into the period covered by the night differential benefit. For as long as you have work to do, and you would rather finish your workload in the office than think about it at home, then we suggest you go for it. Consider, however, your health and the other dangers that you may encounter if you choose to leave the office in the wee hours of the evening.
8. Start a Piggy Bank
Keep your spare change, and put them into a piggy bank. Every centavo counts when you are saving up for something this big. It may seem like a trivial amount now, but when you get to that point that you have to account for everything you spend to keep up with monthly installments and other bills, you will learn to appreciate those tiny loose changes.
Furthermore, do not crack open that piggy bank unless you absolutely need what’s inside it. You will have to discipline yourself to resist the temptation of opening it up for some purchase other than the purpose you originally had in mind. Know when the purchase you want to make is a need or a want before you decide on it.
So we hope this list of new year’s resolutions would help you afford that new home you have been dreaming of. Good luck on your purchase, and have a Happy New Year!
Main image via IngImage