How to start saving for real estate acquisition?

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How to start saving for real estate acquisition?

Posted by Olga on 5 October, 2022
Foto de Ekaterina Bolovtsova en Pexels

Although it may seem like a difficult task, it may be easier than you think. You just need a little discipline and responsibility in the monthly goals you set for yourself. Below we mention 6 tips to apply on a day-to-day basis and achieve success.

Monthly budget

Set a minimum savings amount and reserve it once the month begins. The amount recommended by financial experts is at least 10% of your monthly income.

Identify extra income

As far as possible, take advantage of additional income opportunities, such as bonuses, freelance projects or any activity that comes to mind and you can monetize.

Old school advice

Use a piggy bank! Deposit in it the coins you receive in exchange for purchases and cash expenses. They can be very useful and you will be surprised when you discover how much you can raise.

Separate your savings

Consider a pocket finance, a savings account or even a financial advisor. These are three of many solutions that will help you separate your money and optimize its management. This will help you build a psychological barrier where a chosen account will be the only affordable resource for your day-to-day expenses.

Avoid unnecessary expenses

Make your own takeaway coffee and water for work, prepare in advance the lunches for the week, cook at home on weekends, estimate your weekly expenses and keep up with the supermarket offers. You will realize how much you can save.

Save on fuel

If you have a car, try to drive less, use public transport or your bicycle more. Walk to the office, if it is close. Talk with your fellow workers, build your own transport group and share your daily routes.

Saving is an action that ultimately becomes an investment. All the efforts applied during a period of time will be rewarded and materialized when it comes to acquiring your dream property. Beyond having a new house, apartment or premises, you will have in your hands a significant investment of life.

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