8 Ways to Save for a New Home while Renting

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Dreaming about finally owning your own place is something that everyone envisions at some point in their lives. If you’re currently just renting your home, maybe it’s time to think about moving to a permanent space. For one, you get the satisfaction of not having to pay the monthly rent. You also have the freedom to customize the house whenever or however you want; and lastly, having a permanent place you can call “home”.

But before skipping to that part, you should start focusing on how you can save money in order for you to eventually be able to afford whatever the down payment may be. Here are a few tips to help prepare you on your path to becoming a happy homeowner!

  1. Look for Smart Ways To Do Things

When we say “smart” it means not “cheap”. There are gazillion of ways to do things while still getting their money’s worth. If you’re a bookworm, instead of buying new books, you could borrow copies in the library for free. Instead of buying new clothes every month, try mix and matching your current wardrobe. Really smart, right?

  1. Ditch Your Vices!

A chronic coffee drinker? A shopaholic? It’s time to put an end to those vices and start saving! Not only will those activities poke a hole in your wallet, they also distract you from actually enjoying life as it is! Focus on what’s more important and get rid of those that are not.

  1. Find a Roommate!

If you’re renting an apartment, the easiest way to save more is to find someone who’d pay half of your bills, a.k.a. roommate! Having a roommate may eat some of your privacy, but saving half of your renting fee a month is not bad in the long run. Just remember to choose a roommate wisely!

  1. Cut Your Cable TV

Yeah, watching international programs and movies is fun. But it isn’t for your wallet. If you’re subscribing to a cable channel, ditch it! Your future self will thank you for it! Plus, there are other ways to entertain yourself in your house after work: You could read books, experiment on your cooking, or simply just watch your local TV channels.

  1. Get a Second Job

It may be stressful for you, but one good way to save more is to earn more, and that’s by getting another job! Don’t reside on this step unless you are really, really willing to commit to another work. Make sure you do it because you want to, not because you have to.

  1. Pay Off Your Debt Quick!

You won’t be saving any if you’re still under debt! Pay them quick so that you can save as soon as possible! Start by paying the one with the largest interest, then pay the smaller ones. This way, you’ll be able to keep your paycheck to yourself! Plus, nothing beats the feeling of freedom after you’ve become debt-free!

  1. Sell what You Don’t Need

Consider selling appliances, equipment, and pre-loved objects that you don’t need anymore. They may be as valuable as an extra car or as minute as a flower vase. Yes, it’s easy to get sentimental while looking at those old keepsakes, but you won’t believe how much you’ll get from selling them. You could always make new memories in your new home!

  1. Go Running Back To Your Parents . . . Temporarily

If you’re willing to do the ultimate sacrifice, why not move back in with your parents? No, not permanently of course. Just until you save up enough to afford the down payment for your very own house. Give your parents a specific time frame about when you’re moving in and when you’re moving out. This will give them assurance that you won’t be moving back in permanently.

Finally purchasing your own home is a dream come true! But you can’t possibly think that it stops there. You need to be sure that your brand new house will be protected at all times, especially in unexpected situations.

MAPFRE INSULAR is an internationally credited company that will financially support your home according to your needs and wants. If you’re interested in keeping your home safe for our family, visit https://www.mapfre.com.ph/insurance-ph/

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