The PropertyFox Saving Guide
Are you thinking of investing in property? Here are our top money saving tips to help you reach that deposit figure.
Saving up enough money to buy a home isn’t always an easy task, but it’s certainly worth the effort. Whether you’re a first time buyer or you’re looking to upgrade, follow these money saving tips to reach your saving goals as soon as possible.
Do your research
Before you start saving, you need to work out how much money you need to save. What price range are you looking at? How much money have you saved up already? Do need to put down a 20% deposit or is 15% enough? Do your research so that you know exactly how much more you need in order to make buying a reality.
Create a Budget
Saving money is all about putting away more money than you spend. Creating a budget is a great way to ensure you don’t spend beyond your means. Whether you create a new budget or adjust the old one; be sure to stick within the limits you set for yourself.
Downgrade where you can
While you’re looking at your budget, it’s a good idea to assess what you spend your money on currently. Can you save in certain areas? Consider downgrading to a cheaper car, switching to Netflix from DSTV and cooking your favorite meals instead of going out to eat them – you’ll be surprised how much you can save by making small changes.
Open a savings account
If you keep all of your money in one account, it’s a lot harder to track your savings and stop yourself from spending unnecessarily. Create a savings account specifically for your house deposit and try not to touch that money. If you can, set up an automated transfer so that a certain amount of your salary goes directly into this savings account each month.
Save any extra money
Even though it might be tempting to go on a shopping spree with your yearly bonus, rein in the urge to splurge. Put all unexpected money straight into your savings account, whether it’s your tax refund, a monthly raise or even a gift.
Reassess your current living situation
If you’re renting, consider moving to a cheaper apartment or house and save the difference. This way you can use the money that you would have spent on rent to invest in your own property. If you’re already a homeowner, do you have a garage, cottage or spare room that you could rent out to make some extra money? Try your best to make your property work for you.
Even though saving is tough, all your hard work will pay off when you buy your new home. But the saving doesn’t stop there! Don’t throw your hard-earned money away – save even more by buying your dream property with PropertyFox, we’ll save you a ton of money as we only charge 1.5% commission on sale (or a minimum of R35,000) ex VAT, as opposed to other agents between 5-7%! So list your property for sale with PropertyFox!