2019 is a new year to celebrate and to set your goal to own a property. There is no magic formula for this, yet an opportunity to drive up your skills and boost your confidence to claim it. To make your dream a reality probably is the most challenging but certainly be worth it in the end because it is both your financial and emotional investment.
To own a property corresponds to the need of monetary value called money. Money comes in whenever you do work or render service. You have to work hard, rather work harder. Nothing comes easy when you talk about investment particularly of a real estate property.
Property investment will require you to manage your financials accordingly. Focusing on your budget will lead you to success by using an effective income management tool perhaps and here are the top 5 ways to own a property this year:
- 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 to be in the future do and what kind of property you can call your own. List down strategic things in owning, your preferences, and reasons. From which, assess yourself and describe your financial capability.
- Live within your monthly budget and eliminate unnecessary expense. You have to come up with 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 off unnecessary expense 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 own one via home loan you can use different home loan 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 the 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 your future is now becoming brighter. Make it your mandatory to save an exact amount per cut-off and consider this as a future expense.
- Seek for a financial advisor’s assistance. 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 that you will do for yourself. This will make you realize how valuable each peso you earn. It could be a training for your too because who knows, you could be a future financial advisor or planner in the future. And later on, you will be an independent to handle yourself it with.
- 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 would be no shortcut. You have to be both consistent and persistent of your drive from the beginning until the end. Try to add connections and get side jobs to earn additional income.
You can view these ways as your means of managing your income wherein you see budget as management tool. When you focus on a monthly or yearly budget, you simply are handling your money. You keep track of your income, and you make adjustments in order to keep your expenses from over-running your income. In this scheme, small amounts will not value as of the moment but later on will make contribute something in the long run. Still, you can allocate some portion of your earnings for emergency or social gatherings and would not mess up your goal plan.
Also, budget mentality will help you learn financial self-discipline and a great start to manage your personal expenses. It will lead you to understand how cash flow works and how to prioritize. The more you give attention to little details of your budget plan, the more you will able to allocate your resources effectively. You will establish a solid foundation in budgeting and have a positive outlook towards it this year.