Own a house in 5 years
THE National Wages and Productivity Commission reports that 623,631 families or 26.96% out of 2.46 million households in the Philippines plan to acquire a home. Sixty one percent of them are willing to pay a down payment worth P70,000 or less. Most financing companies require at least 20% down payment before they hand you the keys to your dream home. But, with a daily wage rate ranging from P429 to P466, how can a low-income earner save money to pay for the down payment over a five year period?
For sure there are some ways to cut back in order to buy your house one day. Here are practical ways to make sure you have money to save every month for the down payment and mortgage.
Track your monthly expenses
If you want to save money it is important to see where your money goes. Go through your spending habits and check if you are spending more than what you have. Most Filipinos have enough earnings, but we have less money to pay for our basic necessities because we spend them on things we don’t really need. Cut down on your expenses.
Discipline your mouth. Filipinos love to eat not because we are hungry all the time, but simply because there are so many peddlers around. It can be your officemate who offers her newest recipe of “puto” or “lutong ulam” and you’ll sometimes feel obliged to buy out of your friendship. Whether you’re at a bus stop, inside a jeepney or bus there are many vendors who will show you something to buy to satiate your palate. If you haven’t eaten your lunch or dinner yet, you’ll be tempted to grab your wallet and buy.
It takes an effort to control your urge to eat. Stick your thoughts on a decent meal which is nutritious, sanitary, and time-appropriate. The best way to do this is to bring your own food, even your own chicha (junk food). You can also bring your one 3-in-1 coffee sachet instead of grabbing a cup of coffee in Starbucks or anywhere else.