Own a house in 5 years

Sun.Star Davao - - BUSINESS -

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.

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