Saving up for a new home, while may take few sacrifices, doesn’t necessarily mean you have to starve yourself! This is where we would like to help you. This article will suggest creative solutions on how you can save up, and at the same time speed up the process of acquiring a new property.

Pretty exciting, huh? But before that, let’s give you an estimate of how much you need to save for a downpayment.

You see, the average downpayment in the Philippines for properties ranges from 10% – 20% of the Total Contract Price. So for a property worth 4 Million, you are expected to complete a downpayment of more or less 800,000 before you can apply the remaining balance for a loan. Although, that doesn’t mean you need to shell out the entire 20% right away; unless you want to take advantage of spot downpayment promos.

Good news is, most real estate developers are now more lenient with their downpayment schemes and even stretching it up to 24 months (or more) at 0% interest!

But the real question is, can an average earner save up for a downpayment even with the recurring bills every month?

The answer is, drum roll please, YES!

After observing successful home buyers, we have created a 3-step formula on how you can also do it.

The secret is to get M.A.D. and it isn’t the kind of mad most of us think about. It actually stands for the following:

• Do the MATH

• ADD more income

• Find the perfect mix of DETERMINATION and DISCIPLINE

Let’s discuss it further one by one, shall we?

Step 1: Do the MATH

What I need you to do is sit down and write all your expenses. You can use an app, or probably use a classic pen and paper, it’s really up to you. Include everything, most importantly what we would like to call ‘your impulse purchases’. From there, try to assess your financial behavior and see which items you can adjust.

Here are some guide questions to help you.

• How many times do you eat out with friends?

• What is your regular mode of transportation? Do you often use your car? Do you hail a cab?

• Do you often shop for clothes that you don’t even use?

• Is your current mobile postpaid plan even worth it?

• Do you always order expensive beverages?

• Do you often travel and ended up broke?

Reflect on your answers.

These questions should help you realize if you are spending your money wisely. For example, is it necessary that you dine out with your friends all the time? Because in reality, you can opt for cheaper options like having a cookout at your place, right? Or perhaps, cut down on your transportation cost by choosing more practical solutions. Why not ride a bike going to your office, or even walk if possible?

Simply put, choose the better options. I am not saying you should totally eliminate luxuries and small rewards for yourself. Again, we are talking about minor sacrifices and not complete deprivation. We believe that you can always find alternative ways. After all, you will reap bigger rewards in the long run.

Here are some of the things you can adjust on your budget:

• Dining out (Maybe it’s about time that you learn your mother’s home-cooked recipes.)

• Entertainment such as movies (Movie tickets are too darn expensive nowadays. Netflix is a good alternative, we tell you.)

• Shopping (How many clothes do you really need? Are you even wearing them all?)

• Travel (Instead of going overseas, why not a cheaper road trip with your family or friends? Care to go North, anyone?)

Now that you’ve already cut down your expenses, it’s about time to do the second step.

Step 2: ADD More Income

If you are working a regular 8-hour shift, you might feel that adding more ‘jobs’ isn’t possible and extremely exhausting.

Let me break the news, IT IS POSSIBLE!

We know a lot of people who are doing double jobs and at the same time, maintain their sanity. Thus, we are certain that you can do the same as well.

No idea what to do?

Here are some of the best ideas we have gathered:

Become an English Tutor

You can do this both online or offline. While there are a number of companies where you can apply as an online English tutor, there are Koreans and Chinese nationals in our country who are more willing to have one-on-one sessions. You can do this after-shift or even on weekends. Most of the time, they just want to have someone to practice their conversation skills. It’s as if you are talking to a friend and getting paid for it!

Offer Bookkeeping Services

If you are knowledgeable about bookkeeping, there are a lot of potential clients here and abroad. In fact, startup businesses are actually a good target for this.

Apply as a Virtual Assistant

There are a number of employers overseas that allow their part-time virtual assistants to work on flexi hours, even weekends! You can try searching for job opportunities either on UpWork or OnlineJobs.ph.

Be a Part-Time Real Estate Seller

If you want to earn a huge sum of money, you can always try selling properties. There are marketing firms where you can join as a freelancer. This is actually a good idea because you can market using social media, and you can do client trippings on a weekend!

Accept Graphic Design Projects

There is also a high demand for graphic designers. If you think you have the talent and skills, might as well build your portfolio and start doing projects for international companies. They pay good money, and some are even in USD.

Be an Academic Tutor

Do you think you can still teach lessons from school, and at the same time handle kids? If yes, then this part-time job might be for you. Or, if there are college students who would need more in-depth output with their research papers, then you can offer your consultancy services.

Write Online Content

There are practically thousands of companies that need to boost their online presence. That means, they need to beef up their content. If you have great writing skills, then send your works to different companies.

Re-sell Items

Selling a variety of items when you are working in a traditional office can be fun. It can be a bag, perfumes, or clothes! Well, you already have the network so that should be easy, right? And speaking of which, you can join network marketing companies if that’s your cup of tea.

Open Up a Loading Business

Believe it or not, opening up a loading business is actually not a bad idea. You would be surprised that a lot of your colleagues need it.

Cook Meals for your Officemates

And if you love to cook, maybe you can prepare meals for your workmates. At least you can save yourself from spending too much on fast food and restaurants, and at the same time, you can earn from your passion.

Bake Goodies

Do some samples and sell boxes of brownies or slices of cheesecakes. The good thing about this is that you don’t have to start big if you don’t have the capital. Take small steps and you would be surprised that you too can be an entrepreneur.

Sell Pre-Loved Items

Now, let’s practice being a minimalist and remove things from your life which you don’t exactly need. Get that dusty bag out of your closet, or sell that old gadget. You will realize how much you’ve hoarded and how much you can earn from disposing most of it.

These are just a few ideas but we are pretty sure you can add more.

What we are trying to say is that use your resources or find your passion and build it into something profitable.

And our final, and probably the most crucial step is having the right amount of DISCIPLINE and DETERMINATION.

Step 3: DISCIPLINE and DETERMINATION

If you really want to save up for a huge investment such as your own property, you need to have the right mindset. There will be a number of temptations that can ‘rattle’ your current budget. Perhaps, there’s a new movie that you wanted to watch, or maybe there’s a new pair of sneakers available for only a limited time.

The question is, are you going to give in?

Thus, it is important that you develop a sense of discipline and the right kind of determination so you can easily save up for something greater! This is a no-brainer but owning a property is much more fulfilling than a brand new wardrobe, right? So in the meantime, check out these properties on OnePropertee to give you the inspiration and help you start forming a better habit!

So, are you ready?

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