Buy House- Many suspects that the high price of housing from year to year makes the millennial generation unable to buy a house. Especially at a young age, many people have difficulty implementing frugal patterns and lifestyles. However, the assumption above is not entirely true, because buying a house is not impossible if you have an effective way of saving. Even though house prices are sure to increase every year, saving is still the best solution to buying a house. Then, how do buy a house at a young age? Come on, check out the following tips and tricks!
7 Smart Steps to Save to Buy a Home
The intention is the best starting point to start everything, including saving. It’s a good idea to make up your mind and intention to set the target you want to go to.
Buying a house is not impossible if you have made up your mind, and are accompanied by making a detailed financial plan.
By making a plan, you will inevitably keep yourself away from all expenses that are less efficient.
In addition, with a strong determination, in the future, you will not easily waver and be wise in using money.
Have Two Accounts
Make sure you have two different bank accounts when you start saving for a house. This can help control spending specifically.
By having two accounts, you can separate savings for daily needs and savings for buying a house.
Give tight control on savings to buy a house, in order to meet the desired target or even exceed it.
Saving at the beginning of the Month
When you receive a salary, make sure not to spend it all at once, but to separate some for savings.
Because usually if you save at the end of the month, especially if you rely on the rest of your salary, the money deposited in savings will be dynamic and unplanned.
You can save 20% of your salary, then set it aside in a different savings account.
Choose the Right Investment Type
Investment is a way that you can use to increase your income to buy a house.
You can start looking for information about investments such as gold, mutual funds, deposits, property investments, and so on.
You can learn to invest starting from trivial things, then try to start with minimal funds.
Be sure to find out the drawbacks and risks when starting to invest.
If you find any doubts, it is better for you to immediately consult a professional service to get the best solution.
Pay Off Debt and Adopt a Thrifty Lifestyle
To facilitate the desire to own a home, you should avoid debt in any form.
So you will continue to focus on saving and not think about arrears or interest.
Likewise with a frugal lifestyle, which you must apply in order to speed up realizing the dream of buying a house.
You can make savings in trivial ways, such as making a monthly spending plan, to cutting various expenses that are less effective.
The last thing you must apply to avoid debt and adopt a frugal lifestyle is to have a clear commitment.
Saving through the Public Housing Savings Program
For those of you who want to buy a house quickly, you can try to follow the government’s home financing savings system through the BP Tapera program.
The government has made this program-wide open for several criteria through PP no. 25 of 2020.
In PP 25 of 2020, states that every working community must become a Tapera participant.
The monthly fee charged to participants is around 3%.
If you are a private worker, the company or employer will cover the savings of about 0.5% and the workers 2.5%.
The contribution is automatically deducted from the salary every month. The company is required to deposit funds every 10th to the Tapera Fund account.
On the other hand, business owners or independent participants are required to pay in full the prescribed fees.
Joining the Millennial Special Mortgage Program
Indeed, humans will be truly consumptive if they do not have their own goals or goals.
To stop this trait, you can join the Millennial KPR program which is often offered by banks.
Maybe this could be the last step you can choose to be consistent in buying a house.
With relatively low-interest rates, you can easily get the house you want.
In addition, the bank also provides easy installments according to your financial capabilities with a certain tenor.
Wait a minute, make sure you don’t have any debt or are on a bank blacklist, okay?
Of course, these two conditions determine whether the mortgage application is approved or not.
So, those are some tips and surefire ways to save money to buy a house for millennials.