Saving money to buy your dream home might seem like a huge task but it doesn’t have to be with the right ways to save money.
For many millennials, being a first home buyer may seem like a far-off dream. A recent PIDM survey shows 49% of millennials find it difficult to save money when faced with rising living costs, low wages and financing commitments. On the flipside, 80% feel in control of their finances when they set a savings goal and practice good money saving habits.
Naturally that means adjusting some of your lifestyle choices. For instance, the sooner you start saving money by cutting back on boba teas, the quicker you’ll be owning your first property. Now dry your sweaty palms and start on your prudent financial habits with these money saving tips.
1. Automate your savings
Arrange for a scheduled transfer via your online banking platform, so a portion of your income is automatically deposited into your savings account every month. That way you won’t be tempted to spend what you should be saving.
As Marie Kondo says, “If it doesn’t spark joy, let it go!” Downsize and declutter your things by putting what you don't need up for sale to earn a little extra cash. Plus, if you have a hobby like baking or painting, consider turning that into a source of extra income to boost your home savings account.
3. Plan for vacations in advance
Travel smart by planning your vacations around a budget and during non-peak seasons. For cheaper flight tickets, book in advance. For activities, purchase tickets in a group for bigger discounts. A bit of research before you travel can save you a little extra to park in your home savings account and get you even closer to owning your dream home.
4. Set your sights on shopping deals and discounts
Make the most out of your money before you dine out or indulge in a shopping spree. Browse offers on CIMB Deals or store loyalty programmes that offer discounts, rewards or cash back on your shopping and leisure activities. If you’re a student, your ID is a privilege in itself, giving you access to exclusive student discounts and offers. While enjoying the benefits, you’re also saving a good amount of money which goes toward paying for that home.
There are plenty of great ways to save. Make Google your friend and find sustainable ones that work for you. With consistency and the right plan, you can be a proud home owner in the near future.
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.