7 Ways That Help to Save for a Home in 2014

How can I buy an apartment this year? How much should I save or plan to help myself achieve the goal? These were the questions from my friend, who got me to remember the steps, the research, and the planning before buying an apartment.

Stage – 1

For a buyer, the most critical factor is the investment. First, you must plan to save the money for the down payment. Saving should start early in the process, so that it makes it easier for you to pay as large an amount as possible.

The other advantage of paying a bigger amount upfront is a smaller future burden. Making a size-able upfront payment reduces the tenure and the equated monthly installment (EMI) amount.

Once you decide to buy an apartment, start with a good saving habit. Keep the goal of owning your apartment and start saving every buck. To realize the   goal of saving, here are some tips…

1. Tighten your control on expenses
• Eating out, frequent movies and random shopping pushes up your monthly bills and inevitably eat into your savings. 
• Ask these questions:
• Do I need to subscribe to all these channels?
• Can I reduce eating out? Instead, can I make food and drinks at home?
• Do I need to use that expensive club subscription?
• Do I really need that outfit/smart phone/book?
• Try to exercise restraint and that will slowly reflect in your monthly statements.
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2. Whittle down your credit card purchases
• We all know the notorious interest rates charged by credit card companies, but most of us go weak in our knees when we see that lovely ring or a deal on Groupon! 
• Simply put, being over-dependent on credit cards will hurt your finances.
• Here’s a way to reduce credit card dues. Try to pay more than the minimum amount towards your credit card account. Consider using cash or even deferring certain purchases to a later date.
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3. Set timelines for payments
• Payment delays result in fines, service severance and last-minute hassles. Instead of finding yourself in that mess, create a schedule (time and date) to pay your bills. Following a regular routine makes it easier to meet all your financial commitments in time. A better way is to setup automatic online payments and that also works wonders for utility bills. 
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4. Invest wisely
• Investing in a bank through a savings account is secure, but there’s very little growth. Instead of putting all your bucks into savings, you can distribute your money into other investment avenues like stocks, gold, term deposits, mutual funds, etc. The idea is to make your money generate higher returns and possibly save more.
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5. Check deals and get the best buy
• When you’re planning to buy anything, check for the best deals before you sign your cheque. Compare various offers, and finalize on the most value-offering deal. 
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6. Stay within budget
• Maintain more control over money by keeping track of funds and expenses. Cut costs to keep your expenses within budget.
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7. Finally, do thorough homework
• Don’t just depend on what you hear from brokers or the hearsay on prices. Take an all-external advice and add your findings to it. While calculating the final price, add additional elements like stamp duty, legal fees, inspection fees, etc. 

This is a blog post by Bharath Joshi a Marketing Executive for apartments in hebbal