If you dream of becoming a homeowner soon, the first step in buying a house is to raise enough cash to cover the down payment (cost). Visits, closures, home decorations, etc.), so saving some cash would be great-here are some tips for saving rent so you can achieve your family goals faster! How late!

1. Set a realistic and logical savings goal:

First, you need to know how much down payment you can save. Financial advisers generally agree that a 20% down payment is ideal, although some lenders may be eligible to get you a down payment. Mortgage loans ranging from 3% to 5% down payment.

So now you need to roughly determine how many houses you can afford. If your calculations indicate that you can afford a home worth ₹25,00,000. Then you need to save 3% of that amount at the lowest price, or ₹75,000. At higher levels, you can save 20% from ₹25,00,000 or ₹5,00,000.

2. Plan a budget:

The next step is to find out how much money you earn each month and where you spend it. Based on experience, please consider your 50/30/20 budget. In this way, 50% of your income will be used to pay for basic necessities such as rent, groceries, and utilities. The next 30% is for things you want but don’t have to survive. For example, hobbies, holidays, and dining out fall into this category. The last 20% should be set aside for financial purposes, which includes debt, retirement reserves, and, if necessary, savings for housing down payment.

For example, suppose you earn ₹30,000 in monthly income after taxes. In this case, you can set the budget as follows:

• 50% needs: ₹15,000
• 30% wants:  ₹9,000
• 20% savings: ₹6,000

3. Find ways to save money:

The 50/30/30 budget is of course only a guideline. If you want to speed up the journey of owning a house, please deposit a little more down payment every month. If your monthly rent accounts for 50% or more of your income, consider finding a new apartment in a cheaper area. Or, you can find a roommate to pay part of the cost. In addition, there are some smaller everyday luxury items that can significantly reduce your savings rate over time, and they are categorized as "desires." Do you really need a ₹50 latte every morning? Can you reduce the number of streaming services you subscribe to? Does it make sense to cook more meals in a week than having dinner in a restaurant?

4. Open a savings account for your deposits:

Once you have found several ways to save money each month, make sure you have money when you buy a house. Instead of depositing excess cash into your checking account, it is better to set up a completely separate savings account, because this will make it easier to track your progress towards your goals. When you see that this number is increasing every month, you are more likely to stay motivated and become a homeowner.

5. Earn extra cash:

Finally, if you want to speed up your savings journey, consider how to earn extra money every month. You can sell things you no longer need in your apartment (this also makes it easier for you to move into your own apartment)  Find a part-time job that you can do at home, or a flexible job, such as taking care of your children or traveling with others Those dogs. The possibilities are endless. If rent and utility bills have little space in your budget to save money, then moving to a cheaper apartment may be a smart move! Use the Apartment Search rental apartment search tool to sort and filter apartment options by size, function, and price.