Saving money to buy your dream home might seem like a huge ask, but it doesn’t have to be!
For many millennials, buying your first home might seem like a pipe dream. The recent 2019 Deloitte Millennial Survey* found that Singapore’s youths rank as some of the most pessimistic in the world when it comes to their economic situation. Couple that with Singapore ranking as one of the most expensive housing markets globally, it’s no wonder that most find purchasing a home a daunting prospect.
But you’ll come to realise that it’s actually not too far out of your reach. Naturally, it would mean having to adjust some of your lifestyle choices. For instance, the sooner you start saving by cutting back on your Boba teas, the quicker you’ll be owning your first property. Now dry those sweaty palms – here comes our 4 quick Financial Tips to help you get there sooner.
Automate your savings
Deposit a portion of your income each month into your Savings Account. You can use your online banking platform to ensure that this is done for you monthly automatically, with no additional effort on your part. This way, you won’t be tempted to spend what you should be saving.
Pro-Tip: Set up a Savings Account that generates you high interest on your balances or put your extra cash into a Fixed Deposit, and watch your money grow.
Expand your regular income
Quoting Marie Kondo: “If it doesn’t spark joy, let it go!” Downsize and declutter by putting what you don’t necessarily need up for sale, just 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 savings.
Plan for vacations in advance
Travel smart by planning your vacations around a budget and during non-peak seasons. For cheaper flight tickets, book way in advance. Consider purchasing tickets for activities as a group for bigger discounts. A bit of research done before you travel can save you a little extra cash – every little bit counts!
Set your sights on shopping deals and discounts
Make the most out of your money whenever you decide to dine out or indulge in a shopping spree. Always be on the lookout for offers, discounts, rewards and cashback on your shopping and leisure activities. CIMB Deals or Loyalty Programmes might be a good place to start.
There are plenty of great ways to save. Make Google your friend and find sustainable ones that work for you. With consistency and effort, your new savings will get you closer to becoming a proud homeowner in the future.
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy amongst Singaporeans. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve everyone’s well-being. This in turn, achieves CIMB’s purpose of advancing customers and society.