10:04 04 June 2013
Deposit - this is the first thing that you need to prepare for when buying a home. Ideally, you would want to make a huge deposit so you’ll be faced with lower monthly fees and shorter payment terms.
Below are the steps to save for the deposit faster:
How much can you set aside every month to start saving for your deposit?
If the figures don’t give you the number that you’re looking for, look for expenses that you can eliminate. For example, you may need to minimise the number of times you go on a holiday abroad or you may want to stop smoking to save money.
So, clear as much of your debts as possible. Start with those ones that have higher interest rates.
You can also invest in short-term bonds. However, ensure that all your investments are very safe as you wouldn’t want to lose money when you’re saving for your house.
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