House Deposits: Tips and Tricks Into Saving Money

What is a House Deposit?

A home deposit is one of the down payments. It is calculated by the total sale of the property that you want to buy. 

Paying the amount of the total home deposit is a type of payment that can be painful in the ass especially for individuals who want to buy their first home. It is not easy to get access to the deposits. Besides, it is a large sum of money. This article will share simple steps to raise money to settle your dream home deposit payment.

Before that, you need to identify the amount of deposit you need to pay and from there, you can devise a strategy to raise money for deposit payment.

Review Your Monthly Expenses

When you start to raise and try to save money, you need to review your monthly expenses. Each time you get a salary, maybe you need to set aside some money to push your major monthly commitments such as car loans, PTPTN education loans, and house rent.

Here are some of the expenses you need to set aside your money for:

  • Insurance
  • Internet bill
  • Phone bill
  • Electricity bills
  • Water bills
  • Netflix
  • Spotify/Joox/ Apple Music Subscription 
  • Gym
  • Vape

What I would like to share here is some of the tips that you can take note if you want to: 

  • Sign up for Spotify Family and share it with your friends or family. It only costs RM4 a month by sharing this plan rather than RM19 a month for an individual plan. 
  • Opt for a cheaper internet plan. If 5G is not necessary, then don’t apply for 5G as they tend to be more expensive. 
  • Safe water usage. Use rain water that you have conserved to water the plants or flower pots. 
  • If you like Netflix more than Astro, then discontinue Astro service. If you know how tight your budget is, why not prioritize more important bills and needs? Astro is pretty expensive too. 
  • It is better to stop vaping. Lots have been reported to have damaged lungs at an early age since the vape has become popular. Those flavored vape may taste delicious and make you feel refreshed, however it is not worth your hospital bills treatment in the future  

Distinguish Between Wants and Needs

If you want to make a home deposit payment, you need to give your priority to saving money. In other words, channel your money into needs rather than wants. If you follow Maslow’s hierarchy needs then you will understand what you need and want. 

The necessities here are the items you need to go about your daily life like groceries. You don’t need to buy organic fresh produce. Just buy regular ones. You have to be patient. Once you get to buy your dream house, then you can proceed to buy the items you want.

Survey for The Best House Options Available 

Last but not least, be patience and keen when searching for the best house. Bandar Bukit Raja, Ampang or Shah Alam is your dream house location? Okay keep on looking for the best house with the best deals possible. 

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