Stepping into adulthood comes with a wave of new responsibilities, especially when it comes to managing your finances.
Owning a home is a major goal for many, and the down payment can feel like a daunting hurdle.
But fear not! Every dollar you save brings you closer to that dream.
In this article, we will suggest to you the key areas where you can cut back on spending and accelerate your savings journey! (We’re trying our best not to cut down on your happiness)
8 Things to Cut Down to Save for Down Payment
1. Concert ticket
As you realized, concert tickets have been getting more expensive in recent years.
They can be a drain on your savings.
In the past, concert tickets ranged from a steal at under RM100 to a splurge of around RM500.
Fast forward to today, and the cheapest seats have ballooned to RM300, while the most expensive ones can set you back a whopping RM1200!
While catching your favorite singer live is an unforgettable experience, those ticket prices have a nasty habit of skyrocketing.
I would suggest you think in this way: skipping a few shows could translate to a significant chunk of your down payment!
Hopefully, this sounds more convincing and motivating to you.
2. Coffee
Is grabbing a cup of coffee on a daily basis a must for you?
But here is the reality. Those seemingly small purchases can add up quickly.
Think about it – a daily RM10 latte translates to RM300 a month, and that’s not even counting the occasional treat. (milk tea, kombucha etc.)
We are not suggesting you to completely not taking caffeine. Maybe consider brewing your own coffee at home or limiting those fancy coffee shops visits to once a week.
Remember, skipping those daily drinks is to save more money in order to fuel your dream of homeownership.
3. Unused Subscription
Subscriptions give you convenience, but they also secretly suck the life out of your down payment fund.
Be honest and ask yourself.
Are you really using that music platform you signed up for to skip ads? Is that gym membership still active while you scroll through workout videos on YouTube?
The same goes for Pilates class pass that you are too tired to attend after work and during the weekend. Not forgetting the online dating apps subscriptions that haven’t sparked any special matches for you.
Suggesting you cancel those you are inactively using and look for more affordable options for the ones you keep.
Every unused subscription you cancel is another step closer to that down payment goal!
4. Delivery Fee
Believe it or not, food delivery fees can seriously drag you down from down payment dreams.
To avoid paying a delivery fee, you know the only solution is to choose pick-up!
Many restaurants offer the option to order online and pick up your food in-store. Think of it as a win-win: you save money and get your food faster, without the delivery wait.
By making it your go-to choice whenever possible, you will be surprised at how much you can save on those delivery fees.
5. Fast Fashion
Fast fashion often comes with trendy styles and lower prices than usual fashion. But these trendy pieces usually are made of poor quality and easily fall apart.
It may lead you to buy even more clothes to keep up with the latest styles.
This constant cycle of buying and discarding clothes can be a serious drain on your wallet, not to mention the environmental impact.
To spend wisely, you can explore thrift stores and consignment shops for hidden gems at a fraction of the cost.
Remember, your dream home is more important than a fleeting fashion trend.
6. Unnecessary Car Expenses
Put your car on a strict budget to unlock your dream home! Analyze your car expenses.
Consider skipping the weekly automated car washes. Do the DIY car wash yourself, which can save a bundle.
Hold off on those tempting car modifications – those rims and spoilers can wait. Decorating your car does not provide you with any practical benefits.
Every Ringgit saved on car washes and unnecessary modifications translates to a bigger down payment on your future home.
7. Saloon Services
Going to the saloon and making yourself presentable is most likely something that most people would do nowadays.
Treating yourself occasionally is reasonable but consider limiting manicures to festive seasons or when you need to be presentable at certain events.
For haircuts, you can either reduce the times of going for a haircut or explore a more budget-friendly stylist.
Every ringgit saved on the unnecessities brings you closer to your dream home. A temporary sacrifice on saloon services can pave the way for lasting happiness.
8. Vape/Cigarettes
If you are a smoker, quitting smoking will save you a lot of money in a month.
Undoubtedly, cigarettes or vaping will harm your health but also use up significant savings for your down payment.
Every pack of cigarettes or vape refill transforms into a tangible step closer to your dream home.
Invest in your future and swap those puffs for the satisfaction of owning your own place.
Giving up on these things might be challenging but think positively – You will get a reward upon achieving them, which is your house!
Reduce your spending on non-essentials like dining out, subscriptions you barely use, and impulse purchases free up serious cash for your down payment.
Every “no” to a fleeting desire becomes a resounding “yes” to your dream home!
IQI, a top real estate firm, has helped 40,000 agents achieve their dreams, from owning luxury cars to acquiring branded gadgets.
Interested to know more? Inquire today and embark on your new journey!
Continue Reading:
1. Need Some Tips for Buying A Home in Your 20’s? Learn From These First Home Buyers’ Experiences!
2. These 5 Jobs Pay You More Than 80k A Year & Don’t Require A Four-Year Degree!
