In Filipino culture, it is common for families to be tightly knit. Due to this norm, most children stay with their parents unless they decide to move out, get a job in another place, or get married. Most parents also prefer having their children stay to remain close with them and to help them save money. Aside from that, living with parents in the childhood home also gives a feeling of familiarity.
However, some disadvantages may come along with it. Firstly, children, despite being of age, might stay dependent on their parents. Secondly, there are higher chances of arguments within the family especially since the children will learn to have opinions and decisions that might be different from their parents’. Lastly, there will be little to no room for privacy and personal space.
In the Philippines, some young adults have started living on their own despite being fresh out of college and in their early twenties. On the other hand, there are others who are unable to because of financial incapability. Despite having jobs, some are unable to move out because their income may not be enough. There are also other young adults whose salaries and priorities are focused on helping with the bills at home or their siblings’ tuition fees to give back to their parents.
However, these obligations and traditions should not become a hindrance to young adults when it comes to buying a house. Here are some ways young professionals can save up for their own house:
#1 Figure Out How Much You Need
Find out how much down payment and other additional charges will cost when first purchasing a home. After doing so, you’ll be able to adjust and gauge how much you need to save every payday.
#2 Keep Track of Expenses
It is a good idea always to list down what you’re spending on every day. This will let you see which items and commodities are unnecessary and are costing you a lot.
#3 Save and Be Minimalistic
Millennials and young adults are more susceptible to spending more. This is because of the rise of many new brands, gadgets, new restaurants, and fashion trends.
Spending money on these items also becomes more tempting with social media where posting what you recently purchased or how your Instagram feed looks has become synonymous with social status. However, young professionals need to be reminded to focus more on needs and not wants.
Opt for bringing your baon for lunch or eating at your local karenderya instead of eating at fast food chains and expensive restaurants (which are also less healthy than home-made meals). Choose a ten-peso sachet of coffee instead of visiting a coffee shop daily. Avoid buying items that aren’t necessarily needed such as new gadgets, accessories, or shoes.
#4 Make a Budget Plan
To help achieve number 3, you can create a budget plan where you tabulate your income, how much you should spend for basic needs, savings for your down payment, and a little bit of extra for yourself. This budget plan should be followed as much as possible so that you don’t overspend or lose track of the necessities that should be paid and prioritized.
#5 Boost Income
There are many ways to increase your savings and income, and one of those ways is to make use of free your time for a side-job. While you’re still young and have the energy, use your free time to earn instead of spending every weekend out with your friends, shopping and dining.
You can even search for part-time jobs online. If you have hobbies such as sewing, knitting, painting, or tutoring, you can use your weekends to provide these services to people who need them.
In sum, saving up for a new house should become a choice and a priority for young adults. While you’re still young and are starting to earn your own money, save up because a house is a lifetime investment while additional material objects and trends do not last for long.
In Cagayan de Oro, A Brown Company Inc. specializes in real estate and has houses for sale that are an excellent choice for young professionals. One of these is Ignatius Enclave, Xavier Estates Phase 6. It is located in Upper Balulang and opened this year last June.
The modern home has an upper floor with a master’s bedroom with its own toilet and bath, walk-in closet, and veranda. The top floor also has one additional bedroom. The lower level has an extra bedroom, a toilet and bath, and a dining area with a sliding door that leads to the garden. The home also has its own parking space, and the location is also flood-free, gated, and is accessible to establishments, schools, and churches.
Save up for your own home and make us your optimum choice, visit our website http://www.abrown.ph/ for more information.