As one of the first steps in the home-owning process, funding your initial down payment can appear challenging considering it’s handed over in full. Generally, the higher the down payment, the less the individual must pay for the remaining amount on a month-to-month basis. With the right type of planning, anyone can efficiently save for their down payment and cement their dream of owning a home. National Bonds CEO Mohammed Qasim Al Ali shares a few tips on how you can begin saving for your down payment.
Secure a savings account
Regular saving, while challenging, is the best way to make sure that you stay on top of your finances. That’s why the first and most important step to saving for your down payment is ensuring you have a savings account where you can deposit your money. For example, with an account at National Bonds, you can join the myPlan service, which allows you to transfer a set amount of money from your bank straight to your National Bonds account. “You can also easily transfer money from your National Bonds to your bank account, in whichever country you wish to buy your home,” said Al Ali. That way, you can make sure your savings are dedicated to what’s most important.
Living within your means
Related to saving regularly, it is also important to live within your means and spend responsibly. “Paying off any credit card debt is crucial to ensure you begin saving. Also, avoid any reckless or unnecessary spending wherever possible,” said Al Ali.
Seek expert advice
While you can do your best to carefully plan your finances and save as much as possible, you can also always turn to experts for advice. “Seek out a certified financial planner which is an expert in the market in order to make sure you are on track for accomplishing your savings goals. They can help you identify the steps you need to take in order to save for a down payment in the country where you are buying your home,” explains Al Ali.
By following these tips, you can make sure you’re on the path to saving for your down payment. Planning ahead is key to making the process easier, and it is never too soon to start saving – so start today, and keep working towards your goal of having your own home.
