How to Save for Buying Your First Home?

Buying your first home is a crucial decision; it is thrilling and exhausting as well. Here Kohinoor shares the best money saving techniques so that home buying the experience will become a great deal in your life

Ways to save for buying your first home

  1. Invest in growth opportunities – Start investing earlier in SIPs, ELSS, Equity-based Mutual funds and more options which will give you good returns.
  2. Move into an affordable rented house- Cost cutting and sharing the load can save a considerable amount
  3. Minimize on luxuries – Try to reduce the expenses by avoiding expensive gyms and un-necessary purchasing jewellery items etc.
  4. Trim Additional expenses – Start with small savings like cheap memberships, buying discounted products etc.
  5. Earn more money – Identify more earning options like freelancing, working on weekends or joining part-time jobs.

But while doing all this, don't cut down on necessities!

Avoid restaurants, exotic vacations, and big brands in short a lavish lifestyle. But don't cut down on healthy food, clean clothes, hygiene and healthy and active living. As a substitute, eat at home-made food, buy products in the discount and use gardens and open spaces for a revitalized healthy life.

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