With the current economy in Nigeria, saving for a home in a short while might not seem viable. Some people might have to save for 10 years to be able to afford something they might want to live in. You are not the only one that wants to own a property but doesn’t have a pile of cash in the bank. The struggle is real but not impossible.
Before you set your mind on getting some sort of real estate in Nigeria, you need to figure out how much you should aim for. If you are thinking about getting a mortgage, you need to think about not just the down payment but also other costs like closing costs, insurance etc, all these can slowly wrap up. With tons of develops making it easy to buy a house in the country you still need to know what you can afford or need to save up for.
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If you’ve decided it’s time to save up for a property, you’ll probably need to examine every single Naira you spend and keep a vigilance for the entire period you plan to save for. Building a saving fund will require time and effort, to help you with that, here are 6 ideas to help you save for a house in one year or more.
1. Slash your rent
Rent probably takes the biggest bite when it comes to our budget. You can decide to move in with a friend, a family member or get a roommate to lower the expenses for the year. In terms of slashing costs, sharing expenses is a great way to start. You can decide to take of small things that you pay for like raking, shovelling, or lawn-mowing top help you save money.
2. Rethink what’s essential
To help reduce your spending costs, you need to have a rethink of what you really need. When it comes to budgeting, even having a car (or an extra car) should be up for debate. Can you live without your own set of wheels for a year? If you live in a city or walkable neighbourhood, give public transportation or ride to work with a friend. You might be surprised by how much money you can save by ditching a car.
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3. Ditch little expenses
Small expenses in Nigeria could span from cable bills, shopping for clothes monthly, buying food and the likes. Cutting back on these costs can help you save a lot of money.
4. Find a side hustle
In addition to saving money, you can find other ways you can make extra money. Consider developing a side hustle and turn that into a strong income stream. While taking on extra work or a second job might not be sustainable for years, doing so for 12 months will help give you the boost you need to save that money.
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5. Embrace minimalism
Embracing a minimalist lifestyle can help you save a lot of money for a home. Did you splurge on something you never even wore? New, unopened items like shoes or designer perfume can go for a fair price on sites like The Real Real and Tradesy. You could earn up to $1000, on average, by reselling the items.
6. Get Wise about entertainment
Eliminate expensive entertainment. Even one date night to the movies per month can put a dent in your efforts. If you’re used to buying a bottle of wine and a six-pack at the store each week, your alcohol tally could be up to thousands of Naira per month. Exercising at home instead of paying for a gym membership (or finding free yoga classes in your area) can also slim your budget and help you save.
Have you had success saving money for a house? Comment and share your experience.