Save for your Dream House with these Tips

Saving for your dream property in Dubai (or anywhere in the world) can seem like a daunting task. But what if I told you that it is a big task that can be easily accomplished by simply cutting down on unnecessary expenses and luxuries? Here are six easy ways you can save some extra cash to put towards the home of your dreams:

Get a Savings Account

Firstly open a savings account dedicated solely for you ‘dream home fund’. Separating your spending money from your savings money will assure that there’s no temptation to spend it and will help you stick to a budget.

Create a Monthly Budget Plan

Assess how much you (and your partner) make each month and make a realistic and honest budget plan that you feel you can stick to. Print out a checklist of your monthly expenses and check them off as you go through the month, this way you can see that they have been paid and that you’re on track.

Adjust your Utilities

This one is easy to cut back on. Instead of taking a ten minute shower, take a five minute shower. Switch off any lights and appliances you are not using and cut back on the amount of time you use your heater in winter (rather use a hot water bottle) or aircon in summer. You’re utility bill will be cheaper and you can put the excess money in to your savings account instead.

Don’t Eat Out as Much

It’s easy to give in to the temptation of fast food. Driving though McDonald’s is a quick and easy solution for dinner on the way home after a late night at work. But each take-away meal adds up, (normally to more than your groceries would) taking away precious pennies you could be saving.

Think About your Travel Costs

Petrol to and from work can be expensive, especially if you’re commuting a long distance five days a week. Opt to use reliable public transport (train or bus) instead, or start a lift club with other people in your area and share the cost between you.

Cut out Big Expenses

Swap your yearly island vaycay for a local weekend away, or put off buying that new car you’ve been eyeing up for just one more year. By cutting back on your big expenses you will be adding larger sums of money to your ‘dream home fund’ bringing you closer and closer to making it a reality.