How to save for a new property?
15 Sep, 2018 By

It’s the year 2018 and you feel enthusiastic about your new job. You are now planning to have your own property, and you’re seeing at least 5 more years for you to obtain it. As a resident of Dubai, you are aware of the laws and legalities that would be necessary for you to have your own property. And here comes the challenge… saving for your new property. You are fully aware that Dubai has everything! Literally! There are lots of places you can spend your money and enjoy, the best restaurants, top clothing brands, latest gadgets, the best cars, and the list goes on. Even as you choose a property, the Real Estate in Dubai offers you tons of options to choose from. How can you save for a new property with all these pleasures around you? Remember these…

  1. Don’t settle for the temporary – Sacrificing your wants for a short while will enable you to reap what you have desired. If you desire to save for a new property in Dubai, your lifestyle must change. Instead of dining out in that posh restaurant every night, use that money to buy ingredients and cook at home instead. Not a fan of cooking? Learning to cook for your own will take you a big leap towards saving for that dream property of yours. Instead of spending time and money on your favorite café every morning, just opt to make your own coffee in your office pantry.

  2. Set a timeline – Be strict to follow your timeline so you may be able to keep track of your target, and finish it on time. There are special cases where your savings must be used for emergency. That is okay. Your savings may be one of your priorities, but on top should be your health, and the needs of your family. Nonetheless, if these situations are not present, be sure to keep your focus on your goal.

  3. Learn to divide – How do you handle your money when you receive your salary? Your needs must go over your wants. This doesn’t mean that you’re not allowed to enjoy anymore. It’s only a reminder that the reason you are earning today is because you are preparing for a goal in the future. Make an allotment for your personal expenses first, then your savings, and then for emergency funds. Always be prepared for the unexpected so you would be able to balance your cash flow.

  4. Be realistic – Don’t ever think of competing with anyone else. You should only compete with yourself. You can aim big, but don’t aim for the sake of being better than everyone else. This kind of mindset will only frustrate you. Keep your aspirations realistic and attainable so you will know what steps you will take in order for you to achieve that goal. The distance between you and your dream property is yourself.

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