Artikel diperbarui pada 18 November 2023.
The assumption that you have to have a large salary to be able to buy a house is wrong. This is because there are ways to save money to buy a house with a salary of $100 through simple directions. This way, you can still buy a house.
If you still don’t know how to save, then in this description it will be explained thoroughly. To make it easier to understand, each point will be explained and given details.
The more you know about the method, the easier the application process will be. Curious about how to save the money? To know the list and description, refer to the listed structure as follows:
1. Pay off All Debts
Before saving, make sure that all your debts are paid off. Whether it’s a small debt or a big debt, everything must be resolved so that the process of saving money can be done for the purpose of buying the right house.
If debt settlement is done at the same time as saving for a house, it will be difficult to do. This, in turn, will lead to new problems where daily needs cannot be met properly.
So the money you have is allocated first for daily needs and to pay off debts. Make sure not to add new debts or credit for certain items. It is not recommended.
Once the debt is cleared, the saving process can begin. Because there is no debt, the saving process will be more focused and not deviate. This process can certainly provide good habits.
2. Create a financial plan
The second conceptualized way to save money to buy a house with a salary of $100 is to make a financial plan. Moreover, the salary you have is only 1 million, so planning must be made as detailed as possible so that it is not misguided.
If financial planning is not made, then a salary of 1 million will easily run out quickly with unclear goals. This will certainly make the saving process more difficult to do.
So before you get your paycheck, make a clear plan with reference to your monthly expenses. Then when the salary is obtained, then immediately allocate it to the posts that have been planned from the beginning.
If this very simple method is done consistently, the results will be better and the saving process can be more consistent. Your salary can also be allocated to the right post according to your needs.
3. Create a Special Account
The saving process will be easier to do if the account used is not just one. So an account for necessities must be present, while an account for saving is set aside. This is extremely important to do.
If the accounts are differentiated, the saving process will be easier and the money will be allocated directly. This method also minimizes the mixing of savings money with money for daily necessities that must be used.
So if you still have one account, immediately create a new account that can be used. Be sure to consider choosing the right bank for the second account. To save money, choose an account with low admin fees.
The cheaper the admin fee, the less the monthly expenditure on this account. So, just pick an account and start creating. Consider all sides, so that the utilization process will be better.
4. Cut Expenses to Save Money
Another method or way to save money to buy a house with a salary of $100 is to cut unnecessary expenses. The main purpose of this pruning is to be more efficient and not waste money.
Especially if you add in saving to buy a house, then the expenses will be even more. For this reason, all unnecessary needs must be eliminated in order to save for a house.
If your lifestyle remains the same and your $100 salary is also used to buy a house, you’ll have less money for your daily needs. This, of course, will make it difficult and eventually the house will not be purchased soon.
Therefore, frugal living habits must be implemented immediately and must be adjusted early on. If you are accustomed to living frugally, then cutting these needs is not a difficult thing and the process of saving can be consistent.
5. Set a Savings Target
After that, setting monthly savings targets must be done immediately. Decide in advance how much money to save each month. Of course, this calculation must also be adjusted to daily needs.
This monthly savings target can be met by various methods. It can be a daily, weekly, or straightforward method of saving for the month. As long as it is consistent, the results obtained will match the desired amount.
The process of setting a savings target for one month is very important to do. If not done, the amount of savings for each month will not be the same. This will make the fundraising process more difficult.
So, make sure to determine from the start which method you are most comfortable with. Also decide how much money you want to save for each month. When everything is in place, the process will be easier.
6. Join the Subsidized Mortgage Program
Joining a subsidized mortgage program is also a way to save money to buy a house with a salary of 1 million with a clear reference. Currently, the government has provided many mortgage programs with subsidies that are very tempting.
If there is a good opportunity, then consider joining this program, so that you can get a house at a low price. However, this does not mean that when there is a program, it is immediately followed without calculation.
Make sure to consider the price, location, and amount of savings you already have. If everything is in order and you feel that you are able to complete the house payment, then you can join the mortgage with the subsidized loan.
7. Manage Savings in Other Assets
Apart from saving money into an account, there is another method that can be used, which is saving into other assets. Asset options that can be used as a goal are stocks, gold, or mutual funds.
If you like challenges and already have the skills, then stocks and mutual funds can be an option. However, if you want a safe bet with an ever-increasing value, then gold is the most suitable choice.
For example, saving in gold assets, the money used as capital will increase because the price of gold will also increase in the future. This can be an option if you want your savings to grow over time.
All the ways to save money to buy a house with a salary of 1 million through the directions above can certainly be followed immediately. Make sure each point is well understood so that there are no wrong steps to take.
If this saving method is done regularly and consistently, then later the house will be able to be purchased according to the funds that have been collected. Therefore, the intention must be strongly nurtured so that the goal of buying a house can still be achieved.