Buying the house itself is the dream of the vast majority of Brazilian families. The good news is that realizing this goal is possible, but for that, you need to focus, determination and, especially, invest in planning and controlling expenses. In this post, we will give you incredible tips on how the family can raise money to enter the dream house itself. Check out:
Make a spreadsheet for income and expenses
The first step to raising money and getting your own home is to make a spreadsheet for income and expenses . This is an essential tool to know exactly what the family’s total net income is, and also their expenses. It’s important to be careful not to leave any expenses out – even small expenses, such as snacks, movie tickets and bus tickets, when added up, make a difference in the budget . When creating the spreadsheet, it is essential not only to put the amount that was spent but also the category of the budget in which the expenditure is inserted. So, it is possible to know exactly where the house money is going.
Plan your spending to raise money
After analyzing the income and expenses and assessing whether the family budget is balanced, it is time to start planning for expenses. This ensures that you will never spend more than you earn and that you are also directing family money to what really matters. Set early in the month how much you would like to spend in each category and control spending over the weeks to make sure they are on schedule.
Reserve an amount every month
When it comes to creating a spending plan, it is important to set aside a large amount to realize the dream of buying a home of your own. The amount to be saved depends on the time you would like to achieve the goal and the amount available for that purpose, but ideally you can save 15% of net income for that financial priority.
Evaluate what expenses can be cut
If household incomes are not enough and it is difficult to economize, it is important to start cutting costs. Start with the superfluous and non-priority expenses like weekend outings, club tuition and travel. Then examine whether it is possible to reduce consumer bills, such as electricity, gas and telephone, with a change in habits. It is essential that everyone in the family get involved and do their part to cut spending to come true.
Count on the help of financial management software
Betting on financial management software makes spending control and expense planning much simpler. There are already applications that allow the management of finances to be done automatically in less than two minutes. Simply enter the data from internet banking and the system pulls all the movements in the checking account and credit card, making an automatic categorization of expenses. This makes it easier to know where you can save money!