In our last blog publication, discussed the first step to take if you want to save up quickly in order to acquire a property. Today, we will discuss additional three steps that will make your property’s purchase a reality despite the current challenges with the Nigeria’s economy. In our next blog publication on this subject matter, we will discuss the remaining two ways to quickly save to buy a property. Below are number 2, 3 and 4 steps on how to quickly save for the purchase of a property.
- Rethink what is 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? Will you spend less through the year and save more? If you live in a city or walk-able neighbourhood to where you work, you might want to give public transportation or ride to work with a friend, a thought. You might be surprised by how much money you can save by ditching a car (or an extra car).
- Ditch unnecessary expenses
Small expenses in Nigeria could span from drink bills of friends, shopping for clothes monthly, buying expensive food, and other extravagant expenses, and the likes. Cutting back on these costs can help you save a lot of money.
- Find a side hustle
In addition to saving money, you can find other ways with which you can make extra money. Consider developing a side hustle, usually called PP – part time jobs, and turn that into a strong income stream. While taking on extra work or a part time job might not be sustainable for years, doing so for about 24 months may help give you the boost you need to save that money you need to buy a property.
In our next blog publication, we will be discussing the remaining two steps to save sufficient funds to buy a property. If you want to review prices of different properties, and guides on how to plan to buy a property, please contact us at South and Sttes Properties Limited.