5 Financial Tips To Stay Afloat As a First-Time Homeowner

Category Hendra Knows

Buying a new home and feeling overwhelmed by the extra costs you might be facing? Here are our
5 ways to stay afloat and save money for unforeseen expenses;

1. Cut back on small luxuries
There are some things that you are going to have to do without. People are surprised when they
see how much they can actually save by cutting out small luxuries. Giving up your large cappuccino
in the mornings could save you up to R1000 per month, that is R12000 per year!!!

2. Budget your social life
Socialising can be very expensive these days. When you want to see your friends or family, there
is nothing a good old braai can't solve. Plus you just bought a house - surely you'd want to show it off a bit?

3. Get rid of unnecessary expenses
By the time you buy a house, you already have your fair share of contracts and accounts that you need to pay every month. These might have been a great idea at the time, but now you might feel like you could do with that extra R500 a month and let's be honest - you're not really getting your money's
worth, are you?

4. Turn your hobbies into income
If you are already saving as much as you can and still struggling at the end of the month, it's time
to think entrepreneurial: try turning your hobbies into income. It's the easiest way to make money
and you can monetize on something that you love.

5. Use your property to earn cash
A great way to make extra cash is to use your brand-new property! You can rent out the cottage
or a room, or you can sign up on Airbnb especially if you are based in Durban, our city is the place to be in December!

Author: Wayne Hendra

Submitted 14 Nov 19 / Views 408