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5 tips for working mothers when buying a house
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Today's working mothers make many important decisions at home, and often that choice consists precisely of embarking on the path to achieving the dream of giving up renting and owning their own home. If you have set that goal for yourself, we have 5 tips from Karla Bayly, a financial consultant and coach , to help you achieve it:
- Tips for single mothers
You always have to start from a budget, that is, know how much your income and expenses amount to. Be realistic about what you really need to spend to prioritize saving.
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“The best way to save is to know that you are subject to a certain spending limit each month. That helps a lot when you have the goal of having a house because a goal motivates you, it is not that you tighten your belt just for the sake of it, it is about gathering the down payment of your house ”. That becomes a great reason not to spend on things you don't really need. Set priorities and allocate that amount to savings.
And if you can't find what expense you can cut back, there are always ways to generate additional income from home: catalog sales, selling those delicious desserts, and so on. That way you don't neglect your little ones and that extra can be used to purchase your home.
- Tips for moms with variable income
You must start from the same principle: awareness of your level of income and expenses. What is not within that should go to the household savings bag. According to Bayly, the important thing at this point is to emphasize that it is not only about saving by separating that money, but also investing.
“Currently there are many options in which you can invest from 100 pesos. As long as you have the necessary money for the house, the rest can be growing and that is a great incentive, "he says.
It feels very good to invest, see your money grow and see how that brings you closer to your goal - if not at a high speed because you prefer to make a moderate risk investment and you do not want to risk the down payment on your house - it is very gratifying to see that your money is not falling asleep in the bank, he warns.
Among the options mentioned by the personal finance expert are Piggo and cetes directo.
- Tips for married moms or with a partner
The first step is to make sure the goal of owning a home is a common one, not just yours. If the two of you are on the same page, there is less chance that you will create frustration and will not achieve the goal of raising the money for the down payment.
The next thing is to make a savings plan. In the opinion of the specialist in financial coaching, what works for several couples is to adjust to living with the salary of one of the two and the other salary to be used for savings and fun. This is a healthy practice that makes them achieve projects such as the house, going on a trip or starting a business.
READ ALSO Just married? Pool your credits to buy a home!
- Tips for moms with children in school stages
The advice for you is to prioritize, what do you want? A very good school for your child and not having your own home or perhaps lowering the level of school or life but thinking that you are going to have a heritage.
Is it worth sacrificing a little? Bayly claims yes. We all want the best education for our children, but sometimes we start to get carried away because they have to be in the best school or we have to take them to all kinds of extracurricular courses when that is not vital.
It may seem crude, but if the goal is to have a home, certain decisions are required to achieve it.
Another important tip, do not get carried away by the guilt of being a working mother. You don't have to make up for your absence with gifts or the delusion of giving your child what you didn't have in childhood. Consider that perhaps your parents did own their properties and that this would be much more beneficial for your child.
- Tips for everyone
We finish with 4 essential tips before starting your savings, so that you can go for your dream home:
- Having an emergency fund: because when you don't have it, where you are going to take money is from household savings.
- Having medical and auto insurance: well that will also prevent that when you have a problem, you end up using that capital. Avoid all kinds of spoilers.
- Eliminate ant expenses: a donut or some gum doesn't seem like much, but do the math and calculate how much you waste on that and how it could be a significant saving for your down payment after 3 or 4 years. And now yes ...
- An automated savings plan: the best way to save is to do it without it hurting you, make an agreement with your bank, investment fund or cetes to have that money taken from you automatically, so you know that you do not have it and avoid temptations.
Like everything good in life, achieving the goal of owning a home requires commitment and a little effort. Do not be discouraged thinking that you will not achieve it, every step counts, start today taking advantage of these tips that will give you an advantage along the way.
In Vivanuncios you can find your ideal home among more than 93 thousand ads of properties for sale throughout Mexico, according to your budget, needs and location.
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