How to Save Money for Your New Home this Pandemic
- by admin
- July 31, 2020
- Home Buying Tips | Investment | News | Real Estate | Tips
Due to the COVID-19 pandemic crisis, most of us have experienced reduced work hours and cut pays, while others lost their jobs and businesses. It is indeed a hard time for all of us especially for homeowners who don’t know where to find money to pay for their monthly amortization or to buy their own home.
Pag-IBIG announced a delay on the collection of monthly amortization assistance during the pandemic crises. Meaning, you don’t have to worry about your home loan for now. Also, penalties for late payments are not taking effect while under community quarantine.
To know more about Pag-IBIG’s 3 Month Moratorium on all loans, click here.
This grace period that Pag-IBIG gave to its borrowers has ended on May 21, 2020. With this, they advised their borrowers to pay their corresponding amount due on their loan on or before their due date.
Borrowers can pay through any of their collecting partners (e.g. Bayad Center) or via the virtual Pag-IBIG here.
Paying for the monthly amortization as well as other bills and expenses is already difficult, and it will become more challenging as some of us have experienced a reduce cut on salary or have totally lost jobs.
So how can we possibly make ends meet?
As a trusted real estate broker in Angeles City, San Fernando, Mabalacat, Clark, and many parts in Pampanga and Central Luzon, we, at I Am A Homeseller, offer these money-saving tips to help you pay for your home and other expenses.
1. Skip take out and delivery
Since a lot of fast food and restaurants are still not accepting dine-in, take out and deliveries have become popular. Whilst it is convenient to have your favorite food delivered at your doorstep, this also means that you need to pay extra for the delivery. Delivery fee ranges from PHP50 to PHP100 or more depending on your location. That PHP 50 or PHP 100 is already a big saving that you can add to your monthly amortization.
Also, take out food can also cost you more. A burger and fries meal which cost PHP 100 or more is already equal to a homecooked meal that can last for lunch and dinner.
Take out or delivery of food is really amazing and convenient. But in this crisis, we need to be wiser on our spendings. Moreover, homecooked meals are more nutritious and safer.
2. Create a grocery list
More than ever, we need a grocery list before going grocery shopping. Not just because to guide us and saves time when doing grocery. But having a grocery list will also help us assess which items are really important and which are not.
So before going to the grocery store, lists down all the things that you need to buy. After listing down, assess each item if it is important or not. Remove from the list the items that you can live without or not really essential.
Keep your list simple. It will also help if you plan out what you are going to cook for the whole week. Then make a list of all the ingredients needed.
The key here to save more on your grocery is to stick with your list and avoid impulse buying. Don’t get easily fooled with “sales” and “discounts”. They are just luring you to buy more and divert your attention to more important buys.
So again, stick to your list and avoid impulse buying. You’ll be surprised to see how much you can save by sticking to it.
3. Cancel subscriptions you don’t need
Netflix is a really good subscription so you can access a lot of movies and series. But do you really need to spend PHP 500 or more per month just to watch series or movies? Is it worth it? How about Spotify? Do you really need to spend PHP 65 or more per month just to listen to music? Or can you just listen for free and save PHP 65?
Whether it is on digital content, beauty products, gym, store membership, etc., assess your subscriptions and memberships and think if you really need it, or if it gives you a good return on your money. If not, then cancel it. You won’t die if you are not able to watch the new season of your favorite series. But you will die if you won’t be able to save for emergencies and other essential things.
Prioritize what’s important. Trim down your expenses and look for ways to save more.
4. Try selling some of your unused/unwanted items
Does your baby have a stroller or crib that he/she no longer using? How about those branded clothes you bought but never had a chance to wear or clothes that no longer fit? How about those extra plates and glasses that are still in unopened boxes? How about those old books?
Look around your house and assess the items that you are not using anymore. For sure, there is someone out there who needs those items more.
By selling some of your unused/unwanted items, you can create additional income that you can use to save for your monthly amortization.
Moreover, with the power of the internet and social media, you can easily start selling items online. Or you can simply be old school and start a garage sale in front of your home.
5. Look for opportunities to earn extra money
Filipinos are very resourceful. Even though we are in a crisis, we still know how to find ways to keep going.
So if you need extra income look for opportunities to earn. You can learn a new skill like baking, online selling, cooking, etc. And use this new skill to earn money. You can also partner with other entrepreneurs as resellers or offer delivery services.
If you will just be creative, you’ll find a lot of ways to earn.
Moreover, we are in the digital age. So access to information is very easy. So if you need to learn a new skill you just need to Google it.
These are just some of the money-saving tips that you can do to save for your home and your other bills.
Hope these tips help you in some way to have your dream home.
If you are planning to buy a new home and unsure if it is wise to buy during this crisis, read our previous blog here.
There is no better time to invest in a property but now because Pag-IBIG just announced its lowest interest rates this year.
“Top officials of Pag-IBIG Fund announced on Thursday (July 09) that they are offering promo rates on their home loans of as low as 4.985 percent per annum until the end of the year, in a move to help members acquire homes and help boost the national economy amid the pandemic.
The agency is offering special low rates of 4.985 percent per annum under a 1-year repricing period and 5.375 percent per annum under a 3-year repricing period. These are its lowest-ever rates under its Regular Housing Loan program, and are available to members getting new home loans until the end of 2020 only.” – PagIBIG
Now, the next thing you need to do is find the best community for your house and lot. We, at I Am A Homeseller, offer quality house and lot properties in Clark, Angeles City, Dau, Mabalacat, San Fernando, and many more areas in Pampanga and Central Luzon. You may browse our website to check out our property listings on different communities.
On the other hand, if you need a personal and focused discussion on acquiring properties, you may contact us at 0918-963-6760 or email us at email@example.com. We offer free consultation and free site tripping on your community of choice.
Stay safe and stay at home