It is frustrating to save twenty thousand rupees for a gadget with no end in sight. On the other hand, saving at least 10-20 lakhs for a house is a tremendous amount that it makes other priorities look less significant. As hard as it sounds, here are some tips to help you save for a down payment for the property in your wish-list:

 

 

1. Automated Saving:

You can ask your employer to deduct a certain percentage of your income (say 2%) and automatically transfer it to separate account to help you save without any conscious effort on your part. It will help you budget your expenses within your already deduced limit. Also, it will contribute to the big payment.

 

2. Cut Down Large Expenses:

You might be compelled to invest in a new washing machine just because your current one doesn’t have a built-in dryer. Impulses like these must be kept in check and avoided at all costs if you want to spend big when the time comes. However, do not compromise on things that need immediate attention.

 

3. Shop for the Highest Interest Rate:

Some banks provide a high-interest rate in comparison to others. Make sure to choose a reliable bank that gives high-interest rates. Look out for the latest schemes that commercial banks are providing in the market and deposit accordingly.

 

4. Take Help from Friends & Family:

We Nepalese are kind and tend to help our loved ones in times of need. You can reach out to a trustworthy friend or family member. Later, you can pay back the money with interest rate.

There is a reason why saving for a down payment takes years. You will be satisfied and can manage the uncertainties with confidence. You’re doing everything in your power to protect for the property that will be worth the sacrifices for a couple of years.

Visit Eproperty Nepal to know about house for sale in Nepal.