When it comes to buying a home, unless you have deep pockets to spend a full price at once, one should have at least a saving equal to twenty per cent of the house price for the down payment before applying for a home loan, as banks usually limit the credit line. If your saving happens to be under the number, it is time to accumulate more money through these simple tips in your daily routines.
Notes that expats can purchase a house in Thailand only under the name of Thai spouse or in the form of corporate where the dominant shareholders are Thai nationals. Buying Guides.
1.Consumptions
Foods are basic needs for human survivals yet in each day we consume more than what we really needed, to the extent of unnecessity which does not only incur more expenses but also deteriorate our health. Instead of dining in a restaurant as a habit, allow you wife to show more home cooking skill; not only it’s a turn down on service charge and VAT expenses, a greater bond of relationship can be formed through new shared experiences too.
Drinks are another expense you could avoid. A daily purchase at the coffee shop, especially from Starbucks, comes with a painful price. Be your own brewer for the cost saving and intimate taste that on one can duplicate. Soft drinks are totally unnecessary; it takes away your cash but, instead, brings a doctor closer.
2.Transportation
For the convenience, many people take cabs on a daily basis; some take twice a day back and forth between workplace and home. Assume that it costs 100 baht per ride, a week would sum up to 1,000 baht excluded weekends, a month would cost 4,000 baht, a year for 48,000 baht; that’s a huge number which can be spent on your home purchase. The travelling expense could be minimized by taking mass transits, which are now expanding to cover more areas in Bangkok Metropolitan Region. It may be a trade-off between privacy and lower price, but certainly a great escape amid traffic congestion during prime time. You don’t have to be so frugal to the point of feeling compelled to take a public bus that costs five to ten baht per ride. Instead, be balanced.
3.Lifestyle
Lifestyle is the word that summarizes your total expense. A smoker would spare daily money for cigarettes. A traveler would prepare a budget for trips. A party lover would spend the least during midweeks for the Friday night party, the list goes on. A new home would be possible only if you learn to cut off the unnecessary habits. Nevertheless, travelling is undeniably a universal way to rejuvenate soul and mind after a tiring work period. To still travel but spend less is to shift your destination and mode of transportation, from abroad to domestic or from high-end to low-cost airplane, or perhaps, to train. Another unavoidable spending is the use of smartphone; however, you could save a lot of money by not purchasing every new version it comes out, as long as your own still work effectively.
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A small change is insignificant, but as it is carried through to become a habit, the unforeseen result is totally different, recalling the case of taking cabs every day. Focus on necessary and cease the unnecessary is the key for the simple daily cost savings tips. “I alone cannot change the world, but I can cast a stone across the waters to create many ripples,” said Mother Teresa. You’ve got a stone in your hand, and your new house can be reached through the ripples.
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The article is written by Nitchanee Chantasart, CFP of Kasikorn Bank, and translated by Sitth Chongprasobtam
