Owing a home is the start to building your wealth. It is a forced savings plan because instead of paying your landlords mortgage in rent you are pay yourself and building up equity. But how do you get that 5 or 10% down payment and another 7.5% for stamp duty? Here is a few ideas:
1) Pay yourself first! I know you will say “but I live pay check to pay check and I cannot make ends meet now” Try to put aside 5% or even 10% of your paycheck in a separate account, an account that is not connected to your debit card! For example, if you earn $700 a week, that is only $35, you spend that at the movies, right?
2) Look for any ways to save, small or large! Skip the $3 cup of latte every morning costing you $15 a week for a full year and you just saved $780! All these little things add up!
3) Make your payments on time or even a day early. Paying late fees is like burning a $25 bill!
Don't wait to buy Cayman real estate - land buy NOW and wait for it to appreciate, there is no property tax in Cayman Islands.
I hope these tips can help you save faster! Please "like" us on Facebook.
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