How to Take Care of Finances after EMI Starts
Mar 13, 2019 Home Loan
Buying a home is undoubtedly the most expensive financial investment; one makes in their lifetime. The joy that follows after being a homeowner is unmatched. But among all the joy and happiness one cannot overlook the financial burden that has seeped into their life and will stay for a while. The loan tenure is generally for 15 to 20 years. That means, for the next two decades, one will have to make careful expenditures to make sure that the monthly EMI gets paid every month without any hiccup.
As a new home owner and loan borrower, there are some steps one can take to make sure they are not over spending:
As a new home owner and loan borrower, there are some steps one can take to make sure they are not over spending:
Take public transport:
Using public transportation not only help the environment by cutting down the carbon emission but also helps in saving a good fortune in the petrol or diesel that one would otherwise spend. Connectivity across the cities, both primary and Tier II and Tier III is getting better every day. One can find many public transport vehicles that they can use for their comfortable commute to the workplace.Keep the socialising in check:
Meeting your friends, throwing parties, are an excellent way to keep your relationship with your friends and families intact. But going out for dinners and parties every weekend can cost one a lot of money. Cutting them down a bit can help you save a lot of money. Let’s say that dinner for two will cost Rs 2000 minimum. If you are going out for dinners every weekend, then it costs you around Rs 20,000. Cutting these dinners and parties will help you save half the money.Retail therapy is not the answer:
Often we find retail therapy as an escape from the stress and indulge in shopping. But the products put on display are in such a way that we feel compelled to buy them whether we need them or not. In this way, we end up paying more than we were supposed to. To keep our finances in check, it is advised to ask yourself before buying anything if you need it. Not investing in things that we do not need; do help a lot.Make your payments on time:
Various amenities that we require, even the basic, like electricity, water, or credit card bills, need to be paid on time. The late payments have a penalty with them. Paying the dues on time can help you avoid the penalty and thus you can save a lot of money.Looking for property portal?
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