Planning to Buy a Home After Marriage? Follow These Financial Tips!
01 Apr 2024

Planning to Buy a Home After Marriage? These Financial Tips!

After the wedding celebration is over, you may face various matters as a couple. One important matter that requires attention and expenses is buying a house. Besides being a basic necessity, a house is a valuable asset with many positive benefits when you own it.

However, buying a house can be a financial challenge that needs to be discussed together. You and your partner can start preparing by setting aside savings specifically for buying a house. Household finances for other needs should also be managed wisely.

Planning to Buy a Home After Getting Married? Consider These Money Management Tips!

Land and house prices are not cheap, and they continue to rise every year. This makes it necessary for you to make extra efforts to buy a house after getting married. In addition to saving money, there are many other things you need to pay attention to and do. Follow these money management tips to make your dream of buying your ideal home come true soon.

1. Determine the Right Time to Buy a House

The first step you should take is to determine the right time to buy a house. It's essential to plan for your home purchase as early as possible so you can start saving towards your targeted down payment. For example, if the house you want costs Rp800 million, then the down payment you need to prepare is 15% x Rp800 million = Rp120 million. If you plan to buy this house within 5 years, then you must save Rp120 million : 60 months = Rp2 million per month.

Pay attention to the property market conditions and prevailing interest rates. It's possible that the house you want right now will be significantly more expensive in 5 years. An anticipation you can make is to save a larger amount or invest in products that yield higher returns than conventional savings accounts.

2. Create a realistic budget plan

Create a detailed and realistic budget plan. Calculate all your monthly routine expenses, including loan installments, living costs, insurance, and others. Set a maximum limit for the price of the house you buy based on your financial capabilities and those of your partner.

Avoid buying a house just because you like the appearance of the building or the luxurious neighborhood. Match your purchase with your financial situation and other needs that you must also consider.

In addition, the home buying budget also includes other additional costs that you need to prepare. These additional costs include booking fees or down payment, Land and Building Acquisition Fees (BPHTB), purchase taxes, transfer fees, and notary fees.

3. Create a Separate Account Specifically for Buying Your Dream Home

Immediately allocate a special savings account to store funds for buying a house. Separate this fund to avoid being tempted to use it for other purposes. Always prioritize regular deposits into this account to help you easily reach your target.

4. Increase Savings and Maintain Discipline in Spending

The saying "saving is the foundation of wealth" is true! You need to be disciplined in your spending and save more to achieve your dream home purchase goal. It's important to review your spending habits and identify areas where you can save more money. Avoid impulsive purchases and consumptive spending so you can allocate available funds towards savings.

One saving strategy is to reduce daily expenses such as spending Rp50,000 - Rp70,000 on coffee or dining out each day for 5 years. Other expenses you can consider reducing include gym memberships, purchasing non-basic skincare products, streaming subscriptions, monthly fashion purchases, and more. These calculations may vary and can be adjusted based on other consumptive expenses you typically have.

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5. Increase Your Income

To accelerate the home buying savings process, consider increasing your income. You and your partner can explore additional opportunities such as part-time jobs or freelance work that align with your skills or interests. There are many freelance opportunities available online today, such as digital content creation or content specialization, that can help boost your savings balance for buying a home faster.

Additionally, another option is to start selling online on local or international marketplaces. Online selling doesn't require a large investment—you can participate as a reseller of other people's products or as an affiliate marketer.

6. Invest Wisely

In addition to saving, consider diversifying your investments. Explore investment opportunities such as Mutual Funds or Bonds offered on the digibank app to potentially maximize returns over your target timeframe. Understand the risk profile associated with each investment and seek advice from a digibank Advisor if needed to make informed decisions.

7. Regularly Track and Assess Your Progress

Regularly monitor the types of savings you have towards your home buying goal. Review your budget plan periodically and make adjustments as needed. If there are changes in your financial situation, such as a salary increase or unexpected expenses, reassess your initial plan and adjust it according to the current circumstances.

Consistency and commitment in saving are crucial and should be maintained. No matter what happens in your financial situation, make sure not to skip deposits or be tempted to use the money for impulsive desires. Discipline in saving will help you realize your dream of buying a home.

Buying a home after marriage is a dream for many couples. The best way to achieve this dream is by managing your finances wisely. Therefore, you can open a savings account with digibank by DBS. You can also utilize the 20 Dompet Maxi, which make it easy for you to manage savings or allocate budget items for your home buying goal.

Opening an account through digibank by DBS is very easy, with the entire process being 100% digital. You just need to verify your face using the face biometric feature, take a selfie directly from your smartphone, and have your electronic ID (e-KTP) ready. All daily transactions can be done online within a single app.

Not only that, but there's also free unlimited transfers using the BI-Fast feature, which is very useful for digibank friends who often conduct online transfers and need a quick process. So, what are you waiting for? Let's open a savings account with digibank by DBS now! Download the digibank by DBS app today. Check out more detailed product information here.