Be smart and save for the dream home

Millennial and money are two parallel routes that never meet. Buying a home, especially, is a distant dream for the millennial generation. Only millennial’s however cannot be held responsible for this situation. Many factors like recession, rough job market, student loan debt, and lack of mid-priced homes in the market are involved in this. Some millennials might get trapped in one or all of these and drop the idea of buying their dream home. The other factors that also significantly affect their financial situation are a frequent change in jobs, loans taken for higher education, and lack of savings.

A major factor

According to a LinkedIn study, change in jobs thrice in the first five years after college is very common among millennial. This puts them in a financial crunches many times. One of the key factors that bore holes in millennial’s pockets is their standard of living. If they stay in houses where they are required to shell a large sum on rent every month, then saving for a dream home is next to impossible.

Saving Options

Many options to save a sufficient amount are provided by business insiders’ financial planner, Lauren Lyons Cole. Let’s see what they are.

• One of the possibilities is sacrificing your job and relocating to another city to save the additional expenses you make on the cost of living. But relocating is also not always easy as you have to have a job that suits your interests and allows you to save a sufficient amount as well.
  
• Figuring out which amenities you can have and which you can live without is also one way of saving money.
  
• Listing the essentials you want will make your house search easier. If you start searching According to the list, you might even find the perfect house in your budget.
  
• Living on rent and saving for a down payment is the most feasible option for millennial right now. This step will make them financially ready to own a house that suits their requirements in the near future.
  

Millennials believe in the saying “follow your dreams,” which they take too seriously. But sometimes its is easier said than done. Following a dream is hard on our pockets. To avoid getting into the trap, take the necessary steps. Start saving for your dream abode right from day 1 of your job, be it big or small.