How can I save money to buy a property?

Buying a property is the dream of many Chileans, but it can also be a great challenge, especially in times of economic, social, and health crisis. Housing prices are getting higher, the requirements to access a mortgage are becoming more demanding, and family incomes are becoming increasingly uncertain.

In this scenario, it may seem impossible or unattainable to achieve the goal of having your own house. However, you should not get discouraged or give up. With good planning, discipline, and motivation, you can save enough money to buy a property.

But how can you get started? How can you stay firm? How can you not lose hope? In this blog, I will give you some tips to focus on the psychological and motivational aspects of each person and help you ask yourself questions that will help you awaken the desire to buy a house. Considering that buying is becoming more difficult every day and paying rent is not profitable.

• Define your purpose: The first thing you should do is define your purpose, that is, the reason why you want to buy a property. What does having your own house mean to you? What benefits will it bring you? What emotions does it generate? What values does it reflect? Your purpose should be clear, concrete, and personal, something that inspires and motivates you to move forward. For example: "I want to buy my own house to provide security, stability, and comfort to my family, to feel proud of my effort, and to fulfill my dream of having my own place to live."

• Set your goal: The second thing you should do is set your goal, that is, the specific result you want to achieve. What type of property do you want to buy? Where do you want it to be located? How much money do you need to save? How long do you want to achieve it? Your goal should be SMART, that is, specific, measurable, achievable, relevant, and time-bound. For example: "I want to buy a 60-square-meter apartment in Providencia, for which I need to save 20 million Chilean pesos in two years."

• Develop your plan: The third thing you should do is develop your plan, that is, the specific actions you will take to achieve your goal. How will you generate income? How will you reduce expenses? How will you manage your money? How will you control your impulses? Your plan should be realistic, flexible, and adaptable, something you can achieve without sacrificing your quality of life or your mental health. For example: "I will generate extra income by doing freelance work on weekends, I will reduce unnecessary expenses such as going out, shopping, or subscriptions, I will manage my money using a personal finance application, and I will control my impulses by remembering my purpose and my goal."

• Monitor your progress: The fourth thing you should do is monitor your progress, that is, measure the results you are obtaining with your plan. How much money have you saved so far? What percentage does it represent compared to your goal? What difficulties have you encountered? What achievements have you gained? Your progress should be visible, quantifiable, and comparative, something you can see, count, and contrast with your initial situation. For example: "I have saved 5 million Chilean pesos in six months, which represents 25% of my goal. I have had difficulty generating extra income due to the pandemic, but I have managed to reduce my fixed expenses by negotiating with my suppliers."

• Celebrate your progress: The fifth thing you should do is celebrate your progress, that is, recognize and reward the efforts you have made and the results you have achieved with your plan. What makes you feel good? What makes you happy? What do you like to do? Your celebration should be positive, healthy, and proportional, something that cheers you up, relaxes you, and motivates you to move forward, without risking your savings or your health. For example: "I feel good about myself, I have managed to save a quarter of my goal in a short time. I am going to reward myself with a special dinner with my partner, I deserve it."

I hope this serves you well.

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