What is your best ways to save money for first mortgage down payment? Basically, I don’t get tips on saving money from financial expert. I do it at my own using the simple ways to save money for my first house.
I Get My First Property Down Payment via Fixed Deposit Account (FD)
In order to achieve my goals, I know I have to do something to focus on the target. Hence, I have written down a simple action plan as below:
- 1st Target: Save First RM5,000 FD
- 2nd Target: Save Second RM5,000 FD
- 3rd Target: Save Third RM5,000 FD
- 4th Target: Save Fourth RM5,000 FD
It is simple, right! The first thing I did was to find out the best and highest fixed deposit interest rates from all the banks. Then I fully focus on the targets set on above. The reasons why I set it to RM5,000 per 1-month FD are:
- During that time, RM 5k is the minimum amount for 1 month period which is shortest FD period
- I save RM 5k for each FD so that I could withdraw the fixed deposit for emergency cases within the shortest time frame to avoid early withdrawal penalty
- Fixed deposit account indirectly helps me not to overspending and to have better control in cash flow forecasting
