Owning a house is a financial goal for everyone and when a person starts earning, then only he starts dreaming of it. It is not that the earning is less but if we are spending our money in the right way.
After completing our studies, we all start our professional career and from here our job search starts. A job is secured after a few interviews, but as life progresses, many financial goals keep cropping up with us. Taking care of our own marriage, child’s education and health, helping to meet the expenses of siblings in the family, as well as other family expenses, we become so busy that getting a new home for ourselves becomes a dream. goes. Also, as property prices are rising, owning a new home becomes more difficult for a working person.
Owning a home is a financial goal for everyone, and it becomes a dream for a person from the time he starts earning. It is not that the earning is less, but if we manage our money properly and remain disciplined about the expenses, then you can fulfill your dream of owning a new house very soon.
For this, the most important thing is to increase your financial literacy and understand personal finance. Let us take a look at 5 ways by which you can make your dream of owning a home a reality. In this article, we will also learn how HDFC Life Click 2 Wealth Plan from HDFC Life can act as a financial instrument to strengthen your portfolio and help you fulfill your dream of owning a home.
Start early
It is important that you inculcate financial literacy while in college, so that when you enter a job, you can start understanding personal finance. Realize how important savings and investments are for you, because the sooner you decide on your savings and investments, the sooner you can fulfill your dream of owning a home. That’s why you start working on personal finance with the first salary.
Control your spending
If you start understanding which things are important for you and which things you should not spend on, then money will start stopping in your hands. You start saving money. And the person who saves money for his future, he is able to fulfill his financial goals like buying a house. So control the wasteful expenses and start saving money.
Budget preparation
Decide well in advance what kind of house you want to buy and when, so that you can prepare a budget for it. If you are currently 24 years old and want to buy your own home in the next five years, you need to outline your financial goals before saving money. You have to adopt a disciplined approach regarding how much to spend and how much to save and invest, so that you can get closer to your goal as soon as possible.
Invest the saved money in the right place
It has been seen that the person who saves his money, definitely has the eagerness to invest. He wants to invest his money in such a place that he can make extra money. Here you have to pay attention to where you are investing, because there are many investment options.
If you want more returns, then you can go towards mutual funds and stock market, but here you will get more risk. On the other hand, if you want to make a safe investment, then you can go for options like Fixed Deposit, PPF, EPF.
However, here you will get lesser returns as compared to mutual funds and stock market. The corpus amount that you will get after a few years of investment, you can use that amount to buy a house.
Get yourself a good ULIP product
If you want to fulfill your dream of owning a house, then you should show understanding while investing. You should invest in such a place which gives you insurance as well as good returns. Here ULIP product will be right for you, where you get insurance and investment in one place and it also helps you in tax saving.
If you are looking for a good ULIP product, then HDFC Life Click 2 Protect Life (HDFC Life Click 2 Wealth) is for you.Would be a perfect product. This plan helps you meet your needs, at the same time, protects your family from troubles.
It gives you the facility of life protect option, death benefit, maturity benefit and additional benefit. Explain that in case of accidental death, your family will get additional insurance amount. You can avail waiver of premium for treatment of critical illness. Apart from this, it has the facility of special premium rates for women and non-tobacco users.
You can withdraw all the premiums paid on survival to maturity with the Return of Premium option. Along with this, it also gives the facility of saving in tax. Let us tell you that the claim settlement ratio of HDFC Life i.e. CSR is 98.01%.
