5 things you ought to do before that first car or house
MANILA, Philippines – Remember those acronyms we learned in grade school?
From the practical PEMDAS (which taught us that there’s a definite order to solving linear equations), to the more recess-appropriate ones like JAPAN (Just Always Pray At Night), acronyms have always helped us to get ahead and achieve certain things - a perfect quiz score, or a cool sign-off to a handwritten note to our best friends.
Acronyms can still come in handy for adults, especially for big milestones like starting a business, taking that first overseas trip, or getting a first car or house. Think of it this way - those big-ticket investments are the grownup equivalent of a medal or a certificate. It’s your way of telling your younger self, “We’ve made it. We’ve made our dreams come true.” Right?
Acquiring those vital “firsts” can be easier if you remember a few guidelines. Here’s how you can get “ready” for those big-ticket achievements:
What’s the next big item on your bucket list? Your very own car? An apartment that you can decorate and call your own? Start by researching your options, listing down their terms, and making side-by-side comparisons. The information is out there – whether it is in the form of books and magazines, online websites and blogs or even knowledgeable people.
Keep in mind that a “deal” on a house or car is not the same as a bargain deal on shoes or clothes. Sometimes, going for cheap does not hold well for long-term. Arm yourself and soak up all the information that you can grab!
After securing your options, go back to your bucket list. Jazz up that dream board, then envision a timeline. When do you want to get behind that steering wheel? How soon do you want to start furniture shopping for your spanking-new condo? Setting a deadline helps concretize that milestone, since you’ll factor in what you have now (your savings) and what you can shell out in the next months or years to fund the dream.
If you’re on your first or second job and only starting to build up your savings, you need all the help that you can get. In most cases, applying for a loan can get you nearer towards your goal. Being eligible for a loan means that you’ve reached a certain level of financial wellness. It means that you’re ready for bigger and better things. Choose wisely and read the fine print before printing out that application form.
D-evelop The Plan
You have the dream, the means, and the tools. Now, devise a plan to make it yours. How much can you shell out on a regular basis? What adjustments do you need to make in your lifestyle to fund your goal? By securing financing from a trusted bank partner, you can fund your dreams on comfortable terms, without sacrificing your capability to be prepared for short-term goals or emergencies.
Keep your eye on the prize, and sooner rather than later, that car, home, or business will be yours to enjoy. Use it to thrive and to empower yourself and your loved ones. Then, aspire for even bigger milestones next! – Rappler.com
Want to be ‘ready’ for your first life milestone? Read all about applying for BDO Loan here.
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