My First House Down Payment

How I save money for my first house down payment? Thanks to the savings in fixed deposit account, I managed to pay the 10% down payment home loan for my first property deal.

Basically, I do not expect any saving money tips from a financial expert. A complicated plan does not work well for me. So, I make my saving plan as simple as possible. In order to achieve our goal, we must have an action plan, that’s why I have written down a very simple action plan as follows:

• 1st target: Save for 1st RM5,000 FD
• 2nd target: Save for 2nd RM5,000 FD
• 3rd target: Save for 3rd RM5,000 FD
• 4th target: Save for 4th RM5,000 FD

It is a simple plan and I believe the objective is achievable for everyone, right! Besides, do some comparison between fixed deposit accounts in the market to find out the best FD rate. To check fixed deposit rate in Malaysia, click here. After that, start focusing to accumulate your savings.

The reason why I set it to RM5,000 per 1-month FD is:

• 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

No money to buy property now? Never mind, start your saving plan immediately from now.