Techniques for saving money to buy a condo for freelancers

Want to have your condo, But I don’t know how to find a way to save money. If you still have to face the high cost of living and have things that tempt you to spend a lot of money like this. Saving up money to buy a condo is not an easy task for people who work in Bangkok or work in various tourist cities.

Even more so when working as a freelancer. Saving money to buy your dream condo becomes even more distant from reality. But if you start using the following savings methods, Freelancers may soon be able to own their dream condo.

1. Start by making income and expenses.
Making money and expenses is an extremely important secret to saving money for buying houses and condos. This will allow you to know how much income you have and what you spend on it each month.

When seeing the overall picture of all income and expenses, Freelancers will be able to calculate how much money they can save. And find ways to increase income – reduce their expenses To increase their ability to save more money, The chances of applying for a condo loan are also higher.

2. Deduct every income into your savings account.
This is because the income of freelancers is not consistent. Setting a goal to save a certain amount of money per month does not seem to be the answer for this group of workers. Therefore, I would like to propose a way to save money by deducting a percentage from the income that comes in each round.

For example, if a freelancer earns 6,000 baht from work fees, then 10-20 percent of the income can be deducted as savings, depending on their own savings ability. Freelancers will have immediate savings of 600-1,200 baht. When combined throughout the month, they may even have more savings than the monthly target.

3. Look for ways to save money that have high returns.
Throwing money into a savings account and leaving it alone will not only bring you nothing back but will make you happy. The value of money in the account also gradually decreases as the inflation rate increases. Therefore, depositing savings into a high-interest fixed deposit account Or invest in various funds according to the level of risk that you accept. The money that is saved will grow more.

But don’t forget that every investment involves risk. Freelancers must study carefully before deciding on an investment channel that is appropriate for them.

4. Control expenses by clearly separating accounts.
An effective way to save money to buy a house or condo is more than just saving money. But you must also know how to manage your money carefully. You must separate your spending account and savings account first. And keep savings from being easily used in daily life

As for the money that is set aside for expenses, it should be used only as needed. And you should not indulge yourself when thinking about saving money to buy a condo. Otherwise, your savings may eventually melt into objects to satisfy your desires.

5. Filing your taxes is key.
This is because freelancers do not have salary slips or salary certificates like those who work full-time. So there’s only one thing that can show banks that freelancers are earning income: tax evidence. This will help ensure that the freelancer has income throughout the year. Legally

As for other income that does not go through the tax process, Banks often do not count this as income. The tax evidence that freelancers need to present to the bank when taking out a condo loan is as follows:

– Withholding tax certificate (50 bis)
The withholding tax certificate is like a freelancer’s payslip. This document must always be issued by the client to the freelancer when wages are paid. And withholding tax is deducted according to the conditions of employment, such as service fee deducted 3 percent of wages, etc.

– Personal income tax form (P.N.D. 90)
The personal income tax return is a document that every income earner is required to submit to the Revenue Department every year. Freelancers or those with multiple sources of income should use P.N.D. 90 to show income from the past year. And the amount must be related to income and withholding tax from 50 bis as well.

It is also possible to request a refund of this tax. It shows a list of expenses and documents that can be deducted from taxes when filing P.N.D. 90, such as insurance premium payment receipts. LTF fund purchase documents, RMF fund purchase documents, child certification documents, marriage certificates, etc. This tax refund will be another way to increase savings.

6. Use a credit card to help increase your credit.
Did you know that using a credit card correctly can improve creditworthiness for cardholders? Because banks can see the spending behavior and financial discipline of those who want to borrow a condo from this point. Use credit cards carefully and pay in full every time there is no outstanding debt, thus making the loan to buy a condo more likely to pass than before.

7. Have reserve money to use so as not to affect the installment payments.
In addition to the income, accounting Freelancers also need a savings account to save money to replace their income in times of emergency. And there should be a reserve of at least 5–6 times the estimated monthly income. This method of saving reserves will help the bank ensure that various problems and obstacles that occur in the borrower’s life will not affect future condo installment payments.

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