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Tips on Condo living and real estate investing

Filipino Millennial’s Guide to Saving for a Condo Downpayment

Millennials, also known as Gen Y, are those born between 1981 and 1996. This is the generation that is extremely comfortable with mobile devices and have mutiple social media accounts. They prefer on-demand services and have little patience for inefficient or poor services. 

As the first generation of digital natives, millennials have developed a different set of behaviors when it comes to spending and investing. According to a recent study, millennnials are wise when it comes to money – they stick to a budget, compare prices and research before purchasing. 

A survey conducted by Rappler showed that Filipino millennials are cautious about financial investments especially in real estate, they ask questions, compare property prices and research on the developer before making a decision. They also check whether the property location is strategic, the developer has good reputation and if the property has high rental income. 

Most Filipino millennials today are realizing the value of investing in a condominium  instead of renting out a unit which they do not get to keep. Condos support their life and career goals, suit their lifestyle and offer them convenience and accessibility to be where they need to be. 

According to a study in 2016, about 40% of real estate sales were contributed by millennials aged between 27 and 35. This shows the growing demand for millennials who prefer to live in a condo where they learn and enjoy the value of independence and convenience where everything they need is within arms reach. 

If you are planning to buy a condo in the future, here’s a quick guide to be able to save for your condo downpayment.


Add & Subtract

Add up your net income in a month, subtract your basic expenses such as rent, transportation costs and grocery bills. Everything left is considered your “lifestyle needs”.

Review your spending and create a budget for the month.


Cut your expenses by shopping wisely

Limit buying processed foods and go for cooking fresh! Buying in bulk or having whole foods in the kitchen can help you cut cost during the week. 


Swap bar nights to Potluck dinner parties

Instead of going out, swap your bar nights to potluck dinner parties with friends! These types of parties are fun and can help you save a lot! You can cook with your friends or ask them to bring their specialty dishes to share with others.

Forget about the expensive wine, fancy sweets and premium entrees if you can simply enjoy home-cooked meals and fresh juices shared over boisterous laughter with friends who are family. 


Avoid splurging on work lunch

Think about the food and drinks you grab on the go. You can save money by rethinking the way you eat lunch at work. Instead of dining in a nearby restaurant or taking out your most favorite fast food meal, why not prepare your meals in advance and bring them at work. 

The “DIY” diet is cheaper and healthier! Check out for some recipes online and try different meal plans until you find the right one for you. 


Curb your online shopping addiction

There are a lot of great online deals and online shopping is a little more fun. You just add to cart and check out. 

But if you want to save for your dream condo downpayment, you have to learn how to slow yourself down. Why not try the 24-hour challenge? Implement a mandatory 24-hour waiting period before you buy something online.


Do home workout

Keep fit and healthy by doing home workouts instead of paying for gym membership. Go jog around the neighborhood, do push-ups, sit-ups and stretches in your living room. Check out different fitness videos on YouTube or join special online fitness classes. 

You can just save your supposed budget for gym membership. You get healthy without spending too much.


Choose between condo and car

Thinking of buying a car? Why not secure your money and buy a condo instead that is close to your work and social life? Think about it.

There are a lot of condominiums that are strategically located within business districts that would enable you to cut the long commute and wake up worry free because your workplace is just a few steps away. 


Practice 50-30-20

50-30-20 is a budget rule that states that you should spend up to 50% of your after-tax income on needs and obligations you must have or must do. The remaining half should be split up between 20% savings and 30% to everything else that you might want. 

Try this rule to help you manage your money and save for emergencies and investment. 


Buying a condo is a dream that everyone can achieve. Saving your a condo downpayment will require organization, discipline and intentional shift in your lifestyle. But it’s a great two-for-one-deal because you get to have a place to live and at the same time a good investment with high rate of return.

Have you picked your dream condo yet? Start saving for it! It’s definitely worth the sacrifice!




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