Adulting in PH, Saving

My Dream House Plan

My Dreamhouse Plan
Posted by mycentsofwealth

Next year, January 2021, my BF and I will be starting to save for a lot for our dream house. We are planning to save 5,000 each per month which will give us 120,000 by the end of the year. This will be deposited in a joint account. 120,000 will not be enough to pay a 100 sq. m. lot in full but I’m hoping it can cover our downpayment or at least 10% of the total lot price. I’ve always planned to live and settle here in Cebu but with the ongoing pandemic, my BF and I had been rethinking our plans. We are looking into the possibility of going back to our hometown. If we do, that means lot prices will cheaper and our 120,000 might cover more than 10%. There’s no final or target price for the lot yet but at least, if we do find a lot that we really like sometime in 2021, we have money set aside for this purpose only rather than pulling funds from other sources. 

Why only 5,000 per month? You can save faster if you add more to your monthly targets right? Yes, but it’s the only amount we can afford for now. My income is limited and my BF is still paying for his condo. 

Why lot only when you can buy a house and lot? I don’t want to live in one of those cookie-cutter communities where all houses look alike. I want to be able to design the house that I want to live in for the rest of my life. A house is a big investment so you would want to do it right the first time. So the first step is buying a lot. Now, the expenses for the house is a different story. We might take out a loan for that and that will be for another post. 

Some people might be skeptical about why I am planning for this big investment when we are not even married yet. Why not? We entered into this mutual relationship in the hopes of building a future together. So why not? Also, we might not actually buy a lot in 2021, just save for it. 

Having my own house is important for me so that’s where I’m putting my money into. Setting goals and milestones are important for realizing your plans. If I die without much money, at least the house is one of the things that I can pass on to my future child/children.

If a thing adds value to your life, then don’t hesitate to spend for it. As long as you plan for it. 

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7 thoughts on “My Dream House Plan

  1. Mr. Triple P

    Exciting! I neeeeever even gave this a thought before I got married. We basically took it one step at a time and ended up back in my wife’s house (long story), with still no plans of buying a house in the near future. This is an inspiring idea, amazing that you are planning this even before marriage. Good job!

    1. mycentsofwealth

      It’s something that I really really want even before pa and had my BF on board. para may kashare rin sa gastusin lol haha

  2. George@20somethinglawyer

    Wow, that’s a pretty huge committment! Setting an amount is great as it forces you to strive for that goal. I don’t advocate joint accounts when not married yet though, unless it’s an “AND” account requiring BOTH signatures for deposit / withdrawal?

    My frugal mom likes telling us the anecdote of how one time my dad took the contents of their joint account, and they were ALREADY married that time. Dad never returned the money. That’s why all accounts are in frugal mom’s name from that point forward.

    Whether joint account kayo ni bf or not, the shared committment is what’s most important –to buy a house together.. I suggest retaining your independence (whether financial or otherwise), until you’ve signed the dotted line on that marriage contract.

    Because until then nothing is set in stone. You want to give yourself the wiggle room to change your mind. ?

    1. mycentsofwealth

      It’s definitely gonna be an “AND” account. I had a bad experience with my Aunt before wherein she spent my money given by my grandparents. It was in a joint account that my grandparents made me open with my Aunt being a co-depositor or something. It was just an “or” account. So I’m never gonna do that again.

      Yes, I will still retain my independence. We will still keep our money separate except for this dream house account since it is a shared goal.

      Thank you!

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  4. Che

    I like that the joint account has a purpose. No excuse to take out the amount put in there by both parties, and if someone needs to borrow, merong parang obligation to give it back because you’re borrowing against your dream house.

    1. mycentsofwealth

      Truth! That’s a nice way to put it.

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