Learning the friendly way

What is the "Travel Rule"?

You might have heard of the "Travel Rule" before, but do you know what it actually mean? Well, let me break it down for you. The Travel Rule, also known as FATF Recommendation 16, is a set of measures aimed at combating money laundering and terrorism financing through financial transactions.

So, why is it called the Travel Rule? It's because the personal data of the transacting parties "travels" with the transfers, making it easier for authorities to monitor and regulate these transactions. See, now it all makes sense!

The Travel Rule applies to financial institutions engaged in virtual asset transfers and crypto companies, collectively referred to as virtual asset service providers (VASPs). These VASPs have to obtain and share "required and accurate originator information and required beneficiary information" with counterparty VASPs or financial institutions during or before the transaction.

To make things more practical, the FATF recommends that countries adopt a de minimis threshold of 1,000 USD/EUR for virtual asset transfers. This means that transactions below this threshold would have fewer requirements compared to those exceeding it.

For transfers of Virtual Assets falling below the de minimis threshold, Virtual Asset Service Providers (VASPs) are required to gather:

• The identities of the sender (originator) and receiver (beneficiary).
• Either the wallet address associated with each transaction involving Virtual Assets (VAs) or a unique reference number assigned to the transaction.
• Verification of this gathered data is not obligatory, unless any suspicious circumstances concerning money laundering or terrorism financing arise. In such instances, it becomes essential to verify customer information.
  

Conversely, for transfers surpassing the de minimis threshold, VASPs are obligated to collect more extensive particulars, encompassing:

• Full name of the sender (originator).
• The account number employed by the sender (originator) for processing the transaction, such as a wallet address.
• The physical (geographical) address of the sender (originator), national identity number, a customer identification number that uniquely distinguishes the sender to the ordering institution, or details like date and place of birth.
• Name of the receiver (beneficiary).
• Account number of the receiver (beneficiary) utilized for transaction processing, similar to a wallet address.

By following these guidelines, virtual asset service providers can contribute to a safer and more transparent virtual asset ecosystem while complying with international regulations on anti-money laundering and countering the financing of terrorism. It's all about ensuring the integrity of financial transactions and safeguarding against illicit activities.

Implementation of the Travel Rule in the United Kingdom

A notable shift is anticipated in the United Kingdom's oversight of the virtual asset sector, commencing September 1, 2023.

This seminal development comes in the form of the Travel Rule, which falls under Part 7A of the Money Laundering Regulations 2017. Designed to combat money laundering and terrorist financing within the virtual asset industry, this new regulation expands the information-sharing requirements for wire transfers to encompass virtual asset transfers.

The HM Treasury of the UK has meticulously customized the provisions of the revised Wire Transfer Regulations to cater to the unique demands of the virtual asset sector. This underscores the government's unwavering commitment to fostering a secure and transparent financial ecosystem. Concurrently, it signals their resolve to enable the virtual asset industry to flourish.

The Travel Rule itself originates from the updated version of the Financial Action Task Force's recommendation on information-sharing requirements for wire transfers. By extending these recommendations to cover virtual asset transfers, the UK aspires to significantly mitigate the risk of illicit activities within the sector.

Undoubtedly, the Travel Rule heralds a landmark stride forward in regulating the virtual asset industry in the UK. By extending the ambit of information-sharing requirements and fortifying oversight over virtual asset firms‍

Implementation of the Travel Rule in the European Union‍

Prepare yourself, as a new regulation called the Travel Rule is set to be introduced in the world of virtual assets within the European Union. Effective from December 30, 2024, this rule will take effect precisely 18 months after the initial enforcement of the Transfer of Funds Regulation.

Let's delve into the details of the Travel Rule. When it comes to information requirements, there will be no distinction made between cross-border transfers and transfers within the EU. The revised Transfer of Funds regulation recognizes all virtual asset transfers as cross-border, acknowledging the borderless nature and global reach of such transactions and services.

Now, let's discuss compliance obligations. To ensure adherence to these regulations, European Crypto Asset Service Providers (CASPs) must comply with certain measures. For transactions exceeding 1,000 EUR with self-hosted wallets, CASPs are obligated to collect crucial originator and beneficiary information. Additionally, CASPs are required to fulfill additional wallet verification obligations.

The implementation of these measures within the European Union aims to enhance transparency and mitigate potential risks associated with virtual asset transfers. For individuals involved in this domain, it is of utmost importance to stay informed and adhere to these new guidelines in order to ensure compliance.

‍What does the travel rules means to me as user? ‍

As a user in the virtual asset industry, the implementation of the Travel Rule brings some significant changes that are designed to enhance the security and transparency of financial transactions. This means that when you engage in virtual asset transfers, certain personal information will now be shared between the involved parties. While this might sound intrusive at first, it plays a crucial role in combating fraud, money laundering, and terrorist financing.

The Travel Rule aims to create a safer environment for individuals like you by reducing the risks associated with illicit activities. This means that you can have greater confidence in the legitimacy of the virtual asset transactions you engage in. The regulation aims to weed out illicit activities and promote a level playing field for legitimate users. This fosters trust and confidence among users, attracting more participants and further driving the growth and development of the industry.

However, it's important to note that complying with this rule may require you to provide additional information to virtual asset service providers. Your privacy and the protection of your personal data remain paramount, and service providers are bound by strict regulations to ensure the security of your information.

In summary, the Travel Rule is a positive development for digital asset users like yourself, as it contributes to a more secure and trustworthy virtual asset industry.

‍Unlocking Compliance and Seamless Experiences: Tap's Proactive Approach to Upcoming Regulations‍

Tap is fully committed to upholding regulatory compliance, while also prioritizing a seamless and enjoyable customer experience. In order to achieve this delicate balance, Tap has proactively sought out partnerships with trusted solution providers and is actively engaged in industry working groups. By collaborating with experts in the field, Tap ensures it remains on the cutting edge of best practices and innovative solutions.

These efforts not only demonstrate Tap's dedication to compliance, but also contribute to creating a secure and transparent environment for its users. By staying ahead of the curve, Tap can foster trust and confidence in the cryptocurrency ecosystem, reassuring customers that their financial transactions are safe and protected.

But Tap's commitment to compliance doesn't mean sacrificing user experience. On the contrary, Tap understands the importance of providing a seamless journey for its customers. This means that while regulatory requirements may be changing, Tap is working diligently to ensure that users can continue to enjoy a smooth and hassle-free experience.

By combining a proactive approach to compliance with a determination to maintain user satisfaction, Tap is setting itself apart as a trusted leader in the financial technology industry.  So rest assured, as Tap evolves in response to new regulations, your experience as a customer will remain top-notch and worry-free.

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BAT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold BAT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting BAT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Basic Attention Token (BAT) is an Ethereum-based utility token integrated into the privacy-focused Brave browser. Launched in 2016, Brave aims to revolutionize the digital advertising industry by promoting fairness and transparency between advertisers, publishers, and users.

Users receive cryptocurrency rewards in the form of BAT for viewing ads, which allows publishers to deliver more impactful advertisements. This empowers advertisers to make better use of their budgets and better target their target audience. Users then have the flexibility to hold, exchange, or use BAT to support their favorite content creators.

BAT acts as a settlement currency for publishers within the Brave browser ecosystem, facilitating transactions between advertisers, publishers, and users based on their web activity. This token streamlines business between the three parties

Get to know more about Basic Attention Token (BAT) in our dedicated article here.

Welcome to the exciting world of NFTs. Non-Fungible Tokens (NFTs) are unique digital assets that have taken the internet by storm. Unlike cryptocurrencies, NFTs represent one-of-a-kind items, from NFT digital art to virtual real estate, making ownership and authenticity easily verifiable thanks to blockchain technology.

Playing a big role in the Web3 movement, the NFT ecosystem is proving its potential when it comes to revolutionizing how we value and trade digital creations. Below we explore the concept, explain how to navigate NFT marketplaces and take a look at the advantages and disadvantages that the NFT market is faced with.

What are NFTs?

Non-Fungible Tokens (NFTs) are unique digital assets built on blockchain technology that have transformed the way we perceive ownership and value in the digital world. Before we get into it, “non-fungible” means that something is unique and cannot be exchanged on a one-to-one basis with any other item, as it possesses distinct attributes or characteristics that set it apart from others. 

Unlike cryptocurrencies such as Bitcoin or Ethereum, which are interchangeable and hold equal value, NFTs are indivisible and represent distinct items, each with its own verifiable identity and scarcity. 

This uniqueness is what makes NFTs special and highly sought after in various industries. From digital art pieces to real estate, NFTs have opened up a realm of possibilities, with some fetching jaw-dropping prices at auctions and marketplaces. 

The most expensive piece of NFT art ever sold was in December 2021, when digital artist Pak's NFT creation "Merge" sold for an astonishing US$91.8 million.

NFTs have empowered creators, artists, and even gamers, as these assets grant exclusive ownership and authenticity of their work or collectibles, sparking a revolution in the way we trade and appreciate digital creations.

How do NFTs work?

NFTs are essentially a digital file created using a blockchain network, meaning that once minted its history of ownership will be permanently stored on that specific blockchain (i.e. Ethereum). 

Blockchain technology forms the backbone of NFTs, operating as a decentralized, tamper-resistant ledger that records transactions across a vast network of computers. It enables transparency and immutability, ensuring each NFT's ownership history and authenticity can be traced and verified by anyone at any time.

Smart contracts, self-executing digital agreements stored on the blockchain, play a pivotal role in NFTs by automating the creation, ownership, and transfer of these unique tokens. These smart contracts encode the rules and conditions governing NFT transactions, enabling seamless interactions and ensuring that creators receive royalties each time their NFT is resold.

NFTs adhere to specific standards, like ERC-721 and ERC-1155, which dictate their structure and functionality on the Ethereum blockchain. ERC-721, the original NFT standard, ensures the uniqueness and indivisibility of tokens, while ERC-1155 allows for the creation of both fungible and non-fungible assets, enabling efficient batch transfers and reducing gas costs.

These standards have paved the way for the vibrant NFT marketplace, supporting various creative and commercial use cases within the digital realm. From digital artists being able to more seamlessly sell their digital artwork to empowering users through trading NFTs, the NFT space is a growing and impressive ecosystem.

How to buy an NFT and navigate NFT marketplaces

Buying and owning NFTs is an exciting journey into the world of digital ownership. To begin, you will need to set up a digital wallet, a secure digital space that stores and manages NFTs. These wallets are available in various forms, from web-based to hardware options, and must support the network on which your NFT was created. Metamask is a common option.

Next, you’ll want to familiarise yourself with several NFT marketplaces. You'll want to find one that offers the NFT projects or NFT collections that you're after, although it is equally important to prioritse security and ease of use when selecting from the range NFT marketplaces. OpenSea and Rarible are two of the largest NFT marketplaces to explore digital artwork and browse NFT collections.

Once you’ve chosen the digital collectibles you wish to purchase, follow the instructions specific to that platform and enter the digital wallet address to where you want the Non-Fungilbe Tokens to be sent. Once the transaction is complete, the NFT will be sent to your wallet and the blockchain will note and verify ownership of that digital asset. 

Should you wish to sell NFTs, you will need to create the digital asset or NFT collections and follow the instructions specific to the marketplace you wish to sell them on.

Digital assets use cases across various industries

NFTs have unlocked a large number of innovative use cases across diverse industries. From real estate to art to gaming, these assets are changing the way data ownership is both viewed and managed. 

In the realm of art and collectibles, artists can tokenize their work into NFT art, proving authenticity and enabling direct sales to collectors, cultivating a new era of digital art ownership. 

NFTs within the gaming and virtual reality platforms allow players to own rare in-game items or virtual land, enhancing the gaming experience and creating vibrant virtual economies. 

While in the music and entertainment industry, these digital assets empower musicians to tokenize albums or concert tickets, transforming fan engagement and royalty distribution. 

Even real estate has seen a shift as NFTs streamline property ownership, fractionalizing investments, and simplifying title transfers. As NFT adoption continues, expect many more industries to embrace this transformative technology.

The pros and cons of NFTs

NFTs bring a host of advantages that are reshaping the digital landscape, however, they are not without their challenges and risks. We explore both sides of the coin below. 

Advantages of NFTs

Firstly, they offer indisputable ownership and authenticity verification, as each NFT is stored on the blockchain, providing a transparent and immutable record of its origin and ownership history. 

This instills trust in both collectors and investors, elevating the value of digital assets to new heights. Secondly, NFTs open up new horizons for artists and creators, granting them unprecedented opportunities to monetize their work directly, without intermediaries, and earn royalties from subsequent resales. This empowerment has fostered a flourishing digital art scene and enabled emerging talents to gain recognition globally.

Additionally, NFTs make digital assets more interactive and engaging by letting creators add special features. For example, gamified NFTs enable users to take part in virtual worlds where in-game items have real-world worth, completely changing how we experience games and encouraging more active involvement.

Disadvantages of NFTs

One major concern is their environmental impact, as the blockchain's energy-intensive nature raises questions about sustainability. Market volatility is also a potential risk, with NFT prices subject to speculation and sudden fluctuations, leading to potential financial losses for investors. 

Additionally, the relative novelty of NFTs has attracted scammers and fraudulent schemes, making it essential for buyers and sellers to exercise caution and conduct thorough research before engaging in transactions.

NFTs have also raised copyright and legal concerns. While they provide proof of ownership for digital assets, they may not necessarily address copyright infringement or unauthorized usage of underlying intellectual property. This requires a careful balance between empowering creators and protecting their rights, ensuring the fair and ethical use of NFTs in the digital ecosystem.

Overall, the advantages of NFTs hold immense promise for the digital world, but addressing the associated challenges and risks is essential for responsible and sustainable growth in this transformative domain.

In conclusion

Thanks to blockchain technology, NFTs have revolutionized digital ownership and value, empowering users through the ability to create, buy and sell NFTs. They provide indisputable ownership verification and empower artists and creators to monetize their work directly. The interactive and gamified aspects of NFTs enhance experiences, but challenges include environmental impact, market volatility, and copyright concerns. As NFT adoption continues, understanding both advantages and challenges is crucial for their responsible and promising future.

With inflation rates rising across the world, many are naturally looking to regain control of their funds. Affecting everyone from business owners to retirees, and even governments, inflation is the silent killer when it comes to deteriorating personal wealth. In this article, we explore what inflation is exactly, and how you can protect yourself from it. 

What is inflation?

Inflation is a term used to describe the gradual increase in the cost of goods and services in an economy, which results in the reduction of the purchasing power of your money. As goods and services rise in price, each unit of currency becomes able to buy less, thus reducing its purchasing power. Additionally to this, the rise in the cost of living tends to result in a deceleration in economic growth. 

Inflation can be felt far beyond just household goods like food. It is experienced across the board, from services like entertainment, labour, and healthcare to metals and fuel even in transportation and electricity. 

Two indexes used to measure inflation are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI). CPI examines a basket of household goods and compares the overall prices to the prices registered the year before. Inflation is noted when the same amount of money cannot buy the same amount of goods as previously recorded. 

The WPI measures and tracks the price of goods at the producer or wholesale level. This observes the increases in prices from the foundation up, looking at the raw materials instead of the final product.

Following the pandemic, inflation rates have increased around the world. In some cases, inflation rates are the highest they've been in 30 years, bad news for people's savings and salaries.

According to the U.S. Bureau of Labor Statistics (BLS), the Consumer Price Index For All Urban Consumers (CPI-U) recorded a 7.5% annual increase at the end of January 2022, the biggest increase to date since 1982. While, according to information available through the UK equivalent, the Office for National Statistics, a 12-month increase of 6.2% was observed in March 2022.

Inflation vs interest rates

Not to be confused with one another, inflation is the increase in the cost of living while interest rates determine how much money you can earn/pay as a lender/borrower. Inflation and interest rates typically rise and fall together, with an increase in one generally creating an increase in the other.

The different types of inflation

There are three main types of inflation which are categorised as demand-pull inflation, cost-push inflation, and built-in inflation. Below we outline the differences between the three.

Demand-pull Inflation

Demand-pull inflation is when an increased supply of money leads to an increased demand for goods and services at a pace faster than the economy's production capacity. The increased demand and limited supply result in price rises. 

Cost-push Inflation

Cost-push inflation is the result of increased costs of raw materials and production processes, leading to an increased price in the final product and other consumer prices. 

Built-in Inflation

Built-in inflation is created by a wage-price spiral where consumer prices rise leading workers to demand higher wages which in turn increases consumer prices. 

How to manage funds and navigate inflation

Inflation is an inevitable part of life, however, there are still ways in which one can protect their funds from deteriorating in value. 

Invest in stocks

Stock markets provide much better returns than traditional interest-bearing savings accounts. While managing the stock market is a relatively complicated endeavour and requires more energy, stocks, and ETFs can earn up to 7% annual returns which would both increase your capital and beat inflation.

Invest in property

Property prices tend to increase in value over time. While they require a substantial payment of capital, these can pay off in the long run. 

Invest in commodities

Precious metals like gold and silver, as well as agricultural products and energy resources, offer potential opportunities for preserving wealth during economic uncertainties.

In Conclusion

Managing inflation is integral to maintaining financial stability. Inflation is an inevitable part of the modern economy, however, there are ways to minimize its effects on your savings. Stocks, property, and commodities are all viable options to ensure your personal wealth is protected and growing. 

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Solana is a high-performance blockchain that uses a unique consensus mechanism to achieve high throughput and security. Thanks to its user-friendly nature, the platform is already being used by major companies. As we explore what Solana (SOL) is, we take a look at the project's intentions, successes, and of course why it is often referred to as the leading "Ethereum killer".

Since Bitcoin was created in 2009 an entire crypto ecosystem has emerged, valued at almost $1.2 trillion at the time of writing. While Bitcoin was designed to provide a global payment system to address problems in the traditional financial sector, other platforms like Ethereum and now Solana have been created to facilitate the development of the blockchain industry as a whole through programmable functionalities.

What is Solana (SOL)? 

Recognised as being one of the fastest-growing protocols in the DeFi space, Solana offers a platform for developers to build decentralized applications (dapps) and smart contracts, similar to Ethereum. However, what sets Solana apart is its remarkable speed and lower transaction fees.

The project is led by two main entities: the Solana Foundation, a non-profit organization based in Switzerland, focuses on promoting the platform and collaborating with international partners; and Solana Labs, located in San Francisco, takes charge of driving the project's development.

Solana implements a unique approach to support a more environmentally friendly crypto ecosystem. While it utilizes a Proof-of-Stake consensus mechanism to maintain its operations on the platform it also utilises an innovative consensus mechanism called Proof-of-History (PoH), created by one of its founders. 

PoH is groundbreaking in the blockchain space, allowing the network to process an impressive 65,000 transactions per second. For context, Ethereum can process 30 transactions a second. PoH is described as being a "timekeeping technique to encode the passage of time within the data structure." 

Renowned for being one of the fastest programmable blockchains in the cryptocurrency world, Solana has built a dedicated following. This is evident from the wide range of businesses, from finance to travel, using the platform and the strong interest in SOL tokens, the platform’s native coin. 

Key features of Solana

Setting itself apart in the industry and making it a hit among the investor community, Solana offers these key features:

Scalability

The platform is able to handle thousands of transactions per second (TPS), using advanced technologies like parallel processing and mempool-based TPUs for scalability.

Smart contracts

Solana supports smart contracts, allowing developers to create and operate decentralized apps.

Proof of Stake (PoS) consensus

It's unique PoS consensus combines Proof of History (PoH) for speedy transactions, quick validation, and swift block confirmations.

Decentralized finance (DeFi)

Solana's fast, low-cost transactions make it a DeFi favourite, facilitating lending, trading, yield farming, and more.

Who created Solana?

Software engineer, Anatoly Yakovenko, is responsible for creating the Solana platform. He started working on the blockchain project in 2017, three years prior to its launch, alongside his former colleagues, Greg Fitzgerald and Eric Williams. They teamed up with several other former colleagues and together built the programmable network we know today.

Anatoly Yakovenko is also credited with developing the PoH protocol, an innovative contribution to the blockchain space that allows for greater scalability, thereby boosting usability. His expertise has been influential in the industry.

How does Solana differ from Ethereum?

One of the platform's main aims is to improve on several of the Ethereum platform's computing functionalities. Solana stands out by making transactions really fast, while also improving how much the system can handle, scalability, and cost structure. This makes Solana a top choice for efficiency and performance in the world of blockchain.

Scalability

While the project's leads say that Solana will process up to 700,000 transactions per second (TPS) as the network grows, it can currently handle around 65,000 TPS, still a far cry from Ethereum's 30 TPS.

Solana is one of the few layer-one solutions from a computing platform that is able to support thousands of transactions per second without the use of off-chains or second layers.

Cost

Due to the nature of the Solana network, it is able to provide much more cost-effective transactions, generally costing around $0.000125 per transaction. 75% less than that of Ethereum, $0.0005 per transaction at the time of writing.

What is SOL?

SOL is the native cryptocurrency to the Solana platform powering its scalability and reduced cost structure. The cryptocurrency acts as a utility token, used to pay for transactions on the network and to secure the network through staking. 

SOL is a proof-of-stake cryptocurrency, which means that it is secured by network participants who stake their SOL tokens. The price of SOL is impacted by conventional factors like project updates, investment market sentiment, exchange activity, and the overall economy, alongside variables such as the token's inflation rate, burning amount, and the expansion of the Solana ecosystem.

How Can I Buy SOL?

If you're looking to diversify your crypto portfolio with the likes of Solana, you’ve come to the right place. Tap allows users to seamlessly buy, sell, trade, and store SOL through the convenience of the Tap app. Using crypto or fiat money, users can tap into this growing market and become part of the Solana-driven blockchain revolution. For more content on how to trade Solana, see here on the Tap website.

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Becoming a homeowner no matter what your income level is an achievable goal with the right amount of planning. Below are a few ideas we've put together for you to think about and implement if you're ready to start taking the steps to make your dream a reality. When it comes to learning how to save money for a house, these steps will make it seem a lot less daunting than one might initially imagine.

Financial steps to take when looking to save for a house

1. Create a realistic timeline

While different people have different timelines, it's important to set a realistic one for yourself when you're planning to buy a house. This way, you can budget and plan accordingly. For example, newlyweds are usually in more of a hurry to buy a home than someone who just graduated or started a new job. One person might be looking at 2 years while the other is okay with 5 years. There is no "right amount of time" to save money for a house, consider your individual circumstances and act accordingly.

2. Kickstart your savings

After establishing your realistic timeline, you can then determine how much you will need to save. While the goal is to put as much money as you can aside, this might be 20% - 30% of your monthly income, so be sure that this is realistic for you and adjust the timeline accordingly. 

Once you've established how much you will be putting aside each month for your goal, set up a direct debit to your savings account to ensure that that money leaves your account before you're tempted to spend it.

You can also explore the option of a savings account that offers the potential to earn interest over time. People often consider money market accounts or high-yield savings accounts. However it's important to conduct comprehensive research and base your decisions on the information you gather.

3. Don’t neglect other financial obligations

In this day and age, instant gratification is something we've grown accustomed to. Saving for a house is the opposite of this and will take time. Instead of cutting off all your expenses to try and reach your goal a year or two sooner, consider what financial obligations you might have over the next few years and be realistic in setting a healthy amount of time to get there. 

4. Ensure your goal is within your means

Becoming a homeowner is an impressive accomplishment, but being riddled with debt and high maintenance costs for decades is hardly enjoyable. Ensure that the house you want to buy is within your means to maintain after the purchase, and consider additional costs like rates and taxes, transfer fees, and consider the associated monthly payment.

5. Make the necessary budget cuts

In order to achieve your saving goals within the amount of time you set out, you will inevitably need to cut back on your expenses. Once your living expenses and bills are accounted for, what can you afford to put away each month? Are you paying for a subscription you no longer use or have a luxury item you can cut back on? It might seem like a little each month but in a year this can amount to a lot of money for your housing fund. 

6. Consider increasing your income streams

Another great way to get your homeowner dream to fruition faster is to create new avenues of income. Multiple streams of income can alleviate your cutting back on expenses and can help your savings tenfold. Consider creating online courses, writing blogs, or building a side hustle aligned with one of your skill sets. Every little bit helps. 

Homeowners checklist: consider the closing costs

Once you have reached your financial goal of saving money for a house or your down payment fund, you'll now be faced with a new set of challenges: actually buying the house and putting that down payment to work.

At this stage, it's important to contact professionals that can assist you in finding, vetting, and deciding on a worthy property for your years of savings, and who can accurately advise on the closing costs of the transaction. Remember that there are lawyers' fees and transaction costs and even private mortgage insurance monthly payments to consider on top of the home's purchase price.

Whether you rely on an experienced real estate agent or a building surveyor, ensure that they are someone you can trust and that you get answers to the questions you ask. Some helpful questions to start with include:

• Is the land government approved?
• Why are the owners selling?
• Are all the house papers/documents intact?
• Is the area prone to natural disasters like floods or fires? 
• What are the costs of utilities, etc? 

Putting your down payment savings to work

Learning how to save money for a house is the first step. When you're ready to take the next step and purchase a house, be patient and ask the right questions. Saving for a house is saving for your future, so don't try to hurry the process along too much.

Whether you'll be living in the house or using it as an investment property with tenants, understand that the journey is as important as the end goal, and have patience as you pursue your dream and get steps closer to making that first down payment.

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