Saving for your first home?
Does that deposit seem a long way off?
Here are some tips to get your bank balance growing and get you into your first property sooner:
It is much easier to work towards a milestone when you know what it looks like.
If you are saving for a house deposit, work out how much you need and then break this down into monthly and weekly amounts. This way you can track your progress and keep yourself accountable if need be.
Break it down
With the costs of living on the rise, a well-planned household budget is essential for would-be savers.
The key is making sure your budget is manageable – break down all expenses (even monthly or annual bills) into weekly amounts and allocate your expenditure accordingly.
This will prevent nasty surprises when the electricity bill turns up.
Non-essential or incidental purchases are the easiest way to blow a big hole in your savings.
When planning your budget, be honest with yourself about how much you spend on takeaway coffee, online shopping or DIY projects. You need to allow yourself some treats, but don’t let thoughtless expenses get in the way of your long-term goal.
Ditch the credit card
When you’re saving for a house deposit you certainly don’t have the extra cash to be frittering away on huge interest payments.
Dedicate the first period of your new savings plan to paying off outstanding credit amounts, and then switch to a debit-based card for future purchases.
Find a friend or family member to help keep you accountable
If you are struggling to stick to your savings plan, ask a friend or family member with financial savvy to help keep you accountable.
Also keep your social circle up to date on your progress and ask for help in planning affordable get-togethers.
The information provided in this blog is of a general nature only and in no way constitutes legal or professional advice, or specific advice in relation to any finance strategies. In all cases we recommend you receive professional financial advice for your own personal circumstances.