Saving Tips To Buy Your First Home

When you get the keys to your own property, its extremely exciting. A new chapter of your life

where you can do what you want with your home without a landlord telling you different.

However, getting to this point isn't easy. You need to save a lot of money to be able to purchase

a property. Here are some saving tips that you might find useful.

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Open A Savings Account

The best way to start encouraging saving is to open a savings account. You should make sure

that it's one you can touch until it matures so that it deters any temptations you may have

about dipping into the fund. A Help To Buy ISA is certainly worth having if you're either a

first-time buyer or looking to buy a new build. This means that you can add in a set amount

each month, and it ends up becoming another bill that you factor into your monthly expenses. 

a few years, you’ll have the full amount needed Do a bit of shopping around when it comes to

your savings accounts as banks will offer different rates of interest, amongst other perks for

you joining the bank for the first time as a customer. Whenever you get extra funds that you

weren’t expecting, it might be a good idea to have a separate account to the ISA where you

can put any extra amounts in. With the ISA, you are restricted to a maximum of £200 a month.

But you may have the ability to put in more than that every once and awhile.

Cut Down On The Luxuries

Luxuries are considered things you pay for outside your rent, your household bills, and food.

These luxuries are something you want, rather than need, and it can end up being costly each

month. Of course, it’s good to treat yourself every now and then, but it can stop you from

saving more money to go towards your first property. Look at your current outgoings and see

where you are able to make sacrifices. Gym memberships and monthly beauty appointments

can be the most costly, and you’ll be surprised by how much you can save over the year if this

money is going into your savings rather than into someone else’s pocket. Indeed it’s a sacrifice

for now, but it’ll all be worth it when you’ve got the money available to purchase your own home.

Remember, it’s only temporary!

Look At Housing Options

It’s worth looking into different housing options like build to order flats or shared ownership.

Wherever you choose to buy, there’s alternatives and hdb bto, Aug 2019 explains how to build

to order flats are becoming increasingly frequent. Depending on your financial situation, there

are a number of options available to you, so it’s worth exploring these even if you think they’re

not suitable for you.

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Create a Side Hustle 

A side hustle is something that you do outside of work to earn an extra income. Everyone can

do it, it’s just about finding a talent or skill that you can profit from. Maybe you are a dab hand

at DIY? There’s plenty of platforms that you can take advantage of to sell your services to

households who need a handyman or woman. Or is art more your thing? Perhaps writing a blog

or a novel is your passion? Think about your talents and skills and you might find that you can

make some sort of income from it. Every little helps towards your financial goal, and a side hustle

will certainly come in handy. If you’re looking for some inspiration, then do a bit of good old

fashioned brainstorming to figure out what it is you are good and what can make an income.

Live Within Your Means

Living within your means is where you literally get by with the very basics. And like cutting out

luxuries, it can mean less time is wasted saving money. Know exactly the amount you make and

the bare minimum you can live on. Stop relying on credit cards and keep them locked out of sight

and preferably not on your person. Ensure you have no overdraft so that you’re not dipping into

money that isn’t yours. And create an emergency fund so that you can still be putting money into

your house fund, even if you have a bad month.

Opt For Staying In Than Going Out

A social life is important, and it’s good to keep up a connection with your friends and family

members. However, most social meetups end up costing a fair amount because it means you’re

grabbing lunch or a few drinks or maybe going to see a film. Instead of going out while trying to

save, offer to stay in instead. Eating in and entertaining is going to cost a lot less than it would if

you went out. Most of our wages will often be spent on entertaining and eating out, so try to cut

this down as much as possible.

Sell Stuff You No Longer Need

Every household can benefit from a good declutter, so it’s worth doing the same in order to find

some belongings that maybe you don’t need anymore and can sell on. Old CDs, DVDs, jewellery

and clothing can all go to a new home where it will be appreciated more. It’s amazing how much

we can collect over just a few years, so start hunting for the treasure that will boost your house

funds!

Buying your first property is a rewarding milestone, so follow these tips to help make this dream

a reality. Start by opening a savings account or HTB ISA and cut down on your luxuries, living

within your means for as long as possible. Create a side hustle using any skills or talents that

you might have that could earn you some extra cash and sell anything that you no longer use or

need. You’ll soon get yourself to that financial goal eventually and it’ll all be worth it in the end.

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