Saving for a House – My Top Tips

Monday, 11 April 2016

Saving for a House – My Top Tips

Saving for the deposit for a Mortgage or even for Renting can be a daunting prospect, and I don’t think it’s discussed enough on blogs/in general on how to save and how to prepare you for this new change. As some of you may or may not know my Partner and myself are currently saving for a deposit for a mortgaged house, and before we started saving no one really gave us any tips or tricks on what to do, so let these tips be the advice you never had.

1. Don’t impulse buy that new top – Leave in your basket for 24 hours and if you still really want it, go ahead and get it but I can assure you 99% of the time you don’t really want/need it; then use that money to put towards your savings.

2. Set a monthly goal – Set yourself a goal for how much money you will put away every month, that could be £20 to £200 but by putting away a little every month you will slowly build your savings. Plus, by putting it into something like a fixed ISA account you haven’t got the temptation to take it out!

3. Help to Buy Schemes are helpful – You may not realise it but using the Help to Buy Schemes to help finance the deposit for your new home are bloody brilliant (applicable to First Time Byers Only) Speak to your bank about opening one up and you’ll be amazed at all the offers they can give you.

4. Start a ‘bottom draw’ – Starting a bottom draw collection will not only help you when moving in but will help your money too! Start buying little niggly bits now and store them away, this could be a set of new baking trays or a new cutlery set or even just a new print for the walls, buying these little bits in advance will save you a heap of cash, plus it will help you out when you come to moving in and you don’t have a spatula!!

5. Stop spending where un-necessary, think about it do you really NEED that Costa Coffee every morning on the way to work, or that lunch from Sainsburys every other day? No? Well stop spending that valuable money then!! Saving for a new home is going to make you less well off in any which direction, so scrimping any pennies you can here and there will be amazing for your bank balance and your health (do you know how much rubbish is in that shop brought Sandwich?!) 
6. Believe you can do it - Create a pintrest board, or a theme board and cover it in ideas of your dream having a visual goal is much easier to stick too than just hoping that one day you'll get there.  
Are you saving for a new home? What would be your top tips for a new buyer?
Emma x

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