Top Tips to Help You Save for Your First Home

Stacy Tolkin May 27, 2019
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Have you been wanting to start saving for a home for a while now? Do you feel like you are getting nowhere? It may just be time that you took your house buying prospects a little more seriously. Take a look at these top tips and get those funds on the up!

Cheaper Living Options...

Selling Up Shop for Long Term Benefits...

Sometimes, it is worth making downgrades in the short term, in order to make the upgrade in the long term. How much are you spending on rent? Could you move somewhere smaller for a year and pay less rent?

Saving a couple hundred pounds each month could be all you need to get those savings up!

Sharing Deposits...

Friends and Partners...

One of the reasons, so many people fail to raise the funds necessary to buy their own place is, because the deposit prices are so high! If you have a partner, or a close friend, who wants to invest in a place with you, then this will make getting a deposit easier for you!

Parents Help...

A lot of people will ask their parents for help when buying a home. By borrowing some money from a parent you can eliminate expensive fees down the line and get on the property ladder sooner. You may even consider moving in with them while you save!

Save Money on Little Things...

Money Saving is a Lifestyle...

Make saving money a lifestyle for you now.
  • Stop going out for dinner
  • Use price comparison sites
  • Use promo codes for food and essentials
  • Buy own brand goods
  • Watch what you buy
  • Stop drinking so much
  • Sacrifice this year's holiday
  • Be frugal!

Savings Accounts...

Accumulating Unreachable Savings

By storing your savings just out of reach, you will reduce the risk of dipping into them! Make sure you set up an inaccessible savings account that needs a notice of a month or so to withdraw money! The interest will be better too!

Savings Accounts to Use

The best accounts to save for a house, are ISA's and Help to Buy accounts.
  1. An ISA will help you accumulate more interest while not allowing instant access.
  2. A help to buy account needs you to put in a minimum amount each month. Once you come to buying a house, the government helps with a percentage of the deposit.

Considering Other Types Of Accommodation...

Start Small and Work Up...

Your first place doesn't have to be perfect. You don't need five bedrooms and a balcony. Be practical and decide what you need, over what you want. Sometimes it is more about getting on the ladder than jumping all the way to the top!

Regular Saving, Monthly Budget Targets & Other Tips...

Regular Saving...

By saving regularly, you will be able to really integrate the action into your daily habits. This will make saving money a lot easier in the future. They say it takes twenty days to build a sturdy habit, so get saving!

Setting Budgeting Targets...

Set yourself a few realistic budgeting targets to stick to. Without having a goal to aim for, many people end up overspending.

Keeping track of your spending, and working towards a goal will help you to really get those savings up!

Be Patient...

Ultimately, it can take a lot of time to save up the deposit for your first home. So, hold in there, be determined, be patient and watch those savings slowly grow!

May your first home be just a day's savings away!
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