How to Save Money to Buy Your First Home
With the rise of cost-of-living and mortgage repayments, getting onto the property ladder can almost seem impossible, but what if we told you, it’s not as scary as you think?
Today, we will be sharing all the ways in which you can save money to buy your first home.
Get help from your family
Your family might be more of a help than you realise. If you haven’t already, it might be beneficial to move in with your parents or a family member to save quicker. They might charge you less rent or none, which will be of great benefit.
Organise your direct debits
Do you have direct debits that you can get rid of? If so, go through your direct debits and organise them. A lot of the time, we are unaware of what is coming out our bank accounts each month, so this would be a good way of staying up to date with what specifically leaves your account. You never know, your monthly outgoings might go down tremendously after going through your direct debits.
Create a budgeting plan
After reviewing your monthly outgoings, create a budgeting plan to keep you on track. You can create a budgeting plan using templates on Notion, budgeting books or budgeting apps.
Get a budgeting app
Budgeting apps such as Plum are a good way to track your direct debits, spending habits, create saving goals and more.
Cut down on your spending
Try and make some changes to your daily spending as this can add up more than you realise over time. You can do this by writing down the total amount of your monthly direct debits, travel, and other expenses. If you’re someone that likes to buy a meal deal every day for lunch, try, and think of more sustainable ways to do this – for example, making your own sandwich or eating left over food.
Consider buying a property with someone else
Buying a property with your friend or a family member could help you significantly. It can be easier to qualify for a mortgage, you are able to split your monthly bills, and build equity.
Get an extra income
You may benefit from getting an extra income on the side. For example, working online, selling clothes/items on eBay, Depop or Vinted, getting a weekend job, etc. Why not earn extra income if you have some spare time on the side – plus, all the money you earn from this can go straight towards your mortgage.
Get financial support from your family
If you’re in a position where your parents can help you financially, this would be another good way to get onto the property ladder.
We know that saving money to buy your first home can be overwhelming, especially with the rise of living and property across the UK, however, we hope that these tips can give you a lot of hope in reaching your goal of getting onto the property ladder. For more property, business and wealth tips and strategies, take a look at our blog here.
Before you go …
If you’re someone who understands that property is an amazing force to aid you in creating an income, but you don’t have thousands of pounds in the bank for a deposit to buy investment properties, then click here to get your FREE guide.