Many of us dream of becoming homeowners for years before we actually achieve our goal. Saving for our first home can be difficult when there are so many demands on our monthly earnings. Here are some simple top tips to help plan and actually activate that savings plan to make your dream a reality.
Saving for your first home? Boost your savings with these simple tips
I think everyone dreams of owning their very own home at some point. That moment of being handed the keys to something that they’ve worked towards for years must be an incredible moment. Sadly, for many of us, the idea of owning our own property seems a little out of reach. The deposit needed to secure the home that we want is a huge sticking point and with so many of us having very little left over from our monthly wage it’s no wonder many potential home-owners are discouraged by the process.
However, help is at hand. Even if you are left with very little in your savings at the end of each month, then you can still save. Even if you believe your money is as stretched as far as it will go then you can still save! Here we’ll look at how you can boost your savings with some simple tips.
Do you have an ISA?
An ISA is a perfect way to not only keep track of your savings, but you can also make your money work hard for you by accruing interest that you won’t pay any tax on. There are many different kinds of ISAs, check out this site if you’re looking for a little guidance. This means that you’re sure to find something that matches your requirements. The interest alone could considerably boost your saving efforts and get you a little closer to your goal each month. As you move into your home and need to make home improvements or renovations over the years the ISA can help with saving for those investments too.
Downsize your home
It’s drastic, but it works. Could you live in a smaller property? Or could you move to a location that is considerably cheaper in rent? By downsizing your property, you’re freeing up a lot of your money. Money which you can put straight into your savings. Remember, it’s not forever and it’ll probably encourage you to save even more.
Cancel your holiday plans
Of course, with many flights and holidays abroad cancelled this year due to the Coronavirus pandemic, many of us will go without our annual trip abroad. But, should you consider re-booking it? Could the money be better spent going into your savings instead? Or perhaps a staycation might be a better choice.
Get rid of your car
If you can walk or bike to work then do it. If you can manage with public transport to get around, then you should do it. Getting rid of your car will save you a huge amount of money each month. Servicing and MOTs, fuel money, repairs and insurance!