Money Saving Tips

When it comes to buying a house, there is one main rule to abide by – save, save, save! Saving up enough money for your house deposit and mortgage is one of the most painful parts of buying a house.

You’ll need patience, strong willpower, and a realistic action plan. To find out how you can save money for your house sooner rather than later, why not pick up some of our saving tips below…

 

 

Get rid of any debt  

Before you can start saving for a house, you need to think of a solution for any lingering debts.

If you have a car or credit card loan, saving money will be even more complicated. The sooner you pay off your debt, the sooner you can start saving! 

 

Set a savings goal 

Set a savings goal and pursue it with your life.

Most banks have separate accounts dedicated to savings, so you will need to work out how much you pay in on a weekly/monthly basis.

Some banks offer better interest packages than others, so it’s worth shopping around for a bank that best suits your circumstances.

It won’t be easy, but the feeling of saving money is genuinely rewarding. 

 

Frugal Living 

When you know how much you want to save, think about how you can align your goals with your lifestyle choices.

In other words, try not to spend a fortune on alcohol or takeaways every month. 

If you think you need extra help, try downloading a money saving app like Monzo or Revolut to show you where you can cut down on spending. 

Sell unwanted items  

If you need extra cash fast, think about offloading items you don’t need.

Chances are that there will be someone out there willing to buy your things.

Sites like Gumtree and Facebook Marketplace are perfect for quickly selling unwanted items to people in your area. 

 

Reassess your bills  

If you are currently renting a flat, it might be time to think about how much you spend on bills.

Use some online comparison sites to see how much the average person spends on utilities, and check with your landlord if you can choose a cheaper option.

If you are spending a ton of money on your phone bills, you might want to kick that habit. 

 

Rethink your living situation 

This is a drastic step but reassessing your living arrangement could help you save a lot in the long run.

Paying rent while you save to buy a home can be costly, so if you are lucky enough to have the option, living with a parent/close friend could be a life saver.