If you’re considering saving up for your first home, then there are a number of things that you will need to consider. Firstly, you’re going to want to ensure that you have enough funds to not only cover our mortgage, but also any additional fees that will come up monthly on your property. Having some form of excess savings is also a good idea, and while you will be able to apply for an online payday loan to help you with any financial emergencies that may occur on a day-to-day basis, being able to put some money away on the side can help you to get one step closer to your dream of owning your own property. To help, we’ve put together a list of tips to help you save for your first home.
Trade In The Daily Meal-Deals
If you have a habit of spending money on your lunch break on the latest meal-deals or even lavish lunches depending on the industry you’re in, then you’re going to want to ensure that you’re cutting this out. Even if you’re only spending £3 a day on a supermarket meal deal, that will accumulate to £15 a week, £60 a month and ultimately £720 a year! That’s if you’re simply sticking to a sandwich, crisps and drink from your local Sainsburys or Tesco. Instead, put this £3 a day away into another account, and purchase food on a weekly basis to make your lunch from home.
Walk To Work
If you drive into work on a regular basis and you find yourself paying for parking and fuel when the journey is walkable, then consider trading up the car, at least for the summer months. While you may have to get up a little bit earlier, you will find that your mornings at work are far more productive if you’ve walked in, as you are able to have a little extra time to completely wake up before getting into the office. If your journey is not walkable, but you know of a local bus or train that can get you to work on time, then consider this. Alternatively, swap the train for the coach if you’re already using public transport, as this can often be a much cheaper alternative. No matter how you decide to get to work, aim to choose the cheapest method possible, just to give you that little bit of extra cash to put into your house savings.
Get An Extra Job
Working 5 days a week in a demanding job can be stressful for many, and it can leave you desperate for your weekend, meaning the idea of a second job is daunting. However, taking on this little bit of extra pressure for even just a few months can provide you with a huge amount of extra income for you to enjoy. Whether you want to use this as additional spending money to help you buy furniture for your new home, or if you’re putting it towards your deposit, this truly is a helpful way of ensuring you had additional funds in your pocket to put towards your first home.