Whether buying your first home is something you want to achieve by the end of the year, the end of the decade or it’s just an idea in the pipeline, there are several ways that you can get the wheels turning on your saving game. Saving for your first home is obviously a big job but you have to start somewhere right? So, make a few simple changes to your lifestyle and prepare yourself for the future in a place you can call home.
Take away the takeaway
If you have a weakness for pizza or, a chicken korma sounds like the perfect dish at the weekend, then your well earned cash is probably getting eaten away by a few too many easy meals (and yourself)! Buying food in and prepping your own meals is not only healthier for your body, but for your bank balance too, and you can save a bomb at the end of the week towards your saving goal, if you ditch the takeaway habit.
Shopping weekly at places like Aldi and Lidl also cut down shopping bills and being organised with menus and food you have in, can reduce the temptation to hit up Just Eat!
Credit Score 101
If you haven’t already, it’s time to start boosting your credit score. You can do this pretty easily by setting up a credit card or getting a phone contract. Proving to a bank you can borrow money and pay it back responsibly will make them more likely to allow you to borrow more. This is basically what a credit score is, so working on it as soon as you can will certainly work out in the long run!
Getting a decent mortgage is often the biggest challenge for most people so don’t leave it to a few months before you’re planning on buying to start making a move with your score.
Out with the old
Whether it’s old electronics, kids outgrown toys, clothes that are now neglected or books you’ve read (or haven’t ever read), selling what you don’t use can really boost your finances and impact your bank account. You can easily set up a Depop account or throw a few items on eBay. Doing so will only shift a few bits, but also rake in a bit of profit. Every little helps when it comes to cash, so sell what you can and be more selective on what you buy!
Check the deals
Like me, you might have used the odd discount codes on H&M or ASOS or been lucky enough to get free shipping with a coupon on Amazon. But, getting a good deal on buying your first home may not have been something you’ve considered. With opportunities such as part buy part rent East Riding of Yorkshire you can get on the property ladder while paying a much smaller deposit. Shared ownership is also a great idea if you’re looking to live in the city without the sky high prices. With shared ownership in Leeds, Yorkshire and Sheffield, part buying, part renting a home can be an ideal solution (if you’re looking for a fast track route onto the housing ladder).
Buying your first home and getting onto the property ladder is such an exciting milestone in life, and it could be a reality far quicker if you tighten your belt and look at applying some of these simple ideas. Doing so can boost savings and credit scores, and cut some costs too.