Where are you thinking of living? In a boat? Converting a van into a house? These are options that you could consider, but the majority of people choose to live in a house.
Buying your own house is one of the best things that can happen to you. It’s a sign of independence, living alone or with your partner, and saving money for a deposit feels like a massive achievement.
It can be difficult to buy your first house. Depending on how well you manage your money, saving up 10% or even a 5% deposit can be something that may take you years.
Here are some ways that can help you save money for your first house.
Why Are You Doing This
It’s worth spending some time thinking about what having your own house means to you. Will it make you happy? Will it give you more freedom? More quiet time? Peace?
Writing this down and being able to easily read them, will help you when things get tough. When you are having a tough day and want to go out drinking. Or you’re tired and can’t be bothered to cook so want to order a takeaway.
Those decisions mean spending money. So being able to read the reason why you are saving money will make you think twice when you want some greasy food or want to get drunk.
Have a Budget
If you have no idea where you’re spending money, how do you know how much you have to put aside for saving or how much you have for “pocket money.”
Having a budget will make it easier to manage your money. You’ll be able to see what you’re spending money on the most and see certain areas that need less spending. It will let you plan out exactly how much extra you can put aside each month after all of your expenses are planned out.
Multiple apps can help you manage your money if you need some help. But it can be as easy as using a spreadsheet to get you started.
Downsizing
This is a method of cutting down on areas in your life. Are you currently renting? If you do, could you move back to your parents so you can save money? Do you have an extra car that you could sell and make do with one for the time being? Do you order takeaways and eat out often? Can you cut these down or out completely?
Looking at where you can alter your lifestyle temporarily could help you save extra money.
Get Another Job
One way that doesn’t have a massive impact on your life is to get another job. This could mean working for a few hours in the evening or looking at getting a new job completely. Any extra money you earn can go directly into savings, making getting your deposit even faster.
The only consideration is to make sure that if you are working two jobs that it doesn’t burn you out and make you unhappy.
However long it may take you to save your deposit, it’s definitely worth the wait to open the door of your very own house. With the money saved, you then need to get a mortgage. Go to 1st UK Money for mortgage help.
