These days it seems as if the idea of getting a mortgage is one which is in the very distant future. For most of us, the rise in inflation and the cost of living makes it incredibly difficult to save enough money up to buy a home of our own. However, don’t despair just yet: it is not the end of the world and there are plenty of small changes you can make in your life to save up for your first home.
Savings accounts
If you don’t already have a savings account alongside your current account, now is the time to invest in one for your future. Make sure you do your research online and find the highest interest account that you can. Opening up a big interest savings account gives you a place to save all of your money as well as accumulate those extra fund through interest. It means that you can make money passively and stay in track with your goals.
Give yourself a goal
Go through your bank statement for the month and see what sort of things you are spending your money on. If you always seem to spend the same amount as you earn: you need to find a way to cut your living costs so that you have the extra money to save. Set yourself a goal each month to save a specific value of money. If you have to cut down in spending in order it do this: just do it. Make sure that no matter what, stick to your goals.
Ask for help
If you are struggling with money and have no idea how you can save up, try speaking to financial planning advisors and getting some advice on what you can change. There are always ways that to can cut down your spending and get yourself back on track, you may just need someone else’s input to figure it out.
Cut down on shopping
We know how tempting it can be when you see a sale on at your favourite fashion store, and you might convince yourself that you are only buying one or two items at a time so it doesn’t matter. However, over time, the money you spend buying these items builds up and this is all money you could have been saving for your home. The next time you see something you love online: transfer the value of the item into your savings account instead of spending it.
Eat home cooked food
One of the biggest outlays for most of us is food. Food is a massive part of life and it can cost us a huge sum of money every single week. If you get yourself into the habit of having a takeaway every week or going out for a meal, you will end up spending a huge amount of money which you simply don’t need to spend. Why not try and learn some new recipes at home instead and save yourself the cost. It is important to remember that you are sacrificing these things for a good cause, and once you are in your first home you will be able to do all of the things you love once again.