How To Save For A Mortgage.
As someone who has been renting for the past 18 months, I know just how expensive a mortgage can be. It’s something I’ve looked into over and over again. It’s definitely not as easy to do for me as a single parent, when I don’t have a partner to do it with and half a deposit with – but it’s not impossible. Even though I am not quite there yet, I have been gradually saving up so that I can put a deposit down on a house and today I’m going to share some of the top tips I’ve gathered up for raising the cash towards owning your own home!
Strict Budgets
I have a budget for absolutely everything, from how much rent I want to pay per month when finding a house to my weekly shop allowance. I try to be really strict with myself and stick to my budgets every week, this way I never end up spending more and I have more money I can save at the end of the month. I do still leave money for treats now and again but generally I am quite well behaved and my savings account tops up nicely. It’s amazing how little money you save per week adds up in just a short few months, the saying “every little helps” is so true. If you spend your money wisely then you will definitely be able to build a nice bank account balance in no time.
Cook From Scratch
Food can be one of the biggest expenses when it comes to bills and I have personally saved a fortune when I have gone a few weeks without spending unnecessary money on quick and easy foods like takeaways and ready meals. For every £10 you spend on a takeaway, you could make 3 or more home cooked meals.
Focus On Your End Goal
Georgina says that you should focus on your end goal by making lots of pinterest boards and get a good idea of what kind of space you’re saving for. It will keep you occupied in the evenings rather than going out spending or doing some online shopping. You can also watch your purchases carefully and question each one.
Put Your Savings In An ISA
Put your savings as a household expense and move it into an ISA on payday so you can act like you never had the money. At the end of the month if you have any excess money left, move that too and start from scratch the following month.
Make An Investment
If you have an ISA, you can make an investment with it and watch your money grow. It can be a slow process but if you already have a substantial balance then you can just have it building up in the background with little effort involved whilst you continue to budget and save.
Hopefully these tips will help if you’re saving for your own mortgage, it can take some time but you will get there!
