Your First Home
Homeownership is a goal that a lot of people hope to achieve. You can make your dream a reality but you have to plan ahead. Saving for your first house is an exciting time, but probably one of the hardest things you’ll ever have to save for. Although most people will never be able to pay for their house upfront, saving up for a deposit can be almost as difficult. Whether you’re saving up with a partner or going it alone, it’s time to make some serious cut backs. In this post we are going to discuss How to Save Money for Your First Home.
5 Tips to Save for Your First Home
Let’s get started!
- Set Goals- One of the first things you need to do when saving for a new house is set yourself goals. If you don’t have goals to work towards then the likelihood is you’ll feel less encouraged to put away any savings. Having goals in place helps you feel accountable, giving you even more reason to save each and every month. Try setting small goals to begin with, then increase them every few months.
- Start Putting Away A Little Each Month- If you start putting away a little bit of money each month then sooner or later you’ll start not to notice it. Whether it’s $50-300 once it becomes part of your ‘monthly bills’ you won’t even classify it as money you’re missing out on. The best way to do this is to set up a direct debit to your savings account, that way you won’t be tempted to spend it.
- Cut Down On The Non Essentials- One of the best things you can do when trying to save is cut down on anything that is not essential. This means less takeaways, no more coffee on the way to work and minimizing the amount of clothes you buy when you go shopping. While you don’t need to stop treating yourself completely, sitting down and working out exactly what you can cut down on will be extremely beneficial.
- Think About What You Can Substitute- Obviously you can’t substitute everything, but if you’re trying to save money fast there are lots of small substitutions you can make in your life. Whether it’s substituting brand products for store brand, going from high end to drug store make up or going from eating out to cooking at home – you’ll be surprised how much of a difference it can make. For more tips and tricks when it comes to substitutions, you can click the following link: https://budgetboost.co/best-money-management-and-saving-tips/.
- Save Holidays Until After You’ve Moved-Finally, although it may seem difficult, saving any big ticket items like vacations is best left until after you’ve moved house. The wait will 100% be worth it, I promise. If you don’t want to cut out on traveling completely, consider researching some cheaper alternatives. There are lots of different city breaks you can book for under $100 when booking through money saving sites like Wowcher and Travel Pirates.
Owning your own home is a dream that can be achieved through hard work and discipline. If it is truly something you want, you will set aside the money necessary and practice maintaining a healthy budget.
Are you looking to start saving for your first house? What big changes have you made? Let me know in the comments section below.