How To Save Up For Your First House

How To Save Up For Your First House

Saving up for your first house is not easy, especially if you have never saved for anything before. Many people live paycheck to paycheck and so don’t have a lot of money to spare for a deposit for a mortgage. This is why we have put together some money saving tips to help you to buy your first house. If you are interested in this, you should keep reading this article to find out more.

Set A Budget

Setting a budget and sticking to it is a lot easier said than done but if you want to be able to save up for your first house then you are going to need to try. Think about everything that you are spending each month and try to come up with a budget. Your budget should include things such as food, rent, bills and other things that you need to pay for. You can give yourself a little extra to pay for socialising or whatever you spend your money on but make sure to keep this low. Once you have set your budget, you can give it a go and adjust it if you think that it is not possible.

Set Up A Savings Account

When you have all of your money in one account, it can be difficult to keep track of what you are saving. This is why you should think about opening a savings account that you can use to put the money that you save each month into. This way, you can see a clear figure of how much you have to spend for the rest of the month and you’ll be able to keep it separate. You would be surprised at how much difference a savings account can make to your finances.

Try Temporary Work

If you want some extra cash to help to go towards that deposit, you’ll need to think about taking on some extra hours at work or applying for a second job. If you can’t commit to two jobs, then you should think about trying some temporary work. These sorts of jobs only last for as long as you can commit to and you’ll be able to make some extra cash in no time. Find temporary work fast with Staff Heroes if you are interested in this.

Set Up A Help To Buy

If you have never heard of a Help To Buy savings account, then you’ll be glad to know that this government scheme can help you to save for your deposit. With one of these savings accounts, you’ll put a bit of money in each month and when you are finished saving for your deposit, the government will add 25% on top of what you have saved. This is a really good scheme and if you are planning on saving for a house you should make sure to get a Help To Buy ISA before you miss out on your great bonus.

Downsize

Are you currently renting and throwing money down the drain? It might be time to downsize and find somewhere with cheaper rent. If you can spend less on your rent each month, you’ll find that you can save some money that can go towards your mortgage. If downsizing isn’t an option, you could consider renting out your spare room or using a site like Airbnb to find short-term guests. Think carefully about how much you are spending on rent each month and you’ll be able to save a lot more.

Ask Your Parents

Our final tip for those who are trying to save up for their first house is to ask your parents for help. Although you might not want to borrow or take any money from your parents, you might find that they are willing to help you out in the short term. You can make an arrangement to pay back the money that they lend you over time, without any interest added on. This way, you’ll be able to save up a lot quicker and get on that property ladder before you know it.

Final Verdict

If you are planning on buying your first house, you might want to think about it carefully and take on board the advice that we have given you in this article. Do your research and find out more about savings accounts and the Help To Buy government scheme. If you do, you’ll be able to save a lot more money in the long run, especially with that extra help from the government. You should also make sure that you set yourself a monthly budget and that you stick to it. It can be easy to go over budget, so this is something which you are going to need to be strict about.

 

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Top Money Mistakes that We Keep Making

Have you set your next 5-year financial goal? A dream home? A bigger car? Freedom from debt?
No matter what your goals are, let us tell you that if you continue believing the common money
myths (as have been mentioned below) then there is every chance of your goals getting frustrated very soon. Some of these myths are a result of misinformation. You might as well be doing everything right with your money but it’s misinformation that may end up impacting your
financial goals. Documented below are few such money myths that you should duly steer clear of.

Myth #1: You end up undervaluing “cash”
That’s because most of them have already forgotten that during the recent economic decline
(2007-2009), people actually suffered significantly because they didn’t have enough cash in
hand. It is always important to keep a substantial amount of money handy. You can accumulate
3-months of your savings as cash. It would be more sagacious if you are actually in a position to
save up to 9-12 months’ of your living expenses. Do remember – contrary to what you may
believe- cash is important!

Myth #2: Each and every debt is bad debt
The reality is – not all debts actually hold you back! You are carrying a high balance on your
credit card. This will end up costing you way more than what you had actually borrowed. True
enough! You might as well have taken a quick loan which you are being unable to pay back!
The situation isn’t desirable either! We still will maintain that not all debts out there actually
hold you back in life. Just think about mortgage loans, student loans and business loans. These
loans are taken out for bigger purposes and they only help you continue moving forward in life.

Myth #3: You have to loan money to your relations
You think that loaning money to your family shows that you actually care. In reality, however,
it’s a gross money mistake because money borrowed by your family members is hardly paid
back. It ruins relationships as well. Financial experts, however, prefer giving money as gift to
your family (if you have got the money in the first place). Never ever think of loaning it.

Myth #4: There is no point in saving small
You are not being able to contribute big to your savings and this is precisely the reason why
there is no point in saving at all! That’s what you think! And, if you have already been acting on
this belief (i.e. you haven’t really saved up anything because you thought that small savings are
not worth it) then you have already committed a major gaffe. Think about a situation where you
start saving as early as 24 or 25. Even a 10% or 12% saving from your paycheck along with your
employer’s contribution to 401 (K) can actually help you save up enough for your retirement!
Can you think of any other major financial mistake which we keep on making without
acknowledging its detrimental impact on our lifestyle or future financial goals?

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What is the best way to send money overseas?

The global nature of the world now means that most people have family or friends living overseas. Even if this is a temporary arrangement, such as a child studying abroad for a year, it means that finding a secure way to get money to them is key. The problem for many though is the sheer amount of choice out there when it comes to international money transfer. From bank transfer to e-payment apps and beyond, there are lots of different methods that you could choose.

Which is the best way to send money overseas?

Online money transfer providers

The safest and most secure way to send money abroad is via professional online money transfer companies. These reputable and simple-to-use foreign exchange companies allow you to make international payments with no fuss. To really make the most of this method though, it is vital to conduct a comparison of international money transfer providers. This will mean that you get the best exchange rate to use on the money transfer when you do it.

Why are online money transfer providers so amazing?

If you are new to using these kinds of online solutions to make international payments, then here are a few reasons why they are so popular:

 

  • Security one major plus point with using this method is the superb security and safety they offer. When you transfer money in this way, you can have full peace of mind that your personal details and cash are safe. The most reputable companies will keep client funds in a segregated account for added safety.

 

  • Lower fees for virtually all of the FX companies that you can use to send money abroad, the fees you will pay are much lower. This means that it is cheaper for you to send money, and more of what you do send reaches the recipient. Compared to other methods, such as bank transfer or e-payment apps, this is a real bonus.

 

  • Easy to use transferring money via an international money provider is easy to do and can be done by anyone. As long as you have a PC and an internet connection, you are good to go! Making the transfer is very simple and usually just involves selecting some options from drop-down boxes on-screen.

 

  • Better exchange rates one of the big reasons that people use online FX companies is that they usually offer better exchange rates than banks or apps. As with the fees, this means that more of the money you send is there when converted into the foreign currency the other end. If you take the time to compare the various transfer providers to find out the best exchange rate on the day, you can really reap the benefits.

Transfer money online to anywhere in the world

If you want the flexibility to safely transfer money to anywhere in the world with the best exchange rates on the day, then online international money transfer providers are the best choice. There are many to choose from now, so you should have no trouble in finding the perfect one to use.

 

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