FEATURE: Saving to buy a home: our top tips

For most people, buying a home is something that is unlikely ever going to happen.

The current housing markets are at an all-time high, which leaves many people wondering if they will ever be able to afford their own homes.

However, this doesn’t mean all hope is lost; if you are able to save, then there are different tips you can use to help you save up to buy your own home.

If you are in a position where you could reasonably save for a house, then this article is for you.

Throughout this article, we will be going over five different tips that you can use to help you save money towards buying your first home.

Saving is not something that comes easily to a lot of people, which is why articles like this come in handy.

Simple tips and tricks can go a long way when saving, and you may save more money than expected.

Savings can slowly build up, and before you know it, you may just have enough to put down on your first house.

Keep on reading to find out what tips you could use to help you save up.

Assess Your Finances
When it comes to saving for a house, one of the first things you need to do is assess your finances.

You must ensure that you go through all of your incomings and outgoings to determine how much you can reasonably save each month.

If you are planning on buying this house with a partner, then it would be a good idea for you to both sit down together and go through your finances together.

Sometimes in relationships, it can be difficult to talk about finances, but if you are planning on buying a house together, you need to have a clear idea of how much each other makes.

Once you know this, you can then start putting together a budget and work out how much you could easily put down as a deposit and how much you can afford for a mortgage.

One of the main issues people face when trying to get a mortgage is being turned down because of their bad credit.

This is an understandable concern, but thankfully you are still able to get mortgages for poor credit.

Being able to secure a bad credit mortgage will help get you on the property ladder and finally get the house of your dreams.

Make A Future Goal
Making a future goal for yourself is a good way to help save for the house.

Saving can be long and tedious, so it could be a good idea to give yourself a goal in the future to work towards.

Having a certain date in mind that you want to buy the house will be beneficial for you as it can motivate you to save more as you want to reach the goal.

Sit down with your partner and work out how long it will reasonably take you to save up the money you need, then put that date into your calendar.

Saving can be quite stressful at times, particularly when you are saving for something as important as a house.

You need to make sure that you have a good future goal in site, as this will push both of you forward.

Just make sure that the goal you set is realistic, as the last thing you want it to go past your set date and have not made the money you need to.

Having a realistic goal will keep you on track and motivated with your spending.

Minimise Frivolous Spending
While we all like to have fun during the month, if you are serious about saving for a house, then you need to minimise frivolous spending.

Although you may not think you are spending a lot, if you are spending a little every day it can really add up, so you need to cut out a lot of the frivolous spending.

Now, this doesn’t mean that you can’t enjoy life or have fun, it simply means you need to assess your priorities and work out what is more important.

It could be a good idea to perhaps give yourself a budget every month that includes all of the money you can spend on ‘fun’.

This can include going out for dinner or drinks with your friends. Although, of course, you do want to buy your house, you should still be allowed to have fun, otherwise your life will become very boring.

So, set yourself a certain amount every month that you can spend on having fun and it will make things a lot easier.

Declutter And Sell Belongings
A good way to help you get a bit of extra money is by decluttering and selling your belongings.

The internet has now made it easier than ever to sell your stuff online and if you have lots of good stuff to sell, then you could end up making a lot of money.

Take the time to go through all of your belongings and sort out which ones you can sell online.

We are all guilty of having too many clothes, so this could be a great place to start.

Go through your wardrobe and be strict with yourself; think about what clothes you have actually worn in the last year and which ones haven’t left the hanger recently.

Once you have a good pile of clothes, you can start taking some good pictures of them and posting them online.

There are so many good apps and websites you can use to sell clothes online, so familiarise yourself with them and start posting your clothes.

While you may only make a little bit of money, a little is better than nothing and it can contribute to your house savings.

Stick To Your Budget
Ultimately, the best way for you to save for a house is to stick to your budget meticulously.

Sticking to a budget is so important when you want to save as it helps you stay on the right path and stops you from spending money on things that do not matter.

As someone looking to buy a house in the near future, you should take the time to create a strict budget that works for you.

Having a budget in place will act as a guide for you, and it can keep you focused on your goals.

You must ensure that every month you are putting away money into savings and that you do not overspend on frivolous things during the month.

Saving for a house, unfortunately, is not going to happen overnight.

A lot of people save for years and years before they finally have enough for a deposit.

Saving for this long can seem a little laborious, but it will be all worth it in the end.

For the years you are saving you may not be able to do as much as you once could, but ultimately you will end up with the house of your dreams at the end of it.

So, create a budget that works for you and your partner and make sure that you both stick to this budget.