Blogs > Lifestyle Blog > 6 Finance Tips for Saving for Your First Home

6 Finance Tips for Saving for Your First Home

23rd July 2020

Having your own home is a dream many people strive for, but it can seem a little daunting to try and save up for such a big purchase. Never fear: it doesn’t have to be impossible! With the right money know-how and the determination to save as much as possible, that dream can become a reality. 

1.    Understand Your Budget 

You may be a long way off searching for the perfect property, but before you begin viewings, you need to know what budget you’re looking at, and how much deposit you require. It’s a good idea to try a mortgage calculator or visit a mortgage provider to find out the amount you will be permitted based on your income. You will then be able to work out how much deposit will be required. This will enable you to have a savings figure to aim for.

2.    Do Your Research 

In line with point 1, your research should cover the type of home and area you’re looking for to understand the price market and what you can afford. It may be that your dream area is way out of budget, or you may need to buckle down and save a lot more to achieve the location and type of home you’re looking for. 

The only way to have a successful savings goal in mind is through proper planning and research. 

3.    Consider Rent to Buy Options 

A help to buy scheme is extremely helpful if you’re looking to own your own home, but don’t have enough initially for the deposit required. The government will assist you with the rest of the deposit amount needed so that you can still achieve your home-owning dreams. This is particularly helpful for first time buyers. 

4.    Set Up a Savings Account 

It’s a good idea to have a separate savings account for your housing funds, to keep it segregated from your everyday outgoings. The best savings account should afford a rate of interest return, too (every little helps!). 

You may even want to open up more than one savings account to keep everything even more organised, such as one account for a deposit, another for general house savings, and so on. 

Setting up a savings account will also make it easier to keep on track with your finances and to see the figure progressing, especially if you have online banking and can take a quick view online. 

5.    Make Cutbacks

If you’re serious about saving for a home and moving as soon as possible, then you’re going to have to save every penny you can to make that dream a reality even sooner. 

Spend some time understanding all the cutbacks you can make and all the frivolous outgoings you can cancel to save money. 

6.    Make a Dedication to Saving 

Set up a standing order to transfer a specific amount on pay day to your savings account, before you’ve even thought of anything else. Save first, spend the rest of your pay later!

Posted by Mark at 3:52pm

2020 (94)

2019 (72)

2018 (51)

Recent Posts

Top Staffing Tips When Starting A New Business

Posted by Mark

4th August 2020 1:27pm

What Business Owners Can Learn from Casino Models

Posted by Mark

4th August 2020 10:39am

6 Finance Tips for Saving for Your First Home

Posted by Mark

23rd July 2020 3:52pm

Essential Destinations to Explore in North Yorkshire

Posted by Mark

16th July 2020 3:27pm

The Top 5 Cornish Foods (that aren’t pasties)

Posted by Mark

14th July 2020 10:08am