As the average age of first-time buyers continues to rise, buying your own home may seem like a distant dream. We all know renting is a waste of money and none of us wants to live with our parents forever. But many of us feel like we have no choice as buying simply isn’t something we can afford to consider. However, saving for that all important deposit doesn’t need to be difficult. Here are some of the best ways to save for your first home.
Use an App
There are plenty of apps out there now which can help you to save money. Some help by simply helping you to prepare a detailed budget. Some use the round up method, so if you spend $3.85 on something they will round up to $4 and send the extra to your savings. Others help you by assessing your incomings and outgoings and sending an amount of money you won’t miss to your savings account at the time you need it least. Apps such as these mean saving is easier than ever.
Earn Extra Cash Online
Even if you are already working full time, you can easily earn some extra money online in your spare time. Some of the best ways to do this include:
- Surveys and market research
- Selling on eBay or Etsy
- Writing reviews
- Testing websites
- Selling photographs
- Affiliate marketing
- Publishing and selling an eBook
Get Rid of Debt
Having debt is incredibly expensive. While it can be encouraging to see your savings account balance rise, if you have debt this could be creating a false economy. Paying fees and interest on your debt is eating away at your disposable income. Before starting to save, focus on paying any debt off. This will mean you have more cash available to save later and it will give you a much greater chance of being approved for a good mortgage when the time comes.
Make Some Easy Cuts
Make a list of all your monthly outgoings. Write down literally everything you spend even if it seems small or insignificant. Then, work through this list looking for ways to make cutbacks. Some easy ways to save include having date nights at home instead of going out, preparing your own fakeaways, cutting your food shopping bill and walking to places instead of paying for transport. Some things such as monthly subscriptions and paying for added extras on your phone contract could be cut completely.
Many of us are paying much more than we need to for our utilities and services simply because we can’t be bothered to check. There are some great websites which can help you compare costs and find the right deals for you. You never know, your existing providers might offer you a lower price when you tell them you are considering cancelling your contract. Some of the best places to save here are on gas, electric and internet providers.
Looking at homes before you’ve started saving might seem like a waste of time but it can be a great way to motivate yourself to save. Check out a home on the Outer Banks for some great ideas of just what you might be saving for.