First Mortgage Steps To Saving

First Mortgage Steps To Saving



First Mortgage – Steps to​ Saving
The property market is​ in​ good shape .​
Prices continue to​ rise and sold signs are popping up like mushrooms .​
This is​ all wonderful news and we’re all going to​ be property-rich.
Spare a​ thought for the​ first time buyer! Gaining that elusive first step on​ the​ ladder must seem in​ insurmountable task .​
Would-be homeowners have to​ save for a​ considerable length of​ time,​ as​ the​ average deposit is​ now around £12,​000,​ having risen from around £4,​000 ten years ago .​
Small wonder the​ average fist-time buyer’s average age has risen to​ 34.
What simple steps can you​ take to​ get yourself into a​ saving mode? It’s no use being unrealistic; it’s going to​ take a​ long time to​ get there .​
Short of​ winning the​ lottery,​ there are not short-cuts.
It would be a​ good idea to​ do some sums – try to​ work out how much deposit you​ can realistically achieve and get some idea of​ what repayments you​ could afford .​
This will give you​ an​ idea of​ the​ price range of​ the​ property you’ll be looking for .​
Gradual changes to​ your lifestyle will be easier to​ accomplish,​ rather than dramatically changing your way of​ living .​
It’s easier to​ sustain small changes over the​ necessarily longer term.
Look into all your recent expenditure .​
By making a​ record of​ all your outgoings,​ you​ may pick up on​ things that you​ may have been wasting money on​ and therefore discover ways to​ spend just a​ little less each month .​
Pop any money saved to​ one side .​
It’ll soon accumulate and add to​ your savings.
There are all sorts of​ ways you​ can save from day to​ day .​
Maybe you’re in​ the​ habit of​ popping into the​ station café for a​ coffee on​ your journey to​ work – do you​ really need it? If it’s pure thirst and not just habit,​ carrying a​ small bottle of​ water will do the​ job just as​ well,​ and tap water at​ that! If drinks are not provided at​ work,​ or​ for working away from base,​ a​ flask of​ coffee is​ easily prepared at​ next to​ no cost .​
You could probably save around £60 per month on​ this alone,​ which is​ well worth doing.
Similarly,​ pre-packed sandwiches can be amazingly expensive – and does it​ stop at​ a​ sandwich? Pack your own sandwiches,​ even using prepared fillings from the​ supermarket and you’re on​ your way to​ saving over £80 per month.
What about your direct debits? Look down the​ list to​ see if​ you​ really need the​ little extras you’re paying for,​ month after month .​
It’s easy to​ stop these expenses,​ just stop the​ direct debits and you’ll probably not notice the​ difference,​ apart from in​ your bank account.
Keep an​ eye on​ the​ everyday bills .​
Be energy conscious,​ making a​ point of​ switching off lights in​ un-used rooms .​
Leaving appliances in​ stand-by mode can eat away at​ your electricity bills and do you​ really need the​ heating to​ be quite so hot? If you​ pay your yearly bills in​ advance for items such as​ car and home insurance,​ you​ could get a​ discount,​ and save yourself money overall.
You may have credit card debts .​
By transferring any debts from these to​ a​ card charging zero interest the​ money paid off will be against your balance and the​ account will reduce,​ rather than simply paying interest.
There must be many more ways to​ save .​
Think about it .​
Check the​ internet to​ see what savings accounts are on​ offer .​
If you​ open a​ high interest savings account,​ or​ maybe consider a​ tax-free ISA,​ you’ll be well on​ the​ way to​ long term saving – and that first home of​ your own.




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