November 24, 2017

Six must follow ways to save more for your first home

Saving enough money to make a deposit on your first home is a great achievement but by no means easy. It requires disciplined saving and budgeting to ensure you having enough money going away each week. Here are six must follow ways to cut cost and save more for your first home.

Eat cheap

Although food is essential it doesn’t have to be expensive. Simple meals, with simple ingredients which are made in bulk can be very cheap. It might take a bit of an adjustment but try to focus on nutritious meals rather than fancy ingredients. Eating out should be treated as a luxury, not a convenience.

Free entertainment

There is a huge range of free performances put on by community groups, local councils, churches, schools, and even professionals. Try going to some of these instead of expensive concerts or shows.

Delay purchases

Don’t buy anything on the day you decide you want it! Delay the purchase a couple of weeks and give yourself time to fully consider your needs. By slowing the process down, you take your emotions out of the decision making process and help prevent unnecessary spending.

Buy used

If you do decide you need to buy something, try to get it free or second hand first. Used furniture is a pain to get rid of so some people will be happy to give it away if you’re willing to take it for them. Second hand shops have a large range of good quality items for the entire house.

DIY

Many ongoing costs can be reduced by doing basic task yourself. From hair cuts, to car oil changes, tax returns to leaky tap washers; the internet has a guide on pretty much everything. Of course you should use a professional if it is a complex job or you are legal required to, but for simple jobs learn to do them yourself.

Pay less rent

Rent is mostly likely your biggest expense so look at ways to reduce it. Moving back in with your parents is an option, but if that is not possible you could look at living in a share house. Consider the full ‘living costs’ before you rule any options out. Living in an expensive area may be justifiable if it allows you to save a lot on other costs like transport and utilities.

Cutting cost might not be easy but it is important if you want get a deposit faster. These six tips will help you cut cost and save more for your first home.

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