First Time Buyer – Tips on Saving

YOU don’t need another reminder of the current situation we’re facing, but to keep it short and brief – the cost of living is on the rise and petrol prices have gone up.

We know that the goal of owning your own house can sometimes feel out of reach as it is but don’t lose hope! Keep saving those pennies and you’ll be way on your way to joining the homeowner’s club in no time. This month we thought we’d put together a helpful blog which includes tips for saving, put together by one of our very own mortgage-heroes, Will!

Set out a budget

Start off by setting time aside to look at your bank statements. Do you know roughly what comes in and out each month? You should know! You need to make sure you’re accounting for ‘saving’ within this budget. Whether it’s 2% of what you’re earning or 10%, it needs to be an amount that you feel comfortable consistently putting aside each month.

A top tip from Will: Why not speak to your family about how they do it?

Set savings goals

This is important to keep you on track. Set realistic goals that will keep you on track to save your money. Is there a specific month/year you’re working towards to buy a house? This way those small sacrifices/changes you’re making every month to save money won’t feel as bad!

Make saving automatic

In this day and age there’s an app for everything. There are loads of ways to automate your saving. For example, Acorns is one of those popular apps that rounds up purchases and puts the money directly into your savings.

If you want to keep it even more simple then that, why not automate what amount of money gets put into your saving account every month? This way you don’t account for this money when you’re spending. Out of sight, out of mind, right!

Find ways to cut spending

It’s time to go through what you’re spending with a fine-tooth comb and see whether there’s any way you can be cutting your spending. Whether that’s a rolling subscription that you signed up to years ago and forgot about or finding ways to drive less so you can save on fuel. Every penny really does count and forming healthy habits with your bank account will really help you save in the long run.

If you’re interested in having a chat about your mortgage, then give us a call on 01925 573328. Or in the meantime, you can check out our First Time Buyers guide on your website, it’s free to download: warringtonmortgagecentre.co.uk/first-time-buyers-mortgages

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