Tuesday 28th March 2023
Saving Tips: ways to slash your spending and save a home deposit
Are you thinking about buying a new home in the near future? If so, now is the time to start saving! With house prices always on the rise, it’s important to have enough saved up in order to make your dream of a new house a reality. But saving for a house can be difficult and overwhelming – where do you even begin? Don’t worry – here are five helpful tips on how to save for your first home.
- Consider transferring a percentage of your pay straight into a savings account each month. Doing this makes it easier to keep track of how much you are saving, and helps you avoid the temptation of spending it on unnecessary items throughout the month.
- Adjusting your lifestyle can also make a huge difference when saving for a house – try cutting back on things like eating out, expensive hobbies or vacations, and shopping sprees. Focus instead on activities that don’t cost anything – plan hikes with friends or family, go for bike rides around town, explore new areas in your city or visit parks near you!
- Think outside the box when looking for entertainment – consider free options such as joining local libraries for books and movies, or attending free music or art events in the area. There are also many online resources that you can use to stay entertained without breaking the bank – take advantage of free streaming services, podcasts, online courses, and games!
- Get used to saying “no” – this is especially important if you have friends who like to go out often. Don’t be afraid to decline when they invite you out – every bit counts when it comes to saving for a house.
- Lastly, review your subscription services – chances are you have one or more subscriptions that you no longer use regularly but still end up paying for each month! Do you need all the subscriptions you’re paying for? Are you getting the value you’re paying for? Start by making a list of all your subscriptions – Netflix, Spotify, apple music, gym, and insurances such as a car, health, and home. Although subscriptions, especially insurance, seem important and make life easier and more entertaining, it always pays to review and compare competitors to ensure you’re getting the best deal for you and your family.
Take some time to identify those that aren’t worth the cost and cancel them to free up more money for your savings account.
Saving for a home can be an intimidating process but if you’re happy about saving and genuinely excited about your end goal (A new house!), you will keep saving regardless of what financial hurdles life throws at you.
