Everyone is in different situations and when it comes to saving it isn’t as simple as putting £200 a month away from your pay check. Some saving ideas may not be beneficial for everyone but having bought my flat a year ago I’ve got a few pieces of advice and tips that could help you too.
I was buying a flat with my boyfriend so already the fact that we had two salaries helped us to get a great mortgage. We knew exactly how much we could spend on a place and how much deposit we would need. This is the first step, buying a place is daunting but you need to know what limits you’re working within.
We opened up a joint savings account and shopped around banks until we found one with the best interest rates. There are so many to choose from so work out what works best for you. Between us we decided how much of our monthly wage we could afford to save each month. My boyfriend earns a lot more than me so our input amounts were different but again you need to work out what you can afford each month. Don’t save more than you need to live on for the month otherwise you’ll keep dipping into those savings to cover yourself.
I set up a standing order for the money to come out of my current account and into my savings account the day after I got paid. This meant I didn’t get a chance to spend the money so I never got a chance to miss it! Standing orders are great as well because they aren’t set in stone. If one month you want to put more or less in then it’s easy to alter it, especially if you have online/mobile banking.
We cut down a lot on going out to the cinema, bowling, restaurants etc and we tended to stay in a lot more to stop the temptation of buying clothes and DVDs when we were out. It was tough but we enjoyed spending more time together and knew it would be worthwhile.
We also cut down on what we were buying food wise, we would search for the best deals in store and not always go for the brands. This cut down our food bill dramatically. Do one big shop a month and then top up on bread, milk, fruit and veg once a week.
If you are decluttering your home/getting rid of clothes you do no want anymore; instead of throwing them away or giving to charity you can visit places like ‘Cash 4 Clothes‘ who will pay for your unwanted items. They are dotted around all over the country!
We also gave in a lot of old DVDs, CDs and games that we either had doubles of or that we didn’t want anymore to shops like ‘CeX‘ who again pay for these. I mean this isn’t going to make you millions but every little helps!
After a few months you will soon see your savings increase and it will make you determined to increase them!
Saving for a deposit is really hard, especially if it’s £10,000 or more but after a few years we did it and some left over to spend on doing the place up and buying furniture. If you’re serious about wanting your new home then you can do it.