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Hello readers and a Happy New Year to you all! I hope you had a lovely time over the festive period whether you’re big on Christmas or New Year or not I hope you managed to enjoy yourself. We are now six days deep into 2020 and with the dawn of a new year and a brand new decade brings about a sense of change and reinvention. I know sometimes people think it can be a bit silly to wait ’til January 1st or the New Year to bring about the changes you wish to make but there’s something a little bit cathartic about starting a new month, a new year and a brand new decade with a clean slate, a fresh outlook on life and a bunch of brand new life goals to smash through and achieve!
One of the things, which I’m sure many people are thinking (or hoping!) to achieve within this decade would be moving out of their family home or being in the position to save up enough money to put a deposit down on a home. For me, at this moment this feels like it’ll be nearly an impossible venture! What with the cost of living going up and up and the national wage staying relatively stagnant; the amount of cash that you need to get the ball rolling and transfer to bigger and better things can seem so far out of reach.
Saving up for a home is difficult, I still live at home but I’m so looking forward to the day I have my own place to put my own stamp on. It can be so hard especially when you’re already living well within your means to be able to cut back on spending and help your money grow. So, if you want to know more about what you can do to get yourself financially prepared in order to purchase your own new property, then read on to uncover some of the my tips and tricks that you can think about or utilise today to make it hurry up that process.
Buying or Renting?
Consider whether you want to buy or rent or what option would be more feasible in the meantime. Take a look at the current housing market in your area or even speak to estate agents and see what they would say is the best thing to do. Do you have any friends or siblings you’d want to move into a new place with? Not only would that cut the costs as you’d be sharing the bills it might be quite good fun too to have a couple of housemates.
To save up enough money to afford a deposit on a home a good start can be to learn to live more efficiently and save money on a daily basis. It’s a good idea to try and focus your efforts into every aspect of your life in order to reap the most rewards, so you can address different features such as your food, fuel and energy consumption as well as the amount of money that you spend on material goods such as clothes. Eating in the smartest way can cost you a very small amount, as you needn’t spend extortionate amounts of prepackaged, processed and preserved foods that won’t provide you with any vitamins or minerals – dried items such as beans, pulses, pasta, and rice can be a great option as they are inexpensive, nutritious and have a very long shelf life, whilst learning to say no to takeaways and fast food can help you to take back control. If you have to reach a destination that might be done on foot in under half an hour, there’s really no need to spend money putting fuel inside your car to drive there. Plus you’ll feel so much better for a bit of light exercise in the fresh air; it’s a win win! Even the smallest of changes can make a big difference over time.
Can you make any realistic cutbacks?
Living within your means and being able to save does means you might have to give up a few certain luxuries to benefit in the long-term. Maybe you can live without a gym membership or your netflix account for a while to be able to save a bit more. Or save on going out as much or your regular retail therapy trips or try out a few different shopping hacks like thrifting in second hand or charity shops…find out more about how to shop better for less in a post I wrote all about avoiding fast fashion here!
Need Money Fast?
Perhaps you have decided upon your dream home before you checked the deposit against your current budget, or simply don’t have enough time to save as much money as you need, say if you have to move for work or similar. Luckily there are a few ways which you can utilise to gain money fast to help pay for your deposit. One of the best things that you can do is to begin selling the furniture, clothes or other items that you currently have inside your home, as this will help you to make a profit. It would also mean overall you’d spend less on moving fees as well…You can’t say I don’t cover every eventuality?! As well as this, knowing how a secured loan works can offer up a different avenue for you to explore to gain some funds fast but I’d recommend totally looking into this before you make a hasty decision.
I don’t know what your current job role is looking like and I know when you work full time you barely get enough time to relax let alone find the time for a second income. But sometimes when the first full time role doesn’t pay enough a part time job might have to come into play. I’ve done everything from dog walking to cleaning to ghost writing online content to earn some extra cash and it’s not only enriched me literally with monies but also given me a different perspective on a role I hadn’t done before. I love dogs so being able to play with puppies, get some exercise and earn was great. I cleaned, which involved early starts (which I did not enjoy) but meant I got money at the end of a shift and also learnt how to clean a toilet in less than 90 seconds?! Every cloud.
Speak to a mortgage advisor?
Ideally this is something you should do at the start of your search so they know how much money you’ve got, if you’ve got any debts or bad credit and how much you could realistically be loaned. That way you know what type of price limit you’ve got and can start looking accordingly.
Have you looked into what your bank or other banks offer?
Not everyone is lucky enough or can even ask for a loan from the Bank of Mum and Dad but if you’re looking for some proper help when it comes to financing, different banks and lenders offer a whole host of different schemes to help people get onto the property ladder. Check out what your bank provider has on offer or shop around to see which one has a better deal so to speak and that would suit you the most. There was a Help To Buy ISA scheme running in the UK which ended at the end of November 2019 which allowed those with access to those accounts to get a government grant of 25% of whatever was in the account if you were first time on the property ladder. Your best bet would be to have a look and see what is on the market, what works for you and speak to those who actually know what they’re talking about…Not just Ab from the internet.
Saving for a new home is big step, a giant scary step! One of the biggest and most grown up things you can do as an adult. Hopefully some of these points might be deemed helpful and hopefully whomever is also taking a journey of home ownership in the roaring twenties 2.0 can hopefully be where they want to be by the end of the decade. If anyone has any further tips and tricks please do comment below!