Top Tips on How to Save for a 5% Deposit
- Stay on top of your finances by keeping a record of your outgoings in comparison to income. If you have debt find out which repayments have the higher interest rates and make these payments your priority to shift the quickest. Once you’ve dealt with your debt you can start saving!
- Save before spending! Once you are paid put any money you can into savings to avoid spending it! If you can, set up regular payments so a set amount of money goes automatically into your savings account to avoid a spending spree!
- Motivation is key! Set up a savings goal app to keep you motivated. Some banks offer these within your banking app.
- Work out what you can cut back on – a little bit saved each day can go along way! Look at what subscriptions you can cancel, plan meals advance to avoid buying on the go. Cancel costly clubs that you do not utilise such as a gym membership when you can train from home.
- Patience is key! Small changes equal big changes over time. Be patient!
First Time Buyers never fear because we are here to help educate you and guide you making your experience of buying your first home a fun memorable journey…