Saving for your first home is exciting and stressful all at the same time. Knowing how to save properly could be the make or break of when you'll be able to afford a home.
The idea of trying to save for your first home may seem like a daunting task, but with hard work and self-control, saving for your first home is not as scary or as impossible as it might seem.Top tips for saving:1. Budget
Creating a budget may seem obvious, but a lot of people get lazy and don't actually fall through with planning a well thought out budget. Seeing how much you and your partner are making and where all your money is going will be an eye-opener. Figure out how much you need to save each month and from there plan out how much you will spend on food, rent, bills, and a small slice for a little fun. You will need to sacrifice something for a while but it'll be worth it in the end. Try out an app to help keep you on track.2. Help to Buy
For first time buyers, there is the help to buy scheme
. If you save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The limit is £3,000 to each person.3.Savings Account
Research which saving account is going to make you money while your money is sitting in the bank. Getting a good interest rate could go a long way in helping you reach your goal faster.4. Living at home
Renting nowadays, in most cities, is very expensive and makes it hard to save for anything. If you have the option of living at home with mum and dad for free, bite the bullet for a few months and live rent-free.
For a year, or maybe longer, you will have to make a few sacrifices, shop at vintages store, become a couponer and discount shopper, but if you stick to it and control the urge to spend, you will save enough to buy the home you have been waiting for!
If you are looking to buy your first home contact
one of our agents today and let us guide you home.