Saving (October 2017)

How to save for a deposit for a house

Whilst renting is proving very popular with modern families, there are still plenty of those that long to own their own house. Not only is securing a mortgage more difficult than ever, but for some people, the idea of being able to save up enough money to put together a deposit, seems impossible.

Here at AJ Cockle Finance, we want to help. With this in mind, we have put together some of our top tips for how best to put the money together for a deposit for a house. Some of which are small, and don’t have too much of an impact, and others that may require a little more determination.

Get yourself in the right mindset to succeed

If you tell yourself that saving money for a deposit is going to take forever, and mean that you can’t live your life. Then chances are that you are never going to do it. Instead, you need to think about it in a positive light. Tell yourself that you will succeed, that you will save the money you need, and you are much more likely to put the effort in. In fact, there are a number of schemes out there designed to help people get into the property ladder. So, if you are feeling a bit low about the prospects, then check these out to give you the push you need.

Look at your monthly household expenses

When it comes to saving, there are some things that you are going to cut back on, and others that still need to be paid. The monthly bills that relate to your home, such as utility and food shopping, are things that are a necessity, but could cost you less.

Always take a look at the direct debits that you pay out on a monthly basis, you may be surprised to find things that you didn’t even realise were costing you money. Also, think about your utilities, it may take you time to shop around, but if you can save yourself a good amount of money, then this is definitely worth the effort.

Food shopping is another area that you may be surprised by how much money you can save. You can do this by trying out some of the lower cost supermarkets, or simply switching from the top brands down a level. Often, they taste the same, but they don’t cost nearly as much.

Don’t get the fear of missing out

There are some things that many of us will feel that they are just not ready to give up on, otherwise they can get the fear of missing out. Socialising with friends, hitting the gym, or having long beach holidays are all things that can strike fear into even the hardest of savers, when it comes to cutting back or giving up on.

The truth is, all three of these things are lovely, but you don’t have to abandon things completely. Rather than heading out on costly nights out, why not invite your friends over for dinner and a few drinks?  You can all bring something and create the dinner together, giving you time to talk, relax and also spend some time together.

The gym is a great way to keep in shape, but you may be surprised by how much running, walking or grabbing your bike out can do for you. As for holidays, sure, nothing can replace drinking cocktails on a far-flung beach, but why not just swap these exotic breaks for something UK based, even just for a year or two. If the weather is fine, then there are plenty of amazing places to visit right here in the UK, and it will cost you a fraction of the price.

These are just some of our top tips on saving for your own home, why not try them out for yourself and see if you can get on the property market ladder?

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