Most people dream of owning their own home: no matter how big or small, there is something special about having your own place. But with new research showing that the average age of first time buyers is reaching 30 in the UK and 32 in London there is no time like the present to start saving. So here are a couple of tips to help save for your first home.
Make a start – you might not be sure about how much you will actually be able to spend on your first home, but the best thing to do is crack on with putting money away no matter how small the amount might be, it all adds up! It is really important that you speak to a mortgage adviser to get clarity on what the bank will lend you, you can speak to an independent mortgage adviser or one through your bank.
Budgeting – once you know how much you need to save and roughly how long it could take you to do so, the best thing to do is set up a standing order/direct debit to another account you have. Make sure you look into savings accounts, ISAs and Help to Buy Schemes etc for long term saving.
Spend less – this might sound silly but simple things like having less coffees and meals out as well as making your lunch instead of buying it each day. If you are able to move back in with family for a while as this will help reduce your outgoings dramatically, if not maybe consider moving to a slightly cheaper area or renting a room in a shared house if you can.
Increase income – while this isn’t possible for everyone, if you can manage it, increasing your income by taking on more hours at work, doing freelance work if your job allows, or even having a weekend/evening will all help your savings grow.
It might seem like a lot of work now, but once you walk into your own home it will all be worth it!