Saving to buy your first home can be a difficult process. Not all of us are lucky enough to have made a large sum of savings over the years, or have family members who can lend a helping hand financially. There are a few ways that you can ensure that you are on the right track to saving money for your deposit and they are actually much easier than you would think!
Do your research
Take a look at your local mortgage brokers website or pop in and see them. This is your first step towards finding out exactly what the process is and how you can begin to make those all important first steps towards changing your life and buying a home.
Open a savings account
A good savings account with great interest terms is essential. Make sure that you have at least one account dedicated only to savings. Don’t use it for business payments or dip into it here and there and you will be surprised at how a little amount paid in here and there will really add up. We all have the capability of creating our own luck in finance but it’s good to have a helping hand and a place to start.
Start a savings jar
If you haven’t got a savings jar in your house, then why not? This is a foolproof way of saving a little bit of cash over a long period of time. Every little bit really does help and it is so easy to do. Just find an old jam jar and every time you find a few pieces of loose change in your pocket or wallet, drop it in. This isn’t going to earn you big bucks, but it will all help over time and can be a surprisingly good way to save as you watch your jar build up. When it is full, pay it into your savings account straight way to avoid the temptation to spend!
Money saving tips
Here are three simple money saving tips to get you started on the right track to saving as much as possible in all aspects of life:
Collect coupons – there are so many facebook pages and coupon website links that you can subscribe to for this. Coupons are a really underrated tool in money saving and they can really make all the difference to your life and your budget. Put the money you save into your bank or savings jar after you’ve used each coupon.
Supermarket savings and deals – stores always have reduced items and clearance deals. Spend some time shopping wisely and search the larger shops and department stores for the very best deals on everything from food and drink, to homeware purchases. Look out for this little clearance stickers and judge each offer by how much you are saving and how much it will benefit you.
Loyalty cards – most stores now offer their customers a loyalty card. Sign up for these and start collecting points each time you shop. Wherever you are based in the world, there are various stores that will give you a loyalty card and their signup process is usually quick and easy. Do yourself a favour and take 5 minutes to sign up at each of your favourite stores!