Simple money saving ideas for new homeowners
Must see money saving ideas for new homeowners
We all know how difficult it can be to buy a house. Whether it’s your first or fifth purchase – saving is a hassle, especially in the current COVID climate. Check out these smart money saving ideas for new homeowners. These best savings tips can take on board to help you reach your house deposit. Small changes to your life can make all the difference and allow you to start building your savings account ready for a mortgage.
The idea of saving up to $10,000 a year might seem impossible, but with savvy thinking and penny pinching, a target like this can be viable for you. Whether you are using a new home builder or you are simply looking for your first step onto the property ladder – there are plenty of smart ways to save money and help you to reach your dream home.
Use these simple money saving tips to get on top of your finances and be ready for the big move.
Go through your bank statement
The first thing you must do when creating a money saving goal is go through your bank account and mark down your regular outgoings. Essential outgoings should be listed along with their monthly value and this will give you a good idea of where to start with your saving goals. Some examples of essential outgoings are:
- Car Insurance
- Phone Contract
- Medical Bills
- Fuel/ transport
Sum up your outgoings and compare this with your incoming. Now you’ll be able to see what money you have left to play with each month. Once you know your expendable income you can work to reduce spending and save.
Cancel unneeded subscriptions
From Netflix to Spotify… a lot of us have subscriptions to services however when you want to save money it is important to consider the question “Do I need this?”
Most of the time the answer will be no – and by cancelling a subscription and inputting the money you would have spent into a savings account you are already on the right track. Enjoying life is important however compromising in the short term to long term happiness is more crucial. Make the sacrifices now and live a much happier life in your new home.
Compare energy bills
One of the easiest ways to save money at home is to compare your current energy bills and consider a switch. Comparison sites such as USwitch are vital tools for homeowners and you can find great introductory deals to suit your needs. Take a look today and consider lowering your energy bills while you save the excess money in your account.
Switch your network provider
Energy bills aren’t the only service you can change. If your phone contract is up for renewal soon it is worth checking other companies to see what they can offer you in terms of data and minutes. You will likely find something much more cost effective elsewhere and you may even find a better deal with your current provider. Always compare prices at the end of a term to avoid that dreaded price increase.
Stop online shopping
Online shopping is a habit that is all too easy to become addicted to. If you are trying to sve money for the deposit on a house – a sale at your favourite store is the last thing you should look at. The best method for ridding yourself of the temptation of online shopping is to delete the apps off your phone. Out of sight, out of mind.
Set up a direct debit
When payday comes around, it is important to move any money you want to save directly into your savings account before spending it. The easiest way to do this is to set up a direct debit for the day after you get paid each month where a set figure goes to your savings. This is a hassle free way to save without even thinking about it.
Money saving ideas for new homeowners and seasoned investors
You can use these simple money saving tips and tricks this year to save your deposit, and find your perfect home or next investment. These savings tips can also be applied to other big purchases or growing your investment account!