If someone asked you to sum up the most adult day ever, what would it consist of?
Going to work, putting a wash load on, washing up, changing your bedding and cleaning your flat... that would normally be about my barrer. Today? Today was no ordinary adult-day. Today consisted of the usual, going to work, cleaning the flat, walking the dog, I even threw in a trip to sign back up to the gym (because you know, I feel rank atm), and just to top it all off, we went to our very first mortgage meeting today! Terrifyingly exciting, is the only way I can put it.
So, with this massive life-changing event looming over me, I thought I'd give you my best tips for saving for your first home.
1. Set aside a certain amount of your income per month, that you'd like to save. As soon as that money comes in, whip it out into a savings account! You could do this personally every payday or set up a direct debit, either way, don't give yourself the option to spend it.
2. Set up a savings account. This could be a regular ISA or an account specifically for saving for a mortgage (most banks do an account relative to this). Check out the interests rates about town and pick the best.
3. Assess your income and outgoings and see where you can save a few quid. For me, this included an old gym I never had the time to go to but was still paying the direct debit for and a few too many 'little spends' on lunch and snacks whilst at work or wherever. You need to pinch a little, but not so much that you don't have a life. Make your lunches before you go to work and cancel that direct debit for the magazine you never read or the gym you never go to.
4. If you're lucky enough to live near family and have the option to move in there a while then why not? Odds are you'll pay a hell of a lot less on rent and you might even get a few meals cooked too! I didn't do this, as I don't live near any of my family anymore and I'm too independent for my own good. Plus, I bloody love my mum but living with each other again would drive us both mad! Instead, I decided to stay in York and throw good money away on my beautiful-yet-tiny flat.
5. Have a clear out! Raise a bit of extra money by sifting through your old clothes, furniture, bits and bobs, whatever. Stick it all on eBay and see what you can get - anything you do get, pop into your savings account. Plus, you've cleared through all your unwanted items, so less to do when you do get your house.
6. Pay off any loans or debts you have, whether its credit card bills, store cards, anything on finance, do your best to get it paid off. You'll feel better, as you won't have it looming over you anymore, and you can finally put that money into savings for your dream home.
Don't be too hard on yourself, I say this because I go crazy if I don't save a certain amount each month, but its so much easier to save what you can and feel good about the fact you're saving something! Most people aren't, so you're one step ahead of them.
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