arket is in good shape. Prices continue to rise
and sold signs are popping up like mushrooms. This is all
wonderful news and we’re all going to be property-rich.
Spare a thought for the first time buyer! Gaining that elusive
first step on the ladder must seem in insurmountable task.
Would-be homeowners have to save for a considerable length of
time, as the average deposit is now around =A312,000, having
risen from around =A34,000 ten years ago. Small wonder the
average fist-time buyer’s average age has risen to 34.
What simple steps can you take to get yourself into a =ECsaving
mode=EE? It’s no use being unrealistic; it’s going to take a long
time to get there. Short of winning the lottery, there are not
short-cuts.
It would be a good idea to do some sums – try to work out how
much deposit you can realistically achieve and get some idea of
what repayments you could afford. This will give you an idea of
the price range of the property you’ll be looking for.
Gradual changes to your lifestyle will be easier to accomplish,
rather than dramatically changing your way of living. It’s
easier to sustain small changes over the necessarily longer
term.
Look into all your recent expenditure. By making a record of
all your outgoings, you may pick up on things that you may
have been wasting money on and therefore discover ways to spend
just a little less each month. Pop any money saved to one side.
It’ll soon accumulate and add to your savings.
There are all sorts of ways you can save from day to day. Maybe
you’re in the habit of popping into the station caf=C8 for a
coffee on your journey to work – do you really need it? If it’s
pure thirst and not just habit, carrying a small bottle of water
will do the job just as well, and tap water at that! If drinks
are not provided at work, or for working away from base, a
flask of coffee is easily prepared at next to no cost. You
could probably save around =A360 per month on this alone, which
is well worth doing.
Similarly, pre-packed sandwiches can be amazingly expensive -
and does it stop at a sandwich? Pack your own sandwiches, even
using prepared fillings from the supermarket and you’re on your
way to saving over =A380 per month.
What about your direct debits? Look down the list to see if you
really need the little extras you’re paying for, month after
month. It’s easy to stop these expenses, just stop the direct
debits and you’ll probably not notice the difference, apart
from in your bank account.
Keep an eye on the everyday bills. Be energy conscious, making
a point of switching off lights in un-used rooms. Leaving
appliances in stand-by mode can eat away at your electricity
bills and do you really need the heating to be quite so hot? If
you pay your yearly bills in advance for items such as car and
home insurance, you could get a discount, and save yourself
money overall.
You may have credit card debts. By transferring any debts from
these to a card charging zero interest the money paid off will
be against your balance and the account will reduce, rather
than simply paying interest.
There must be many more ways to save. Think about it. Check the
internet to see what savings accounts are on offer. If you open
a high interest savings account, or maybe consider a tax-free
ISA, you’ll be well on the way to long term saving – and that
first home of your own.
About The Author: Great mortgage articles from the Mortgage
Developer http://www.mortgage-developer.co.uk
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