If you are a first-time buyer set on becoming a homeowner within the next two years then here are 8 proven ways to help you save.
Saving Tips for First Time Buyers: We touch on all areas from the obvious to the not so obvious home truths which will make a huge difference in your overall savings – starting today!
At Joyce & Co Solicitors one of our main focuses is to help First Time Buyers secure their first home. We have over 20 years’ experience and a very approachable team to deal with.
Okay, lets get to it.
1. CLEAR OFF YOUR DEBTS OR REDUCE THEM
The first step way in which you can start saving for your mortgage is to spend less and pay off any outstanding debt where possible! We know this one sounds like a no brainer but debt is a saver’s worst nightmare as interest charges can be an unnecessary expense. As a rule of thumb for this situation its best to start with the highest interest loan and work backwards
2. CREATE STANDING ORDERS FOR SAVING
The key to becoming a saving pro is to set up Standing orders, they will automatically transfer money from your regular account to your savings account without you having to move a finger. This guarantees a set amount to save every week or month which prevents you from overspending and eating into your savings. You decide on the amount saved – reach out to your bank or credit union and start saving!
3. GET CREATIVE AND USE MOBILE APPS
If you need a little help with tracking your savings, there are some really great savings apps available to help keep you on track. Life happens – sometimes we have one off expenses such as birthdays, weddings, etc. A finance app on your phone will keep track so you don’t have to.
4. DONT OVER SPEND ON UTILITIES
Gone are the days where we had no choice in our service providers. Nowadays there are many ways to save by simply switching electricity provider for example.
A great website to use is bonkers.ie. They report that the average household could save up to €410 per year by switching providers.
And, as they say, every little helps. Similarly, by switching tv or broadband provider you can save some extra dough.
5. STOP WASTING FOOD AND MONEY!
We are all guilty of it – Wasting food means you may as well be throwing money in the bin. It goes without saying that being conscious of expiry dates is important. Less expired food in the bin over the course of a year equals savings. Every euro counts when saving for your new home.
6. GET OVER FOMO!
We have all been there – you get invited to go for dinner with your friends or maybe for a couple of drinks. You have no plans and really want to go but there is no special occasion and no real reason to go but to satisfy your FOMO.
We are not suggesting you refuse every time and become withdrawn from your friends or social gatherings but we do suggest being smart when choosing what to spend your money on or how frequently you succumb to your FOMO
7. MOVING HOME
We know it’s the dreaded move no-one wants to make but moving back in with your folks can be the best way to save large sums of money. Rent nowadays can be extremely expensive and is money you could be saving towards your mortgage.
Of course, this option may not be possible for everyone, but for those who can do this count yourselves lucky!
8. BE PATIENT
Saving takes time – Rome wasn’t built in a day. Saving correctly over time will make your new home even better. knowing that you sacrificed and worked towards this achievement is the greatest satisfaction you will ever feel. At Joyce & Co Solicitors we have a dedicated team of solicitors who are ready to help make your dream of owning your home a reality