Saving for your first home top-tips
The thought of saving enough for a mortgage deposit may be daunting. How exactly do you get your hands on the money you need? Even if you don't have existing savings or family to help you, there are lots of ways you can start saving.
Five savings strategies for first-time buyers
- Set a savings goal.
- Sign up for a budgeting app.
- Shop around for savings accounts.
- Consider all monthly payments.
- Declutter and sell.
Read on for details.
1. Set a savings goal
This first simple step will really help with motivation. Budget and set a savings goal of realistic monthly savings.
Take into account more expensive times of the year (Christmas and birthdays for example) and adjust targets accordingly. Don't get fed up or throw in the towel, step-by-step you'll make a difference.
2. Sign up for a budgeting app
Keep a track of your spending this way. It's a great way of keeping on top of your income and spending habits.
Every budgeting app is different, so find one that suits you. They'll all help you to manage your money by syncing up with your bank and credit card accounts.
3. Shop around for savings accounts
Save in the right place.
If you’re a first‐time buyer aged between 18 and 39, you're eligible to open up a Lifetime ISA account.
