Money saving tips ideas
The idea of being able to afford your own home during your twenties might seem like a million miles away for many of us, and it is something which can be difficult to think about saving for. Saving for a house is a nightmare and it can be hard to balance paying for our car, phone and rent as well as having money left to save up. However, it can be done if you follow these simple tips.
Increase your credit score
When you come to apply for a mortgage, the lender will look at your credit history and they will want to see if you have a good enough track record to be trusted with the loan. It means that you need to spend time finding out how to increase credit score quickly to make sure you are accepted for your mortgage immediately. If you have any outstanding debts you need to pay these off before applying.
There are a lot of people in their twenties who are reluctant to save for a house because they want to have a fun life. However, if you want to start making your future you need to balance things out. If you go out every weekend with your friends, you can instead think about going out every two weeks or once a month instead. Reduce the money you spend on alcohol and instead put this money into a savings account to go towards your home.
Have a stay-cation
Rather than spending all of your money on a holiday abroad this year, book a last-minute cottage in the countryside and enjoy a week away from work but spending less money than you would abroad. You will notice that you can enjoy your time without worrying about cash, and any extra money you would have spent abroad can go in the savings fund!
If you have clutter and random things in your home, the best thing you can do with it is put it up for sale on eBay for some cash. There’s no point simply throwing things away if you can get some money for it instead! Take some time this weekend to clear out your Home and think about what things you could sell on. Remember, you can also sell your old clothes so don’t forget to clear out your closet too!
Budget for food
Food shopping can be a huge cost for us to deal with each day and this can often be the biggest cost we have throughout the year. If you spend far too much on food, you might want to start thinking about cheaper meals and meals which have less ingredients in them. You can use a book like 5 Ingredient Meals by Jamie Oliver or look online and you should find some budget friendly options to try for your family. You can save any money leftover from your food shop and this will soon accumulate to help you buy a house.