Saving for your first home

Thinking about buying your first home is an exciting time but it can also be stressful as you think about how much money you need to save in order to pay for your deposit and all the other financial obligations that come with buying a home. There are some ways in which you can save money ready for the day you find your perfect property. You will need to have the work of a House Survey done and Sam Conveyancing can help with that.

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Think about where you currently spend your money.

No matter what you save, it’s hard not to spend anything. The trick is to check for sales, which means you spend less and can save money. When you are at the store, this might mean purchasing own-brand goods over named-brands, finding the best prices through comparison sites or using coupons to get good prices for anything from household items to vacations.

Save little and often.

Use this to measure how much you need to save per month after you know the deposit you will need and you want to transfer. Set up a savings account, and as soon as you get paid, transfer this balance into it. You would not miss the money this way or be tempted to waste it. Plus, it will help keep you motivated by watching your savings build up, inspiring you to save more.

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Get help

Speaking to a financial adviser can give you some ideas as to what money you have available to save and whether there are any special savings accounts that you can use in order to do this and maximise the money that you are putting away ready to buy your first home.

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