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Last Updated on by Noni May
Saving for a mortgage can be one of the most exciting yet difficult things you ever have to do. If you want to call yourself a homeowner one day and have your very own pad to show off to friends and family, then you should probably start saving sooner rather than later. You not only need the money to cover your mortgage, you’re probably going to want money for emergencies, as well as unexpected fees, solicitor/lawyer fees, and more. It’s always better to have way more money saved up than you think you need so you can get through your first few months without a hitch. This means getting serious and aggressive about your saving habits, as well as changing your lifestyle somewhat. Let’s take a look at the hacks that will help you to save for a mortgage so much faster:
If you have a car, and you really can’t get rid of it so you can put that money away (it would really help), you can at least make money with it. Now, you might not want to advertise on your pride and joy, but why not when all you have to do is go about your business as usual and you can make some cash? A company will come out, wrap your vehicle for you, and then remove the advertisement when the campaign is over. You then get paid. It’s super simple, doesn’t damage your car, and you get some cash just for living your life. If you tend to drive a lot, you could be a great candidate for multiple campaigns.
Streamlining your food shop is crucial, as this is one area people tend to spend way more money than they need to. First of all, always eat before you buy food. It’s a fact that people buy more when they are hungry. Next, do your shop online so you can avoid aisles you don’t need and see the exact cost of your basket before you buy. Make a list so that you know exactly what to get beforehand, and that nothing goes to waste. You should also consider buying own brand items rather than big brand names, as they often taste the same and can cut the cost substantially.
Having a clear goal in mind is one of the best ways to get focused. So, use the mortgage qualification calculator and see how much you qualify for, then write the deposit number down and go for it. Keep it somewhere you can see it so the number is always fresh in your mind and you never lose sight of your ‘why’.
When you get paid, pay yourself first and use the rest of the money in your savings accounts. This ensures you have the money to do what you need and that you’re utilizing every other penny you get.
The envelope method is an effective method that forces you to get creative and spend your money mindfully. For example, you’ll have an envelope for things like food, entertainment, and so on. You can only use the money out of the corresponding envelope for that thing – you can’t swap money from envelope to envelope, or spend it on anything else. It sounds strict, but it works!
Perhaps you have a little spare time and a skill you could sell. You could walk dogs, offer to do DIY jobs in your neighborhood, or do something online.
Dining out is a huge expense, so avoid it and host nights in instead. You definitely shouldn’t be dining out at fancy places multiple times a month. Just think of what that could add up to over the course of a year!
Make your own takeaway coffee rather than spending a silly amount on Starbucks. Buy your own cup and make it with a machine at home. You’ll have the same delicious taste for much less. If you must buy it out, use a loyalty card and buy your own reusable cup, making sure you reuse it to get money off.
Don’t buy meaningless gifts. Make them instead. There are tutorials online that can help you.
No need to go far away when there are probably so many places you could visit close by!
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