Are you trying to save money to put towards the purchase of your new home? We’ve put together the top 3 things you should do to help fill the savings jar faster!
- Work out what you are currently spending
Grab your bank statements, a note pad and your calculator and get ready to do some number crunching!
Go through your outgoings and your incomings. How much do you have coming in, in comparison to going out? How much are you spending on average each month? How much is a necessary spend and where could you maybe spend a little less?
If you find that you are spending more than you thought or have more going out than you have coming in, it’s time to make some changes.
- Set a savings goal
Setting a savings goal will help you to figure out how much you should budget for each month.
Decide on how much you want to save each month and when you want to have reached your savings goal by. This will help you when it comes to budgeting. Use a spreadsheet or a budgeting app to help you keep a track of everything.
- Set a budget and cut costs
Setting up a weekly or monthly budget will put a cap on your spending habits. Consider everything, such as your household bills, living costs, financial products, family and friends, travel and leisure.
Having a budget will help you to prioritise where exactly your money should be going, giving you better control of you spending habits.
Find out where you might be able to make bigger savings first, like finding a new broadband supplier or cheaper car insurance. Then, take a look around and have a think about what other changes you can make to save a few pennies. For example, switch your lightbulbs for energy saving ones and remember to switch of unused appliances. Even take a look through all your subscriptions to see what you should cancel… That gym membership has never been used right?
Are you currently saving for a new home and have any money saving tips of your own? We’d love to know about them so share them in the comments below!
