How To Get Serious About Saving A Deposit
No deposit home loans are a thing of the past, so if you want to buy a house, it’s time to face facts: you need to save for a down payment.
But that’s meant to be difficult, right?
Well, yes and no. It might be hard at first to adjust to a new lifestyle on a budget, but once you get into the swing of things, you’ll hopefully not notice the sacrifices you are making and only see your rising bank balance!
As everyone will have told you, the first step to any savings plan is to draw up a budget.
However, if you don’t know your spending habits intimately it can be hard to know where you can save on expenses.
What to do? Well, start tracking your spending habits over a couple of weeks.
You could do this the old fashioned way with a pencil and spiral notebook, or why not get a smartphone app - much easier to whip out in the supermarket line to record your groceries bill.
Once you have some solid spending data, you’ll be ready to write that budget and find ways to cut back on expenses and boost savings!
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.