Written by Becca Green

Money-saving tips for first time buyers

If you’re a first time buyer trying to make your way on to the property ladder, take heed of these vital money-saving tips.

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Getting on to the property ladder is no easy feat, especially in this day and age. However, having a solid knowledge of how to start saving for a deposit is vital, so keep these money-saving tips in mind when planning your finances.  

Learn to budget

Study your incomings and outgoings closely to determine how much you could save. Consider using banking and budgeting apps to help and create a sensible budget to follow.

Cut back on non-essentials

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Consider cancelling some of the luxuries you don’t really need – gym membership and subscriptions boxes come to mind. Also, chasing refunds for memberships you aren’t using in lockdown will save you extra.

Manage existing debts

Consider shifting your debt to 0% balance transfer cards or 0% money transfer cards to avoid paying high interest on existing debts.

Claim what you’re entitled to 

Many have been furloughed, others have lost their jobs. In this unprecedented situation, financial support from the Government may be available to you. Investigate what you qualify for and you can keep topping up those savings.

Switch providers

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Many homeowners don’t know how much they’re paying for energy; in fact, according to a recent study by SaveOnEnergy, 85% struggle to take a meter reading. Get savvy and you’re likely to find there are many areas you can save in. Begin by running your property through a comparison site. 

Return items

Check out popular apps like Depop and Shpock as well as the regulars. You can also return faulty items to some shops that are closed from the coronavirus. Investigate which and chase the money you are entitled to.

Take advantage of schemes 

Due to house price increases, the government has introduced several schemes to make your first house more attainable – for instance, the Lifetime ISA (LISA) allows you to save up to £1000 a year towards buying a new home, which will definitely kick start your savings. 

 

Do you have any money-saving tips for first time buyers? Let us know how you get on on social! Tweet us @goodhomesmag, post a comment on our Facebook page or tag us on Instagram @goodhomesmag

 

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