Here are a few tips to help you on your journey to becoming a homeowner:
1.Track Every Pound
Find out exactly where your money goes each month by keeping track of every single you purchase over 30 days. Review your card and bank statements to categorise where you spend each pound.
2. Rate Every Purchase
Using the month of expenditures, rate each item or service you bought as a “want” or “need”
3. Set Savings Goals
Using your “needs” and “wants” list determine where you can realistically cut spending. Use the budget to set monthly and yearly savings goals.
4. Set Aside Funds
Create a separate savings account for your down payment. It’s not only easier to track but blocking off funds may make you think twice before dipping into that money for something other than your future home.
5. Save Automatically
Set up a “down payment” savings account and have a set amount automatically transferred each month.0