5 Money saving tips to boost your deposit
Make sure you are getting the most out of your savings/ISA, take a look at different banks and ISA’s to see what interest rates and perks they have to offer to enhance those all important savings, every penny counts when saving for a deposit.
2. Prioritise/plan to pay off any high interest debts
Debts such as credit cards and overdrafts can overtime have an affect on your credit score, especially if you are only meeting the minimum payment requirement each month, paying off this type of debt can then have a positive affect on your score and also help you to feel more secure in knowing that they are paid off or at least not at their max capacity.
3. Budget Planning Tools
Use your technology to help you budget, there are plenty of free phone apps out there to help you budget plan or even a simple spreadsheet to manage your outgoings, this can help to understand what you have coming in and going out each month and to also look at everything collated to see if there are costs which you can scale back on or cut completely, to add to the savings pot.
4. Separate Spends
Separate your money into categories to help look at it objectively, for example bills/outgoings, childcare, essentials and savings. Work out how much you need for everything by using the budget planner as mentioned in tip 3 to create your categories once you’ve established this then ensure to separate your savings each month into the savings account / ISA you have set up as mentioned in tip 2.
5. Government Support
Make use of what the government has to offer by researching schemes such as the Help To Buy Shared Ownership scheme and Lifetime ISA’s which allows you to save up to £4,000 per year with the government topping it up with a 25% bonus (please see our previous posts for more information on the LISA)
All of the above are really helpful tools to consider when saving for a deposit, if you are approaching a stage where you are ready to receive advice on purchasing a property you can get in contact via our online web enquiry form, email, telephone and DM.
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