When you get to that time in your life when you’re ready to buy your first place there are a lot of emotions whirring around; excitement, nerves, and stress. It can all get overwhelming, but the best way to prepare is to start saving money as soon as you are able.
In this article, we are going to discuss our top money-saving tips for first-time buyers to help get you on the property ladder as soon as possible.
Our tips will include anything from shopping around different supermarkets to ditching your car and opting for a more cost-effective method of transport like cycling.
1. Shop around to save
Our first tip for saving money is to shop around. Although this can be more time-consuming, if you want to save as much money as possible, this is a good way to start. There can be some great deals at big supermarkets like Asda who have rollback deals and Tesco if you have a Tesco Clubcard but often, shopping here can add up. Some great shops to get your food and other household essentials include Aldi and Lidl.
We admit, you may have to skip out on big brand names but in the long run, it will be worth it. We have to give it to Aldi, their versions of products are just as good if not better than the original. It may be worth visiting a few supermarkets the next time you need to do a food shop to try and get the best deals.
2. Check your Subscriptions
Another good way to save some money is to go through all of your monthly subscriptions and see where you can cut back. Let’s be realistic, do you need Netflix, Amazon Prime, Disney Plus, and Hayu? The bottom line is no, you don’t. We say pick the one you use most regularly and ditch the rest. Also, check the different apps you’ve subscribed to on your mobile device, there may be games or music apps you’ve subscribed to for free trials and forgot to cancel.
3. Switch and Save
A third money-saving tip is to look into other options for broadband and mobile device contracts. Switching or threatening to switch providers is a good way to save money. If you switch mobile providers you may be able to find better deals and if you threaten to switch, the provider you’re currently using may offer a better deal to avoid you moving elsewhere. Although this process can be long, it’s a great way to cut back on your monthly expenses.
4. Invest in a Bicycle
Our next tip may seem random and may not be for everyone, we get it, there’s nothing quite like the comfort of your car. However, with that being said, it is a known fact that cars are a money pit.
Therefore, our next money-saving tip is to consider investing in a bicycle. At first, the upfront cost of a brand-new bike may put you off, but in the long run, it’s worth it.
When you compare the cost of a bike to a car there is a huge difference, not to mention the other costs that come with being a car owner.
When you have a bike you don’t have to worry about additional costs like insurance, fuel, and parking, plus you can easily maintain a bike yourself.
Even if you have no experience with bikes, you can easily teach yourself how to maintain and even fix one by finding useful blogs or YouTube videos.
Our favorite provider of beginner bicycle maintenance guides and courses is Cycle Maintenance Academy. For the bigger jobs, you aren’t able to do yourself, you can take your bike to be repaired by a professional, but either way, the cost of fixing a bike is much less than servicing, maintaining, and repairing a car.
5. Dine out in Moderation
Our next trip is to make sure you still make the most of your spare time. Saving for your first house doesn’t mean you can’t live a little. We suggest dining out, meeting friends for drinks, and anything like that that costs money should still be done but in moderation.
If you moderate how often you go out you will probably enjoy it more but it will also prevent you from dipping into savings. Only you can decide how much you can afford to dine out each month at the end of the day, but maybe consider inviting friends around and cooking instead as a way to socialize but not spend too much.
6. Separate your Savings
Our final tip is to split your money up into at least three different accounts. Your first account should be the monthly bills that you cannot avoid and have to pay. Your next account should be a savings account dedicated to holding your savings for your house and your final account should be your spending account.
This is a great way to budget but also prevents you from accidentally spending too much money if you get carried away. You can make further accounts for each thing you want to save for but we always recommend having at least three.
Conclusion
We hope this article has given you a fresh perspective on money saving and suggested some new ideas that you haven’t heard of or thought about before. When it comes to buying your first house, only you know what you can afford, what you want, and how long it will take to save, but the sooner you start saving the quicker you will get to the point where you can afford to buy your first home.
