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Posted by on Apr 12, 2015 in Money Saving Tips |

How to Get a few Steps Closer to Owning Your Dream Home

How to Get a few Steps Closer to Owning Your Dream Home

When you’re renting and aiming to own a house, it can be very frustrating. Sometimes it seems like you’ll never have enough money for a deposit. But you have to be patient and keep saving your money if you want to make that dream house yours.

Saving money isn’t easy though. The temptation is always to spend it on the here and now rather than stash it away for later. But here are a few things you can do to make saving money a little bit easier.


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Cut Down On Your Rent

Renting eats up your budget like nothing else. It’s so hard to save money when it seems like most of your income disappears to your landlord at the end of each month. That’s why you should start looking at ways in which you can lower your rental outgoings.

If you’re renting a big apartment, you could look if there are smaller and cheaper properties that meet your needs. That way you’ll be able to save away the money you save on rent. Another option is to think about renting with a group of friends, spreading the costs means you’ll save a lot of money.

Set a Strict Budget

Limiting the money you spend will mean that you can plan how much money you’re saving away each month. And if you know how much you’re saving in advance, you’ll be able to work out how long it will take you to save enough to pay for a deposit.

Look critically at how and where you spend money and then plan some cut backs. It might mean going out a bit less often or buying cheaper food products. But it will all be worth it when you have enough for that deposit.

Open a Savings Account

Saving cash is made so much easier if you have a savings account. It lets you put the money out of sight so that you’re not tempted to spend it on luxuries. You might think that you’re able to resist temptation, but it’s often not as easy as you think.

A savings account will also give you interest on the money you save, and why would you pass up the chance of a bit of extra cash? Look around at which bank is offering the best interest rate before you open your account.

Make Your Aims Realistic

You should be aware from the start that if your dream home is expensive, you’re going to be saving for a long time. If, however, your dream is to simply own your home, you’ll be able to find a home that offers an affordable outlay of cash. It’s all about being honest with yourself and knowing how long it will take to get to where you want to be.

Use a Reputable Estate Agent

Once you’re ready to start looking for a house, you need to make sure you’re still being prudent and saving money wherever you can. You’ll want to use a reputable estate agent so try visiting Your estate agent needs to be fair on pricing and honest with you at all times. Don’t let yourself get ripped off.

If you take notice of these tips and put them into action, you’ll move a bit closer to getting the keys to a home of your own.


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