When it comes to getting on the property ladder, things aren’t always easy. The first thing to consider is how much you can save ahead of time. Many estate agents in Chelmsford and surrounding areas are often asked about how much deposit they recommend saving, and the answer is usually “the bigger the better!” as this will give you the best chance with lenders. Below we offer some of the best money saving tips and hacks to help you achieve your dream deposit in a speedy timeframe.
Having a separate account in which to save your money is a key part of managing your finances. Think about utilising savings ISA’s and don’t be afraid to move your money around. Many banks will offer incentives worth hundreds of pounds, simply for switching to a bank with them. If the numbers add up and you are still getting a good deal, then this is an excellent way to keep your accounts topped up. You can find plenty of research regarding these topics on websites such as Money Saving Expert.
Budgeting your finances and keeping track of them via a monthly spreadsheet is a highly effective way of ensuring that you have the most money possible to put into savings each month. Resisting the urge to dip into these may be hard, but watching the funds build up and smashing your personal savings goals is seriously rewarding!
With the cost of living constantly rising, shopping for groceries and essentials is more expensive than ever. Something to keep in mind is that various supermarkets will offer different deals throughout the month, so shopping around could save you money. You could also keep your receipts from food shops in some of your regularly visited stores and compare them at the end of each month, to see which are the most cost-effective for you and your family.
Shopping savvy also means making the most out of coupons and vouchers. Many stores will reward you for being a regular customer, so don’t forget to keep those coupons with you in the car or in your handbag to access them easily when needed.
Shopping in thrift stores, charity shops and at car boot sales is an excellent way of picking up clothing and homeware at a fraction of their usual cost. Don’t be afraid to barter on the price, as many people would rather take an offer than have to bring the items back home.
Cashback apps and websites such as ‘Top Cashback’ are an excellent way to gain a percentage of your spending back. This works especially well on large purchases such as technology, holidays, and general shopping. Don’t be tempted to overspend though, this type of cashback is only truly cost-effective when you use it for items you already intended or needed to buy.
You could also consider checking how well insulated your home is. Can you make improvements to save on expensive heating bills? A common place for heat loss around the home is in the attic and via single-glazed windows. Check for any government grants that may apply to you before you arrange for any work to be done.
Take your time to check the fuel prices in your surrounding areas and avoid paying over the odds. Many different petrol stations charge higher prices that could be avoided by opting to fill up at a different, more cost-effective location.