Getting Your Foot On The Property Ladder, Fast
Owning a home is the biggest asset most consumers will ever own.
Younger generations are finding it difficult to get on the property ladder, with rising house prices, and the slow growth in salaries. Young people are feeling the strain, and saving for a down deposit on a home is challenging. If you’ve got aspirations to be a homeowner, there are things you can do to speed up the process and improve your personal finances.
Learn more about how to get your foot on the property ladder, fast.
Contents
What About Spending?
Are you wasting your earnings each month on unnecessary things? If you want to save more money, then it’s time to stop the waste. Work out how much you’re spending on things like clothes, eating out and drinking – you might be shocked by what you see.
Learning to be better with money can help you adjust your attitude. Explore ways you can cut your spending, and put that money aside to go towards your deposit. Some short-term cuts can have a big pay off, so remind yourself of the bigger picture when the temptation to spend kicks in.
Improving Each Month
Do you know how much money is going in and out of your account each month? If not, it might be time to face reality. Having a clear picture of your spending can help you make some decisions that will benefit your homeowner dreams.
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For example, spending too much on a gym you don’t use- or spending too much on rent- could be money that could be put into your savings. Start a budget to work out how much you should be able to save each month and stick to it. These steps will help you save for a down deposit.
Credit Rating Issues
If your credit rating is poor, it can make it difficult to get a Hard Money loan that you’ll need to buy a house. Focus on building your credit back up by paying off what you owe, paying off balances in full at the end of the month, and avoiding getting into further debt. This, alongside your savings, will help you get the keys to your first home quicker.
More Income
If you’re finding it tough to save, then earning more money can be a solution. Having a side hustle can increase your income without having to work additional hours in your job, and could provide you with the cash boost you need. A side hustle can be a good way to spend your free time, if you cut back on nights out and meeting friends for dinner.
You Can Do It
Saving to buy your first house can be tough, but with some simple changes to your attitude and current spending habits, you can make it work. Find ways to drastically reduce your spending so that you can save more – the results will soon speak for themselves. Investing in your first home make be a big improvement in your personal finances.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/
(you tube channel) kenboydstl
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