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Save your Way to Home Ownership

Written by Redrow

30 May 2019

There is no way out of it for most of us: we simply must save money if we want to own our own home. Here’s our top five tips to really get you moving…

Big incentives

Make the most of assisted move schemes and other incentives, where possible.

 

For example, first-time buyers can benefit from a government-backed Help to Buy ISA that adds a £50 bonus to every £200 you save (up to a maximum of £3,000).

 

Click here to find out more about the help available to homebuyers.

 

Whether you’re a first-time buyer or a seasoned mover, you may need to limit your spending to get a new home. Paying professionals, including solicitors, surveyors and estate agents, can eat into your savings. So, the more you can shave from your outgoings, the better position you’ll be in for your house move.

Save for a rainy day. This way, you’ll be very grateful for the roof over your head when the skies open!

Deal with your wheels

One of the biggest expenses for most of us is our car. While newer, smaller cars tend to cost less to run, the growing popularity of electric vehicles makes them a smarter choice than ever before.

 

Compared to conventional fuels, electricity is seriously cheap. You could expect your mileage costs to tumble by a third or more with a pure electric vehicle. If you don’t feel ready to make such a drastic switch, consider compromising with a plug-in hybrid (run on conventional fuel and electricity).

As well as reducing running costs, electric cars also help the environment (they don’t even have an exhaust). 

Ditch your direct debits

Set yourself a savings target and sacrifice at least some of the little things you can live without… at least while you’re on a set budget.

 

Start by looking through your last few bank statements to see if you are paying for anything you don’t need or use. Could you do without that subscription magazine? Or that monthly payment to a club you rarely use?

You don’t need to change your whole life. But do remember to put your mini savings into an account so you can watch them grow Prepare lunch at home occasionally; skip the odd mochaccino; make personalised gifts rather than buying expensive presents (they’re often appreciated more anyway).

Shop savvy

Remember, there are plenty of supermarkets to choose between. Many of the goods sold in ‘budget’ stores are similar to those sold in familiar packaging. Keep an open mind to make lots of small savings that will mount up. Be methodical when you shop. Making a list of the meals you intend to make means you will know exactly which ingredients to buy. 

New utilities

Switching supermarkets can make a huge difference to your weekly outgoings. So too can switching your utility providers. There are lots of comparison sites that can show you in seconds how much you could save.

 

But don’t stop at gas, electricity and water. You may be able to get better deals on your phone, your bank and your broadband package. If you already have a contract you must read the small print to see if you will be charged to leave before it ends. Otherwise, feel free to go online to find the best possible deal for you.

 

Save for a rainy day. This way, you’ll be very grateful for the roof over your head when the skies open!

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