Cash, finances, funds…
Call it what you will. But don’t be afraid to have an open and honest conversation about money.
After all, it cannot be avoided, especially for those of us who intend buying a new house. A deposit needs to be saved, mortgage payments will need paying, a house warming party needs funding…
Break the financial ice
The starting point is likely to be with your partner. Ask him or her when they’d like to sit down to talk about the house you intend to buy. Breaking the financial ice in this way puts the focus on what you both want, rather than how you’re going to get it. It also gives you both a little time to think about what you want to say before you sit down together at a time that suits you both. You’re off to a great start…
Remember, your partner may see things a bit differently from you. Listen to what they have to say and be prepared to wait (or move more quickly) than you had had in mind, if this is feasible for you both.
Also, be open to as many options as you can think of between you. Can either of your parents help with the cash for a deposit? Can either of you work any extra hours for a set period to earn more? Could you do without the holiday you had planned? Parents can be paid back. Some temporary overtime is acceptable to many. There is always next year for that dream holiday…
Remember, the way you get there is not the most important factor, as long as you both feel happy that you’re doing the right thing for the long term. So, be open to the fact that your partner wants to pop all their spare cash into a bottle, or give up their gym membership temporarily, or bake and sell cupcakes online. If they can save in the way that suits them, they are much more likely to help you achieve your shared goal.
By discussing the matter together, you should be able to make a plan on which you both agree. This will be a great foundation for success!
Circumstances can change. One of you could lose your job (or get a promotion). You need to keep talking to each other about anything that changes and alter your plan accordingly. Look at your savings together regularly to see how you are doing. If you’re not on target, what can you adjust? Working together in this way means neither of you will be in for any unexpected surprises.
Your parents, grandparents and some of your friends may have gone through a similar situation. Don’t be afraid to talk to them. They may come up with ideas you hadn’t even conceived. Sage advice is likely to include not borrowing irresponsibly. Older people are also likely to tell you that any short-term discomfort you experience will be worth it in the long run.
Because there really is nothing quite like owning your own home.
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