Recently I have started being hard on myself when it comes to my finances. I would love to spend every pay check on clothes, makeup, cheeky McD's after work every night, but ay who wouldn't. A sneaky 6 chicken nuggets won't hurt every now and then though. hehe.
Anyway, I'm the only one of my 7 siblings whose still living at home. I would love to move out and have a house that I can call my own, which means I need the mortgage deposit.
Being realistic I need around £20,000 saved for a decent deposit on a house. I've done so much research into this myself to see what's out there in the world that can help me save my money.
Here's some things that I've done to help me start saving for my massive goal of £20,000.
- Analysed my outgoings to my income. So I listed what my 'wants' and 'needs' were when it came too my expenditure. Anything that was a want I analysed and got rid off.
- I got rid of any subscription boxes. Mine was my Birchbox which was £12.95 every month. It weren't really worth it anyway.
- I stopped online shopping unless it was necessary I use to be so bad, if I got bored then I would online shop now I distract myself with TV or colouring in.
- I stopped reading the advertising emails that come through from companies telling you about all these amazing deals, like '20% off' or 'Free Next Day Delivery'. How tempting these are they can be the worst for your bank account.
- Sell your shit... not literally shit, but your old stuff. Whether it's clothes, shoes, bags, furniture. There's plenty of websites that can help you sell things. I use Depop and Ebay. As they say, 'Another Man's trash is another man's gold'.
Now here comes for the fun part. Where to start with a mortgage savings account. Now there's so many out there and it's mind boggling at how much is on offer. However I went for something called a 'Help To Buy ISA' account, which is designed for first time buyers.
Now this is a special savings account that you can open up with a maximum of £1200 and you can then put in £200 every month after that. For every £200 after you've saved after £1600 you will earn £50 however you will not be physically given the money. It gets applied for once your in the mortgage process. You can earn an extra £3000 towards your mortgage deposit, just for having this special account. Nice ay. Plus if you are applying for a mortgage with your partner, they can also have one of these ISA accounts which means £6000 free money between you's.
As well as this I also place money into 3 different savings account which are for separate things like, Mortgage savings, fee and general savings. I have this set up as a direct debit. So once every pay check comes into my account my direct debits to my savings account are taken and I don't have to worry.
I'm going to stop there because I've got a feeling that this is turning into a long blog post. I will post more soon about what I do to save money for my deposit. I hope this helps anyone out there. Shall see you around soon.
Kim x
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