If you are saving for your future first home but are growing tired of the painful process, then read on for some inspiration that just might get you back on track. Putting money away every month isn’t the most exciting activity and can often fill you with a sense of dread when looking at your bank balance. However, if you are going to end up with the home of your dreams, then you will need to persevere! Here’s why.
1. Just Think How Much Money You Are Giving Away
Every single month, you are paying somebody else’s mortgage while renting. If you live in a big urban area where real estate is highly sought-after and in short supply, then the chances are that you are also probably overspending for what your property is worth. Getting on the property ladder is a surefire way to put an end to this endless money pit you have created by renting and will ensure that every penny you earn is invested in your future.
2. Supplement Your Savings By Earning More
If your struggles are down to not being able to save enough, then you need to think about how you can supplement your income in order to save more. Given the recent rise in popularity of trading cryptocurrency, why not do some research into the hottest stocks and buy and sell crypto? It certainly isn’t as straightforward as films like The Wolf of Wall Street make out but it could certainly be a way to increase your savings pot – and get you a step closer to your dream home!
3. You’ll Finally Be Able To Get Pets
One of the many downsides to renting is the inability to get a pet. If you and your partner have always been keen on adopting a cute, little puppy or kitten, then start saving money now because there are fewer and fewer landlords that allow you to keep animals in rented homes. Then, when you finally have the money together for your house deposit, you will be one step closer to becoming a pet parent!
4. Imagine The Exciting DIY Projects You Could Undertake
Owning your own home also enables you to undertake exciting DIY projects that you wouldn’t otherwise be able to do if renting. If you have always dreamt of having an outdoor bar in your garden, or a brand-new bathroom with a walk-in power shower, then these projects will only become possible by owning your own home. Let your wildest DIY dream inspire you to save!
5. Improve Your Credit Score
Finally, make a concerted effort to boost your credit score. It’s no good having finally saved up for your house deposit, only to have your mortgage application rejected due to a poor credit rating. Make sure you clear any outstanding credit cards or loans in a timely manner, as this will really bump your number up. Also, with no outstanding bills to pay, that money can then go towards your housing deposit.