We could all do with a little help when it comes to saving. Whether you’re saving for a new house, a new wardrobe or a new sense of financial security, putting away the pennies can give you a new found stability and sense of calm and we could all do with a little more of that from time to time.
Tracking your spend
This may seem like an obvious one but keeping an eye on where all that money seems to be escaping to by the time you get to the end of the month can do you a world of good. Apps like Monzo and Starling are great ways to get a visual picture of where you could be saving a little more or spending a little less. We all know the fear we get when we know we’ve got a little trigger happy on amazon the last few weeks and opening the bank app is like seeing photographs of drunk you after a night out. It’s the dread that’s going to make us second guess the purchase of those stainless, non-stick 5 star rated copper pans or if we really ever going to use that high-tech breathable yoga mat that was in the deal. But by simply making it a habit to track your spending everyday, could really help with those erratic outbursts of spending and the purchase guilt that comes after we’ve put the new goods away and realised the true beneficiary was old Geoff Bassos here.
Counting your Credit
Often overlooked when it comes to saving, credit is one of the most important considerations to have in mind especially if you’re saving for anything big. While you could have a great track record in terms of saving and your deposit could tick every box, but without a squeaky clean credit history, you’re going to find it a little tight to make some of those most important purchases from cars to houses to phone contracts. Credit Scores are affected by many things such as being on the electoral register, using a credit card and making payments on time. You can track your score and how it is affected through apps such as money supermarket and credit karma. Keeping your eye on that number and your credit spend low could really make a difference when it comes to your future.
Deals and shortcuts
While some deals are often a little too good to be true when it comes to getting a lot for your money, checking out where you can receive discounts, help-outs and government schemes, is a great way to give you a head start especially if your savings gravitate towards buying a house. First-time buyers get a pretty raw deal when it comes to saving and sticking a deposit down on a house, so luckily there are a few deals out there to give you a leg up. Shared ownership is a great way to stretch your savings a little further as you only put down a deposit on a share of the property. You basically part-buy, part rent your home and can increase your share overtime when it suits your financial situation. So if you want to get on the property ladder sooner than later but you’re worried about just what your savings could get you then shared ownership is a great idea to look into. Many of the properties are also in London boroughs to make the London housing market accessible in an era where it seems a shoe box under the stairs is worth a full wage’s rent. Propertybooking.co.uk are a great site to explore if you have housing on your mind and with shared ownership in Sevenoaks to Manchester, you won’t have to compromise on where you want to live.
So with the whole new year new me freshness, lighting our lives just a little amongst the gloom that was 2020 give yourself a new lease of life and your saving habits a little spring clean and refocus your goals for 2021.