Getting on to the property market can be hard, but teaming
up with someone be it a partner, friend sibling, even getting your parents to
help you to give you a leg up into the property world can help do the trick,
plus having savings too, but at times that can even be hard to do with living
costs hiking up year on year.
Whilst some feel it can be an impossible dream, especially
when you are forking out an arm and a leg, throw in some blood sweat and tears
to even out the scale, the older and younger generation can find themselves
thinking, that yes, it is an impossible dream and that is all it will be and we
will forever be paying off someone else's mortgage other than our own and
facing ridiculously high rent increases year on year.
Location, location, location
You have to really think, sit down and weigh up your options
whilst renting may be easier, is it really affordable in the long run, do you
stay in a city where you know property prices surge or step outside of your
city life and live somewhere more rural, where it will be cheaper to live and
saving you some extra cash, that is where I am currently at, but then I weigh
up travelling costs and thinking is it worth it to travel so far daily with a
kid in tow, who is just about to start school! Whilst everyone's position is
different, moving out of the most expensive areas in for a short period is
never a bad idea.
Parents
If you don’t want to
move back into your family home, maybe your parents can help you get on the
market in other ways. Take a look at SunLife who have some great advice for
parents wanting to help out their kids
Part buy
So many people have taken to this route where a vast deposit
is not needed, whilst you may not own the property outright it is a starting
point and a way to get your foot in the door, enabling you to save and chip
away at the remaining percentage until you own it outright or have the vast
majority.
Chill nights in
Saving not splurging can help you save, instead of opting
for nights out, cut back on the weekly night out and opt for a night in with
some popcorn a good movie and ditch the takeaway and whip up some homemade
Chinese sweet sticky chicken wings to help save you a little extra dough
towards that dream home of yours.
Make your dream a reality
Simple really, in order to vision what you want, go and see
what you want, nothing wrong in booking a few viewings, look at the location,
look at the homes available to get an idea of what you want and how much it is going
to cost you, to get a real sense of your price range you really need to know
what is on the market. In recent years first-time buyers have typically used a
20% deposit to buy a house, so factor that in when you are going on your
viewings.
Have you been saving for a deposit? How did you do it, where
did you start? I would love to hear your comments below....
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The end of the month can drag, literally drag especially if you are paid at the end of each month. You can find yourself living on the bare minimum and just about surviving until payday on a ration of variety flavoured noodles, all because you've overspent on that new shoes, coat's for the kids and yourself or after a long weekend of partying or finding that the pesky boiler has broken down and needed replacing, therefore, leaving you a bit strapped for cash and not budgeted properly for the month, don't worry it happens to the best of us.
We've all been there no matter how much we deny it openly, but admit it only to ourselves we didn't budget properly (quietly in one's mind). We need to take charge and sit down and go through and make a monthly plan as painstakingly hard as it can be to go through, it can be so rewarding at the same time.
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In order to take the first steps to budget properly, we need to understand where our money is going.
Envelopes
Ohh this is great, not gonna lie I love my little envelopes, once I've paid all my major bills, rent and nursery fees and calculated my monthly travel fees and topped up my oyster, I like to divide up a number of things envelopes and label them, with items that we will need for the month, food, entertainment, pet etc. It's a great way to not overspend and allows me to only use my card in an emergency.
BYO Lunch
Waste not, want not, a great way to save a bit of cash, is by bringing in your own lunch, use last nights leftovers to make a healthy salad or sandwich. Prep from the night before, to free yourself a bit of time in the morning, to get other things done, before you leave the house.
Free Work out
Pop the gym on hold, there are so many ways you can work out for free, be it a gym park, a brisk walk to get the kids to school, running home once you've dropped the kids home, to working out at home whilst watching free YouTube works outs.
Savings
Another great way to budget for the month, is having a little savings pot, great for seasonal changes when the boiler brakes down, but perfect for saving for that summer holiday, so we can get our swimming costume on and sip sangria's in the sun, to having some cash set aside for the kids parties and weekend activities.
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London Mumma xx
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Even though the winter season is shortly coming to an end (I pray) I am sure we are all craving some summer sun beating on our skin, giving us a golden sun-kissed glow and sand in our toes and the ocean sea air and what better way to prep than getting yourself organised for some holiday saving.
I crave to be more organised and money friendly, but who am I kidding I am terrible. Who am I to give advice if I can not even take it, but contraire mon frere, I've grown up well a little, unless there is a kids party afoot and I see a bouncy castle then it's game on, rents you better get your kids outta the way Mumma coming-a-bouncing!! But I think I've cracked it on how to manage holiday savings, which I will be sharing with you in this post some of my handy tips and tricks.
But jokes set aside I have made a few amendments and look at things a bit more practical to help get me more money savvy for the holidays. No New Years resolutions here, but 6 things you can do for you.
Plan ahead
As soon as you know where you want to go and if you don't have the cash in full, a great way is by putting a deposit down in advance and paying it off as you go along before your flight date, great for families or big travel destinations.
Money
If you know you haven't got good credit, get that sorted, I was scared at looking at my credit score, but I had to take the plunge and take a peak, with one eye opened mind you, and a great way of building back up your credit score is by paying off your bills or another way is even by getting a loan, even with bad credit you might be able to secure loan no matter how big or small, but repaying it off in time can help boost your credit. Plus it comes in handy when to have extra cash whilst on holiday.
Clothes
You are going to need to new swimming costumes, beach towels and dresses so buy as you go along or even look out for sales and key pieces that will stand the test of time.
Insurance
A massive saving is holiday insurance, no matter where you go in the world holiday insurance is perfect and a life saver and get you out of any sticky situations which are out of your control, plus it will give you peace of mind too, I always get my holiday insurance from The Post Office, they have everything I need and loads of different packages to suit all types.
Gifts
You are always are going to want to save money for little trinkets to bring back home to loved ones and gifts for memories of your holidays, so set aside a small budget for this, be it an allocation to each person or a budget in mind of what you will be spending.
If you like this money saving post, you can follow me on social media
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London Mumma xx
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