Can Saving Pennies Lead to Your Dream Home?

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We all know that a big deposit will go a long way in helping you to buy your dream home. The common belief is that we have to obtain a lump sum of money to get us there, although small savings along the way can help too.

With some hard work and smart saving, you could have a foot on the property ladder – with a bigger house than planned, and sooner than you think. Read on for our tips on how to save those pennies for your bigger, dream home.

Do You Have the Best Energy Deals?

You may think that something as simple as switching energy suppliers won’t make much of a difference to your savings, but that’s not the case. According to The Guardian, some households can save between £200-£400 per year. In fact, more than 70% of SSE customers are on their most expensive tariff.

Look into lowering your energy bills at MoneySupermarket.com. One thing to note: don’t be put off by unknown or cheaper suppliers. Although you should do your research before you switch to any supplier to ensure that they are right for you. A bit of bad background music while staying on hold may be a small price to pay in comparison to the saving that you may make.

Re-evaluate How You Save

Look at your saving habits to see where you can make changes, as this can really help your piggy bank grow. According to BBC News, the average deposit put down for a first-time buyer is a daunting £20,000. Instead of being deterred, try breaking it down into achievable monthly payments.

For example, if you want to buy a property in three years’ time and require a £15,000 deposit then you’ll need to save around £420 a month. If that’s not realistic then maybe look at extending the amount of years that you save for. It’s better to have a long-term plan rather than fall down at the first hurdle. Remember to enjoy watching your savings grow. Not only will the increasing figure motivate you but you can keep a close eye on if you’re receiving the best interest rate.

Shop Smartly

Are you a loyal high-end supermarket shopper? It might be time to have a rethink. Money Saving Expert says there are a few shopping techniques that could save you £1000s a year. It’s more than possible to eat well and healthily on a budget – keep checking those ingredients if you’re unsure and don’t just rely on brands and marketing. Remember, it’s the job of the supermarket to entice you to spend your money. Shop smartly and always be on the lookout for bargains and discounts.

You may also find buying a larger volume or bulk buying may work out cheaper in the long run. Also (and this is very important), never shop when you are hungry if it can be avoided. It might seem obvious, but if you go food hunting on an empty stomach you are bound to come back with more than you need. Check out this article by Which? that details the best-value supermarkets for 2018.

So there you go – ready to make the small changes that will help you save those pennies. Don’t give up, it’s never too late to get on the path to your dream home.

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