Tips when saving for a house

When saving for a house one is never sure how they will ever get there, a daunting amount and a huge step forward, buying a house is a lengthy and costly experience – the perfect reason to get on top of your savings. In order to help you plan your future, here are some tips when saving for a house.

  1. Strict budgeting is key to this, buy and use only what you need. While splashing out can be nice every now and again, cutting down now will benefit you in the future when you have money for a deposit on your house.
  2. Take public transport or carpool to work on a daily basis, while it means less freedom when travelling, it saves tons on travel costs, cutting costs form thousands to hundreds.
  3. Set up an automated saving plan whereby money is taken straight from your salary to your saving without you having the chance to spend it. This is a huge help when saving.
  4. Assess your financial security in the context of your future home and paying off monthly expenses:
    • How reliable is your income?
    • Do you have an emergency fund?
    • Are your debts under control?
    • Do you have a good credit report?