Top Tips on Saving to Scale up On Your Next House

The prices of property in the UK have skyrocketed over the years, and this has made it even harder for people to upgrade their houses. Buying a bigger and better house will obviously cost you a lot of money, so you should prepare to save up some money and alter your lifestyle. Here are some tips to help you realize your goal:

1. Use the Help to Buy ISA Offer

Saving up for your deposit can be tough. You can easily get demotivated on the way, and that is why you should take all the help you can get. The government, through the Help to Buy ISA offer, will give you 25p for every £1 you save. You will have to open an ISA account in order to access this offer. There is, however, a monthly limit of £200. This means you can access an extra £50 every month from the government.

2. Consider Cheaper Living Options

Living with people may not be the most comfortable experience, but it can help you lower the cost of living. If you have an extra room in your house, you can find a friend or family member to occupy it. That way, you will be able to split bills in the house, including the cost of food.

3. Carpool to Work

If you live near one of your co-workers, you can save a good amount of money by choosing to carpool. This will help you save some money on gas and parking. You can even go a step further and sell your own vehicle. Insurance costs a lot of money, and selling your car can help get rid of this expense. It would even be better for you to use public transportation and car-sharing services such as Uber.

4. Make a Long-term Investment with a Robo Advisor

Robo advisors can help you passively invest your money while keeping your financial management costs very low. For example, the well-known Moneyfarm charges its clients about £16 per month. These services are affordable because of the low overheads. Robo advisors are particularly important to people who have busy schedules and lack sufficient knowledge in finance and investment. The robots will work with little human intervention to invest your money in a diverse portfolio.

It is important to invest your money for the long-term since it will otherwise lose value. Interest rates offered by banks are barely enough to cover for inflation. A good investment will help grow your money significantly and buy a house even faster.


Most people cannot directly pay the deposit on a new home. In order to upgrade to a better house, you may have to save and invest some money. To increase your savings, you can reduce your luxuries by, for example, selling your car. You can even find a friend to live with you. You should also make a long-term investment with robo-advisors as this will allow you to grow your money passively.

Image courtesy of Nattanan @Pixabay

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Things You Should Consider Saving Money For

If you’re getting ready to start saving for the future, there are a number of things you should consider saving money for. While many individuals choose to simply save in general savings accounts, the truth is that having a specific goal can help motivate you to save even more. Saving for something specific can take weeks, months, or even years, so it’s a good idea to plan ahead and to plan early in order to meet your financial goals for your future.

saving money

The first thing many people decide to save for is a house. This is one of the biggest, most expensive purchases a couple can make, so it’s natural to want to start saving as soon and as early as possible. Consider how much you’ll need for a down payment and make that your goal. Begin saving a specific amount of money each month in order to reach that goal as quickly and as reasonably as possible.

Another important goal many people realize and decide to reach for is a retirement savings. If you aren’t sure how to save for retirement, consider reaching out to Scott Reiman or another financial professional who can help you plan and attain your goals. Retirement planning isn’t easy. In fact, it’s one of the most complicated goals you have. Additionally, most people who plan to have a retirement savings account choose to invest in other areas aside from simply utilizing their savings account. For example, you may choose to invest in stocks or bonds.

Finally, many people choose to start a college savings plan for a child or grandchild in their life. A college savings plan is essential if you want to help finance someone’s educational future. Many college savings plans are actually tax-exempt, so remember to speak with your financial adviser about which savings plan is right for a college student. Additionally, remember to start saving for college as early as possible. Tuition prices rise yearly, which means that the earlier you start saving, the sooner you’ll be able to fund a child’s education. This is one of the most amazing gifts you can gift to a child as it’s something they can use forever.

Image Credit:
Stuart Miles – FreeDigitalPhotos.Net

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5 Simple Ways You Can Reduce Your Daily Expenses

Budgeting, saving, and paying off your debts can be difficult, but if your daily expenses are out of control, these things can become almost impossible. It’s important to make sure you’re doing all you can to control your spending and get the most out of your paycheque.

reduce daily expenses

To help you get started, we’ve assembled our top five ideas for reducing your day-to-day spend.

Keep a Spending Diary

Keeping a log of all your spending makes you conscious of every cent you part with. Keep a small notepad in your bag or somewhere handy to you and write down everything you spend money on from day to day. This is a great way to be more aware of your spending habits and it allows you to easily identify any bad habits and room for improvement.

Shop Online

Doing your shopping online can help you save money in a few ways. Firstly, online shops have far fewer overhead costs and are often able to offer better prices on many goods.

Secondly, shopping online can often reduce the temptation to impulse buy, especially when grocery shopping, as you’re not walking past shelves of enticing goodies to add to your basket. You can see everything online but the items you don’t need are far less appealing than in person.

Shopping online is also beneficial to your bank account in that you can see the totals before you reach the checkout, making it much easier to spend inside a budget. It’s also much easier to do price comparisons with everything on one screen, and many online shops have the option to sort items by price, making it easy to seek out the best deals.

Don’t Carry Cash

When you’re sticking to a budget it’s often the small costs that go unnoticed, but they add up. If you don’t carry cash with you it’s more difficult to spend on incidentals here and there. A lot of places actually have minimum spends for using EFTPOS too, so that candy bar or scratchie that you don’t really need becomes harder to get.

Combine Your Debt Repayments

Debt consolidation means taking out a new loan to repay your existing personal debts, thus replacing all your high-interest repayments with one monthly instalment, usually at a lower interest rate. This means a better deal for you and savings in the long run. Having only one repayment instead of several throughout the month will also mean less forgotten or late payments and, as a result, no more forking out for late fees. Ideally you’ll also be spending less on interest. Getting your debt in order will mean putting a dent in your daily expenses that will really add up over time.

Make sure you go through a reputable provider, for example, Fox Symes. A free phone call will provide you with some great information on Fox Symes debt consolidation options.

Haggle for a Deal

Call up service providers that cost you a fair bit of money, like your insurance company or Telco, and make sure you’re getting the best deal that they can give you. The best way to do this is to shop around for better prices, get cheaper quotes, then let your company know that you’ve found a better deal and ask what they can do to keep you, whether it’s by matching or beating the price or maybe offering you something like additional services or other perks.

Saving money doesn’t have to be a complex system of money-juggling. These are just five simple ways to save money on your day-to-day expenses, but don’t stop at five, there’s plenty more room for reducing your daily spend. Be creative, do your research, and never hesitate to ask for help.

Katie is a Personal Finance Writer from Brisbane, Australia. She says that combing your debts is a great way to save on your weekly loan repayments and recommends talking to the professionals at Fox Symes for more information.

Image Credit:
Stuart Miles – Free Digital Photos.Net

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