One of the most significant purchases you will ever make is your home. It usually takes years of hard work and searching, and once you sign that line and take those keys, it can feel like you are a ‘proper’ adult. However, do not be fooled into thinking that once you are in your new home, your days of having to be careful with money are over.
Being on top of your finances is more important than ever now. You obviously have to make sure you can make your mortgage payments every month, but not only that, you need a cushion of money to fall back on for repairs and emergencies.
There are a few simple ways to make sure you can get the most out of your finances so that should something happen, such as illness or redundancy, or your roof caving in or boiler packing up, you will be prepared.
Discuss your income and expenditure.
Whether you have taken out a mortgage alone or with a partner, it is vital to be transparent about the money you have coming into the household and the money going out. By making yourself accountable for every penny, you will soon realise where your money goes every month and can make changes accordingly.
Consolidate any debts
Consolidating any debt that you have may be something to look into, or use savings to pay it off and start afresh. Reducing the amount of interest you are paying on each month on loans or other forms of credit will save you money in the long run.
One way of consolidating this debt is through a secured loan, but it is crucial that you do your research – understanding secured loans is key to not getting into a mess with your finances.
Cut your expenditure
Knowing when and where you can make changes to your outgoings is important. Create a spreadsheet and budget accordingly, so you know that you are not wasting money on things you do not need or use to help you save a little bit extra each month.
You could stop buying food or a coffee from Starbucks every morning and take something in from home – you’d be surprised at the savings that you can make from that alone! Another thing to look at is cancelling unnecessary memberships and subscriptions – do you go to the gym often enough to warrant renewing that super expensive package, or could you cut down to a basic one?
Look for a second income.
One of the best ways of increasing your incomings and help you to build up your savings is by looking for a second income. When you are already working, this is something you probably feel like you can’t do, but these days, it is easier than ever – you don’t even have to leave your home! If you are good at writing, look at copywriting jobs you can do from the comfort of your couch, or maybe you could take over the social media for a brand and earn a few extra quid that way? It’s really easy to turn an interest or a hobby into a second job thanks to the rise of freelancing websites.
By putting these ideas into practice, you will save some money ready for those little emergencies.
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