Saving to make a down payment for a House – 5 Helpful Tips
May 17, 2019
You’ve made the decision to transform your dream of home ownership into reality. You’ve done your homework and know that you can afford it, but wait… You need to save up to make your deposit/down payment. Here are 5 Tips to help you achieve this goal quickly.
There’s no way you can attempt to save or free up money for saving if you don’t even know where your money is going in the first place. That’s why the most important thing to do when you’re looking to save up for a down payment is to look at your current expenses. There are many things you’ll find you don’t need to spend for, which will free up money to help you achieve your goal. DFCC winner savings account which presently pays 7% interest pa can help you save.
To save effectively and efficiently you need a solid budget. Find places where you can cut back expenses and channel that money to your savings goal. Also, budget in your savings like you would any other expense, so it gets done.
Buying a house for yourself is one of the most liberating things you can do and can be one of your life’s biggest milestones. Therefore, you should try to cut back unnecessary expenses wherever possible and save up. Our Home Loan Calculator can help you better understand how much your monthly loan payments will be based on the amount you’re looking to borrow.
Putting money into savings can seem very hard, especially if you have outstanding debt payments to keep on top of. One way you can overcome this is by consolidating your debt and or restructuring it. At DFCC we’re happy to transfer your existing credit card balances and other loans into more manageable facilities with more favorable interest rates. If the debts are small, you may be better off working to quickly pay them off and then start saving. Fewer existing debts are also beneficial when you apply for your home loan. DFCC credit cards credit cards provides you 1% cash back each time you spend and helps you to save .Compare DFCC credit cards here.
Figure out how long it will take you to reach your goal depending on how much you’re willing to save. This will give you a timeline and help you stay disciplined. One way to make things easy for you is to set up a special savings account for this purpose and use a standing order to automatically transfer a set amount of money to it each month. This will ensure that you don’t get side tracked. Consider one of our high yielding savings accounts or even fixed deposits so that you can maximize your return and remove the temptation to dip into your savings.
Look for Help
Sometimes, depending on your circumstances, you can reach your savings goal sooner by asking others to help out. It could be your spouse or parents or another close family member or a friend. From time to time, even the Government may provide special grants or other assistance that you could use to achieve your goals sooner, so be sure to check. For assistance on DFCC home loans please contact our 24/7 hotline on 0112 350000. Send us an inquiry and our sales team will get in touch.