Low Income? Home Deposit Saving Tips For You

Low Income? Home Deposit Saving Tips For You

Buying a house is a beautiful thing to do. It gives you some security for the rest of your life, and if you make sure you pay it properly as you’re supposed to, it can be something that you can pass to your children too. However, many people struggle with affording a deposit on their income. 

Photo by Scott Webb on Unsplash

You should pay keen attention to the 100% financing loan option that Chenoa Fund provides. Affordable housing is an essential part of life, providing security for life – and Chenoa Fund can help you make that dream a reality. 

However, you still need to work on your money management. Because owning a house always comes with many financial obligations. Here are some great ways to help you save for a house deposit, or even just the moving costs. 

Auto Saving

It is much easier to save if you aren’t the one in charge of it. If you hand the responsibility to an auto savings robot, you are likely to see a weekly saving without having to move the money from one account to another physically yourself. There are a number of apps that you can use like Cleo, Plum, and Acorn; these will calculate what you can afford to save, and move it into a ‘wallet’ at the end of the week. 

Surveys

If you have some time in the evenings, you can sign up for various online survey companies and spend a few hours in the evening answering questions. Most of us are simply scrolling on our mobile phones; you can put that time to good use. Here are a couple of options for you:

  • LifePoints
  • OnePoll
  • Toluna
  • InboxPounds
  • Swagbucks

You can cash out when you hit certain thresholds; some pay in vouchers others in cash. 

Side Hustle

Pretty much everyone has a side hustle now. You can sell almost every skill you have online, from writing copy and editing photos, to teaching a language and creating online courses. There are a number of places that you can go to like Fiverr, Upwork, People Per Hour, or even just put a post on LinkedIn and see what comes back. You don’t need to devote a lot of time, but do consider this as your extra income stream – and remember that you will need to adhere to the rules and regulations when it comes to paying taxes and VAT. 

Downsize

If you have a lot of stuff (and we all do), then it might be time to start selling all of the excesses. This will help you when it comes to moving time too. The less stuff you have to move, the cheaper your moving van is going to be. It is estimated that we have thousands of pounds/dollars worth of goods that we don’t use. So start your selling journey early on in the process and use Facebook Marketplace, Craigslist, Gumtree, Freecycle, and eBay to start your downsizing. 

Shopping Habits

We all need to take a look at our shopping habits. Many of us buy too much and add a lot to the food waste issue. But if you start to view that waste and throwing money in the bin, you will begin to change your perspective. If you go shopping and ‘see what takes your fancy’, then you are going to find that you spend much more than you need to. Start making a meal plan and shop only according to that. Try to incorporate items from the cupboard too.

Goals

The key to reaching anything is setting realistic goals. After you spend some time costing everything up, break your big goal down into a smaller monthly goal. Unless you are getting a 100% loan, then you are going to need to look at saving over the space of years. 

When you decide to save up for the deposit, or just the moving cost, use the tips above to help you make it a little bit easier. 

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