{"id":6022,"date":"2015-12-09T17:04:22","date_gmt":"2015-12-09T17:04:22","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=6022"},"modified":"2018-02-19T07:52:47","modified_gmt":"2018-02-19T07:52:47","slug":"how-to-budget-your-costs-when-saving-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/how-to-budget-your-costs-when-saving-for-a-mortgage\/","title":{"rendered":"How To Budget Your Costs When Saving For A Mortgage"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>Buying a <a class=\"wl-entity-page-link\" title=\"homes\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home;http:\/\/rdf.freebase.com\/ns\/m.01l0mw;http:\/\/dbpedia.org\/resource\/Home\" >home<\/a> is one of the biggest commitments you are ever likely to make, and for many people owning a <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> is something that takes years to achieve. This is because of the large deposits that are needed to secure a <a class=\"wl-entity-page-link\" title=\"Mortgage loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/mortgage-loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mortgage_loan;http:\/\/rdf.freebase.com\/ns\/m.0273t5w;http:\/\/dbpedia.org\/resource\/Mortgage_loan\" >mortgage<\/a>, and the task is made nearly impossible for some thanks to other outgoings like food and <a class=\"wl-entity-page-link\" title=\"rental\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renting\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renting;http:\/\/rdf.freebase.com\/ns\/m.01y857;http:\/\/dbpedia.org\/resource\/Renting\" >rent<\/a>. It\u2019s not easy, but fortunately there are little tricks and tips for cutting your costs and putting your hard earned money towards a mortgage instead.<\/p>\n<h2><strong>List your outgoings<\/strong><\/h2>\n<p>It\u2019s vital to write down all of your monthly outgoings onto a sheet of paper, before drawing a line through things that you could really do without. This includes everything, from gym memberships to magazine subscriptions. Even a spare \u00a350 a month can make a difference if you\u2019re saving for a mortgage. If you\u2019re saving for a home with someone else, then both of you need to scrutinise your spending.<\/p>\n<h2><strong>Switch your providers<\/strong><\/h2>\n<p>It\u2019s never been easier to switch your providers, whether it\u2019s broadband, insurance or anything else. There are even <a href=\"http:\/\/www.which.co.uk\/money\/money-saving-tips\/guides\/price-comparison-sites\/\">comparison websites<\/a> out there which do all the hard work for you, telling you whether you can find a cheaper deal elsewhere. Some providers even offer you cashback or other incentives for making the switch.<\/p>\n<h2><strong>Be clever with your savings<\/strong><\/h2>\n<p>Are you making the most of your savings? You could be missing out if you\u2019re not getting the best interest rate from your savings account. You also need to choose the best account for your requirements. A regular savings account might be best if you just want to set aside a regular amount of money every month, whereas an instant access savings account provides greater flexibility. Shop around for the best savings account for your needs.<\/p>\n<h2><strong>Clear out the wardrobe and draws<\/strong><\/h2>\n<p>If it\u2019s been a while since you had a clear out then you could easily make yourself some money by selling things online. Getting rid of things you don\u2019t need or <a class=\"wl-entity-page-link\" title=\"Use (law)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/use-law\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/use_law;http:\/\/rdf.freebase.com\/ns\/m.05r4j5;http:\/\/dbpedia.org\/resource\/Use_(law)\" >use<\/a> anymore can provide a nice little boost to your savings that you weren\u2019t expecting.<\/p>\n<h2><strong>Transport costs<\/strong><\/h2>\n<p>Are there ways you can save money on your transportation? If you get a train to work, is it possible to switch to the bus instead? Or even cycle in? You can also research how much cheaper it would be to get a ticket to an earlier destination so that you can walk the rest of the way.<\/p>\n<h2><strong>Stop renting<\/strong><\/h2>\n<p>Of course, if you\u2019re renting then this will take up most of your funds. This is how people get trapped into the cycle of spending so much on rent that they can\u2019t put the money towards a deposit and this can spiral into big amounts of debt (if you are an individual in a situation like this <a href=\"https:\/\/www.trustdeedscotland.net\/\">you might want to consider a Trust Deed<\/a>). It\u2019s tough, but if possible it might be a good option to move back in with family for a while, or even live with friends. Just a year\u2019s worth of saving on rent money could provide thousands of pounds for your mortgage. If this isn\u2019t possible then even switching to a houseshare could cut your rent in half.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home is one of the biggest commitments you are ever likely to make, and for many people owning a property is something that takes years to achieve. This is because of the large deposits that are needed to<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-budget-your-costs-when-saving-for-a-mortgage\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":6023,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[7,15],"tags":[390,67,55,93,30,389,104],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2015\/12\/Saving-Money.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/how_to_budget_your_costs_when_saving_for_a_mortgage","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6022"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=6022"}],"version-history":[{"count":2,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6022\/revisions"}],"predecessor-version":[{"id":14813,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6022\/revisions\/14813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/6023"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=6022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=6022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=6022"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=6022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}