Still Renting After 30? 3 Ways to Save Up and Settle Down
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Until a few decades ago, it was the norm to have purchased a home by the time you were in your 30s. These days though, more people in this age bracket than ever before think that ‘they will never be able to afford to buy a home’ because of increased interest rates and inflation. However, all is not lost if you are still renting in your 30s. Take a look at these handy tips that will help you save up a deposit and eventually own a piece of real estate.
1. Scrutinize your Budget
One of the best ways to see where your money is going each month is to take a careful look at your budget. Even the smallest items such as cheap online subscription services and eating a few lunches out each month can add up to hundreds of dollars being spent unnecessarily. Each month, take an hour or two to go through your budget and identify potential money leaks.
If you are unsure where your money is going, keep receipts for each item you’ve purchased – even the gum and newspaper you stop for in the mornings. You will soon be able to see how much money you will be able to save in just one month by modifying your spending habits. Once you’ve reduced non-essential spending, you will be able to transfer these savings into a dedicated account that can later be used to put down a deposit for any poor credit mortgages you may want to apply for.
2. Consider Taking on a Part-Time Job
If you’ve already trimmed your budget to the bone, but you’re still struggling to save enough for a deposit, chances are that you need to increase your income. Nowadays, there are numerous options available that can work around your existing work schedule such as doing pizza delivery, being an Uber driver or even walking dogs for friends and neighbors. In many cases, positions like these can net a good few hundred dollars a month, which can be put towards a deposit on one of many bad credit mortgages in Kitchener.
3. Sell Unwanted Items
As a 30something, you will most likely own numerous items that you no longer use, such as clothing, electronic gadgets, tools or even appliances. Selling these items can help you raise some of the cash you need to save up a decent deposit to put down on the home of your dreams. When applying for bad credit mortgages in London to cover the balance of a home loan, it’s important to remember that the larger your deposit, the better chance you have of securing a lower interest rate – which will help you save even more money in the long run.
If you are eager to own a home and would like to find out more about our available range of poor credit mortgages, contact us at Mortgagecwf.com today. We specialize in bad credit mortgages in Kitchener, London and many other areas as well and our team will be more than happy to assist you.