1 Dec 2019

Five Money-Saving Tips For The New Homeowner



Congratulations if you’ve just moved into your new home or are about to – you’ve reached one of the most exciting milestones in your life! Honestly the moment we got the keys for our first home was up there with the day of our wedding and when the Mr proposed to me. It’s a time in your life when you are in your own little happy bubble of joy.


It's been exactly a year today of living in our home and I remember the first few weeks being really fun but it started to get a bit stressful when I started checking my bank account. So today I thought I’d share a few of my money-saving tips that could help you feel like you’ve got your money in check after moving into your new home.



Step 1: Create a budget spreadsheet
It's good to get an idea of your financial outgoings so you can figure out on average how much you spend per month. In my spreadsheet I've included all of my outgoing spend and divided it into categories like 'grocery shopping', 'house bills' and 'vets'. This way you can see where most your money is getting spent.

I also have an 'incoming' column so I can insert my monthly wage and any other side business earnings that come in. By doing this I can see what money I'm left with and that leftover money get put into savings. So not only can I see my exact earnings and outgoing spend, I can also calculate how much I have saved in any period of time and put that towards other goals like holidays or big purchases. Which leads me onto my next point...


Step 2: Divide your wage
Once you get a sense of how much is inbound and outbound in terms of your accounts, you can begin to automatically divide your wage as soon as it comes in. So for example you can keep 40% of your earnings for bills / mortgage, 30% into savings and the last 30% is kept for groceries / to get you through the month.

For most people their wages come through monthly and are a similar figure so by keeping a mental note of how much needs to go where, you can easily split your earnings as soon as they land in your account.



Step 3: Shop smart
This is an obvious tip but become a smart shopper! It's easy to get carried away and purchase everything you see and go 'oooo that would look nice in our home'. Think twice before you pop something in your basket because you could be that person that ends up with 5 plants, 3 throws, 10 cushions and prints for days!

When it comes to shopping for the home in terms of furnishings, I like to wait for sales or for a discount code. I also tend to focus on a room at a time as it allows me to focus on one project at a time and not get carried away.

Shopping for household products such as cleaning items, toiletries and other knick knacks, why not shop at Poundland, B&M, Home Bargains or Wilkos? I find that those places offer the best prices when it comes to everyday household bits.


Step 4: Meal plan
I can't believe how much this has a) helped me be more organised and b) saved me so much time and most importantly c) money!

Every week I plan my meals including snacks and make a shopping list of the exact ingredients I need. I then check which ingredients I already have at home, cross them off the list and shop for only the bits on the list.

It's easy to go off-piste (especially when you are strolling through the special aisles at Aldi, I'm a sucker for picking up something from there) but you need to have some willpower! Once you see the effects of meal planning and only shopping for groceries once a week, you'll see how much it saves you. It also means no extra trips to the corner shop or to the Tesco Express around the corner = more money saving, wahey!


Step 5: Extra savings
If you feel like setting yourself an extra little challenge, you can buy a money box (or just use an old shoe box) and for every £2 coin you get, pop it in the box. Once it is full after a year or so, you'll have an extra bank of savings that you can either save, invest back into your home or use for a treat.



Do you have any tips that can help homeowners save £££?
SHARE:

No comments

Post a Comment

Blogger Template Created by pipdig