Getting the keys to your first home is one of the most exciting milestones in life. Getting there can be a little bit more of a struggle though.
To help those who are considering getting their feet on the property ladder, Bank of Ireland and Myhome.ie are hosting a series of events for first-time buyers, in Dublin and Cork.
They will take place on Friday, March 22nd at 6:30pm in The Irish Times building (ground floor), Dublin, and on Wednesday, March 27th at 6.30pm in The Imperial Hotel, Cork.
To set the scene for this event, here is a roundup of some top tips for saving for a deposit; from changing your lunch habits to moving back home for a short period of time.
Watch your spending
Being organised and aware of how you spend your money is the most important first step you can take. Try keeping a spending diary for a week and watch where your money actually goes or, better yet, take a forensic look at your bank statement for the past month. When we dig into our spending habits it's possible to find ways to cut back on things that we don't really need or even discover things we didn't know we were spending on. Do you have online subscriptions you've forgotten about? Have you developed spending habits that could be changed? It's not always comfortable to do, but reviewing your spending habits can reveal a lot about how you could start to save.
Shop wisely
We all love to stay loyal to a single grocery brand but it really does pay to shop around. Most of the big name stores have own-brand products which match, or sometimes exceed, the quality of similar products on their shelves, but at a fraction of the cost. Ongoing special offers, seasonal sales and stock clearances mean that there are always savings to be made. Most grocery chains are also very eager to keep you up to date with sales so sign up for newsletters and loyalty schemes and you will be suprised how easy it can be to cut costs, letting you to walk away with much more change in your pocket.
Think thrift
Thinking thriftily could have a major impact for both your wallet and the environment. Recent studies have shown a move away from new purchases, and more people are choosing charity, vintage or thrift stores, for clothing, homeware, books and toys. It might seem like a challenge to rifle through rails of second-hand clothes, but for some it’s a weekend activity and something to look forward to. So for now either curb your sartorial spend, or think vintage.
Staycation
You won’t want to give up your annual two week vacation, but for the next year or two you may need to consider holidaying at home instead of taking a trip abroad. The cost of foreign travel quickly adds up; flights, accommodation, food and drinks, as well as activities, could set you back thousands. Of course, you need a break from work, but consider being a tourist in your own country this year. Take trips to the beach, go sightseeing, and catch up with old friends around Ireland.
Commuting
If you live quite a distance from work and you currently drive, consider public transport. A Leap card can save you a fair amount on a yearly basis. There is also the option of car-pooling – talk to people in your office and see if any live nearby and would consider this an option. If you live in an urban area, think about cycling or walking to work. Adult scooters are also becoming a trend on Irish roads, so there are lots of commuting options out there that will see benefits to your fitness levels too.
Start saving now
We can put off saving for one reason or another for years but the best thing to do is start saving right away. Even if you aren’t considering buying for many years to come, it’s worthwhile putting a small amount aside each month, as it builds good habits for the future. Therefore, when you need to put your head down and start saving serious amounts of cash, it won’t be such a shock to the system.