personal finance

How to save money: From house deposit to holiday budget – expert advice to maximise funds


“I’d recommend doing a little research into your own financial situation to help you work out a rough figure to aim for.

“For example, three months’ worth of your usual living expenses could be a nice sum for an emergency fund. Once you have a figure in mind, it should be easier to steadily aim for it.”

How to save for a house

According to Atom’s research, one of the top reasons people save throughout the year is for a house and, with the average house price coming in at £277,000, it’s certainly no mean feat.

Claire said: “First things first, decide on your budget – not only the amount you could save for a deposit, but also the amount you could afford to spend on mortgage payments each month, to work out a clear budget for your future home.”

Once you have that figure in mind, cross-reference it with your current monthly income and expenses and work out the amount you can comfortably put aside each month to achieve your end goal.

Clare said: “It’s also a great idea to keep your savings account in a different bank from your current account to diffuse some of the temptation to dip into it.”





READ SOURCE

Read More   4 corrective measures for your financial plan to deal with low interest rates on small savings schemes

This website uses cookies. By continuing to use this site, you accept our use of cookies.