Budgeting to Buy a House

18th June 2017

Being a millenial sucks. Don’t fight me about it. It just does. Job security isn’t a thing any more, relationships don’t exist and don’t even THINK about being as privileged as your parents were at your age.

One of the biggest downsides to living in this generation is the total unlikelihood of ever getting on the property ladder. We’re living in generation rent and it is not a good place to be. THe housing market suffered massively in the credit crunch and we’re here to bear the brunt of those negative side effects with vastly increased interest rates and house prices that are way out of our stagnated wage allowance.

That being said, me and my partner are currently budgeting for a house and we’re getting on our way pretty nicely. There’s a while to go but we’re beginning to see the light at the end of the tunnel with regards to gathering our initial deposit. The actual mortgage repayments are a different bridge that we’ll cross when we get to it. Here are the way that have helped us save up to buy a house.

Cutting Down on Nights Out

Me and my partner love to go out and have a bev. It’s how we first started seeing each other more and it was a steadfast staple in our dating lives for a good year while we got to know each other and became comfortable in each others’ company.

However, when we decided that we were serious enough to begin looking at buying a house together, we had to look at ways in which to trim our expenses and start saving pennies. We decided to reduce our nights out and spends on alcohol. We did this by only going out twice a month as opposed to four and changed to supermarket brand spirits when we were drinking at home. It’s not much, but every little helps.

Asking for That Pay Rise

It’s a scary thing to go to a superior and present to them why you think you’re worth paying more money. However, I’m a big believer in ‘if you don’t ask, you don’t get’. We both decided that we were of an age where we knew our worth and knew that we should be getting paid more than what we were for the work that we were doing. With support from each other, we each went to our respective employers, explained the situation and presented the facts. We had each been working with our companies for several years with no pay rise, so when we went, we actually came out with positive results.

He was transferred to the training department of his company and was rewarded an extra £100 a month to train other employees up to his standard, and I had my annual salary increased by £1,500 to reflect the magnitude of my responsibilities.

Trimming the Fat

The next big thing we did was to asses our monthly bills and outgoings to see where the excess was going and to see if we could reduce any of the amounts.

After having a proper look and calling all of our providers, we managed to cancel a few unnecessary direct debits to services we no longer used, reduce our internet bill by £20 a month and we changed our utility provider to save over £100 a year!

It’s all little changes and tweaks that add up so don’t turn your nose up at trimming little bits, every little helps when you’re saving to buy a house!

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