Alternative Ways to Save for Your First Home


Saving a deposit for your first home can seem too difficult and altogether impossible, but there are some quite creative ways that can be used to accrue sufficient funds to buy a property.

1. Upskill yourself in Currency Trading

When you have the appropriate skills, knowledge and training, currency trading can be a lucrative way to generate funds and save for your first home. However, financial trading should not be approached lightly; you really need to know what you are doing if you are to enjoy success.

Therefore, it is well worth taking a course through a credible training provider, such as Knowledge to Action . Quality training will help you to learn more about the ways the currency market affects investment possibilities, the impact of time on the way that money is moved across the world, and a deeper understanding of your personal relationship with money.

2. Save immediately after you are Paid

It’s difficult to find money for saving after you have spent most (if not all) of your pay cheque, so the best advice is to save your money as soon as it is paid to you. With this money deducted, you can then budget for the remainder of the month. Be careful not to allocate too much of your salary to savings – you still need to be able to make ends meet, so start by taking 10 per cent of your pay immediately and organise an automatic transfer. It’s easiest if the money is never seen in your everyday account!

3. Consider a Cheaper Car

If you really are serious about saving, it’s not the time to buy a new car, the latest technology or most advanced gadgetry.

Not only is a car a depreciating asset, car maintenance is usually expensive. If you are part of a couple and you each have a car, consider whether you can survive with just one vehicle between you. If you can, sell one car and devote the money received to your deposit. You should also work out the total that you would have spent on maintenance and also put that towards your deposit.

It may also be wise for you to own and drive a cheaper car. If you really want to secure your first home, determine whether selling your car and buying a less expensive, second-hand car will help.

4. Rent a Room

If you have a spare room within your home, or even a granny flat or garage that is not used, consider whether you could generate some much-needed income by renting out the space. While you may appreciate the extra money that comes in, you also need to feel completely comfortable with having another person/people in or around your home.

A solution may be to rent out your drive way or parking space if you live in a particularly busy area. This can be an easy, and lucrative, way to increase your income.

5. Enjoy a Second Income

If you look around and research carefully in order to only work with reputable set-ups, a plethora of websites exist to help you earn additional cash. You may be able to earn a second income through the completion of surveys, blog writing, producing graphics or even providing a voiceover service.

Saving for your first home can seem so difficult, but there are ways to increase your income and the amount you can save, often via some alternative but effective ways.

Join our newsletter


Subscribe to get the latest "Engineer Your Finances" content via email.

Powered by ConvertKit
About the author

Join our newsletter

Subscribe to get the latest "Engineer Your Finances" content via email.

Powered by ConvertKit Top Finance Blogs