Update Posted - January 2021
Passing guidance, advice and knowledge between generations is at the root of all that is Jelson. However, this isn’t limited to just our house building expertise. In this post we look at tips our mums would give to their younger selves, and future generations about saving.
Here’s their top 5 tips on saving money.
1. Start saving as soon as you can walk! It will pay off in the long run.
Saving for a house is often the first time we try to save a substantial sum. If you’re not saving from early on, not only are you behind on the amount of time needed to save, but you are missing out on learning good saving practices. Learning to save at a young age will serve as a really good life lesson, and one you can pass on to your own family as it grows.
2. Having a good credit score is essential to get a mortgage, so don’t get into debt or waste money on gambling websites!
Again, a credit score might be something you don’t pay all that much attention to until it is time to buy a home, but it is a crucial part of the home buying process. Educating yourself on what a credit score is and what affects it will do wonders when it comes to the time of getting a mortgage.
3. It’s understandable to want to keep up with the latest fashion trends, but instead of spending each weekend, save your money and reward yourself at the end of the month or buy when the sales are on!
Deciding what is important to spend money on is something we will all face throughout all of our lives. When we’re younger, it’s a lot easier to be pulled into having the latest fashion trend, or gadget, but by being a little more guarded with what you spend your money on, it can be easier to save over time. Also encouraging ourselves to wait a little bit, and just spend during sales or certain points of the year could save us from some impulse purchases that we later regret.
4. Get a part time job or help out family and friends for a little extra pocket money.
The chances are if you’re looking for home saving tips, you are already working for more than just a little pocket money. However, looking at tips for your younger self, and what you can pass onto future generations, positively enforcing doing the occasional odd job for family or getting a part time job when they’re able to do so allows them to start a small saving fund quite early on.
5. Think about it; if you’re strapped for cash, ask yourself, can I afford it, do I need it and can I find it elsewhere? If you can afford it still ask these questions; will I use it, is it worth it and can I find it cheaper elsewhere?
Being realistic and having tough conversations with yourself around what you can afford is a hard one. By having a little batch of questions to run through before you buy, you could save yourself some retail regret and just buying for the sake of buying.
If you’re saving to buy a home, you may be interested in our article on saving money for a house deposit.