If your aim is to own a home in 2023 or you simply want to save towards a mortgage you might need to make some lifestyle changes in order to make that happen. The cost of living crisis might have you thinking that homeownership and/or borrowing that amount of money is impossible but it really isn’t. Being able to save towards a mortgage in 2023 isn’t just about cutbacks and saving money, here is some practical advice that may help.
Get Some Professional Advice
Before you start to save for a mortgage and try to guess how much you should save or what your mortgage might be, you need to get some expert advice. Speaking to a mortgage advisor and broker means that you get a realistic and informed estimate of what you will be able to borrow when you apply for a mortgage. This is great because it means you get an idea of the budget and whether now is the right time to apply for a mortgage.
Not only that but a mortgage broker can help you negotiate the best mortgage deal which can actually save you money in the long run.
Work Out Budgets and How to Save
Once you have an idea of your mortgage expectations and what sort of deposit you might need to get there, it is time to look at budgets and how you are going to save to meet your goal. Working out what you are already spending on a monthly basis is a good place to start. This allows you to see where you are wasting money and points at which you might be able to make some cutbacks.
Be sure to set yourself some saving goals and work out where to put the money you have saved that is going to work best for you – speaking to a financial advisor or even your mortgage advisor about this might be a good idea.
Set Your Self Realistic Goals
Whilst it is great to want to save as much as possible, it is important to recognise that you need to live too. If you try to scrimp and save too much you’ll find that your goals become impossible to keep up with and you’re just setting yourself up for failure. Once you have an idea of your mortgage capability from your advisor, you can then set realistic goals on what you could be saving. Of course, if you get to the end of the month and there is a little left over for the mortgage fund then there is no harm in moving this across to your savings pot.
Generating Extra Income
Saving might seem like a great idea, but if you are already on a strict income this is easier said than done. Whilst you are saving for your mortgage it can be a good idea to do what you can to generate extra income. This could be a part-time job and it could be looking at ways you can side hustle money online. Things like online surveys, referral links and cashback offers might not have the means to make you rich overnight, but they all help generate small amounts of extra money that you didn’t have before.
This can all go straight into your mortgage savings pot and get you one step closer to your mortgage goal and therefore a little close to being a homeowner in 2023 – which can only be a good thing, good luck!
If you have any hints and tips on ways to save towards a mortgage we’d love you to share them in the comments below.
*Collaborative post
About Debz Louise
Debz Louise is a UK-based lifestyle expert and the founder of several lifestyle blogs, including Wannabe Princess and Under 5s. Specializing in everything from interior design and home renovation to body-positive fashion and early years development,