This week we’re talking about saving up for your first deposit: how much you need to save, and how to make it happen. It’s not the sexiest topic of all time, but it’s important: because the sooner you get off the mark, the sooner the “snowball effect” kicks in and sets you on the track to real wealth through property.
We talk about:
- How to calculate exactly how much you need to save
- What percentage of your income it’s realistic to save
- Some easy tips to take saving money from a wish to a reality
- Where to keep your funds to get the best return while you’re still saving
- The rewards and compounding returns you can achieve one you’ve got started
For specific saving advice, we recommended:
- MoneySavingExpert.com for specific tips on just about every money-saving topic imaginable
- Moneystepper for a great mix of saving and investing topics
- Mr Money Mustache for an opinionated and pretty radical stance on cutting expenses
Resource of the week
Rob B brought Arnold Schwarzenegger’s biography, Total Recall, to the Resource of the Week table as he’s been enjoying listening to the audiobook. Did you know that Arnie made his money in property before he was a bodybuilder or movie star? Nor did we, which is just another reason why you should pay attention to his inspirational story.
News this week
It’s all about downsizing – starting with the over 55s, but it’s a trend which applies to younger people too. It’s estimated that 47% of UK homes are under-occupied, and it seems that people are now trading down to free up cash and reduce running costs.
It’s meetup time!
Yes, we’re holding another Property Hub Meetup in London on Saturday 14th March – and we’d love to see you there!
Join the conversation
Do you have any tips that have worked for you when it comes to saving up?
Do you target a certain amount or percentage of savings each month?
We’d love to know, so join the discussion in The Property Hub!
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