Buying a home is something that most of us would like to do some time in our lives. In order to get a good rate mortgage, it is a good idea to start saving towards a deposit as soon as you can. But, when is the best time to start?
Saving for both a deposit and studying at university, seems on the surface of it, next to impossible. But, is that really the case? It could be argued that any amount of money saved will matter at the end of the day. What does it mean?
If you are studying and working part-time to pay for your studies, it is time you took a look at your finances. How much money are you spending on little extra such as coffee?
Did you know that if you went to McDonald’s for a coffee instead of going for an overpriced coffee in Starbucks, you could save at least $10 per week? That may not sound like a lot of money on the surface of it, but it would add up to $520 per year. That is a small fortune when you are at university.
Take that money and put it aside, and you can possible save over $2,000 during the duration of your time at university. When it comes to saving towards a deposit for a mortgage any amount of money matters. Your bank will notice that you are making an effort to save. That will also go in your favour.
Can you save more? The truth is that you possibly can save more. Take a close look at all of your expenses, and you will probably find that you can save more money. The best time to start to save for a deposit, and get ready for a mortgage, is as soon as you have a little bit of extra money in your pocket.