In this modern millennial era of life, many people spend years and years trying to save for a house, and many of us don’t even manage it until we hit our thirties. Of course, you will always see people in their early twenties getting the keys to a home, and you may wonder how they managed it. The secret to buying a house in your twenties is being smart with your money, and here is how you can do it yourself and buy a house in the next two years.
Don’t worry about debt
Student debt and other debt from credit cards can be a huge hurdle we need to cross when looking to buy a home. The truth is, when we are younger we aren’t careful with our money. We are bound to end up spending too much sometimes and this can lead us to bad credit and debt. But this isn’t the end of the world, and you can look for mortgage loans for bad credit to help you get on the property ladder early. Take a look online and you’ll see that it is possible.
The most obvious point on this list is that you need to save money, but it is actually a tip which most of us don’t really follow. In order to buy a home you need to have a deposit, money for the solicitors, stamp duty, survey and furniture. There are a lot of costs involved and you need to save enough to cover it all with some to spare. The smallest things can hike up your cost of living such as a bottle of wine at the end of the week or a takeaway. These are things which build up over time and stop you saving enough money. Take away these small costs and save that money instead, and you will see a huge difference in the amount of money you have available for your home.
You can still have fun!
The main argument when you talk about saving up for a house is the fact that you can’t possibly have fun when you can’t spend money… can you? Well, actually, you can still enjoy spending time with your friends and going on holiday when you are saving up, these experiences will just be slightly different. For example if you normally go out for drinks on a Friday night, stay in and buy a crate of beer from Costco for less money. You can still socialise but you won’t be spending too much on drinks at bars.
If you want to go on holiday, stay terrestrial. Don’t go abroad, and instead wait until the last minute and get a cottage in a different part of your own country. You can still spend your holiday with your loved ones but you will be cooking at home some of the nights instead of eating out every night. You can still have fun, just make it cheaper!
Plan for the future
If you need motivation to save, plan for your future. Think of everything you want to achieve in the next five years and plan for it. Every step you take from this point on will be to reach these goals and be as happy as you can be. You will have motivation to work for your happiness and this will all start with saving for your own home.