Gen Z, are you looking for simple money saving tips?
Here at LTC Mortgages, we want to inspire the next generation of first-time buyers to be savvy savers. By investing from a young age, it will help set you up for the future and make it easier to get on the property ladder. Check out these simple money saving tips for Gen Z.
Wondering how these simple money saving tips will help as first-time home buyer?
The sooner you start saving, the more money you will have saved up when it comes to buying your first house. Some money saving methods will be faster than others, but it depends on what you can afford to contribute. From setting up a Lifetime ISA to setting a spending budget and taking part in a savings challenge, there’s many simple ways to save money for a first home.
5 simple money savings tips
Our expert team of Liverpool-based mortgage advisers have put together this handy guide to list various ways you can save money as a first-time buyer.
These simple money saving tips will help you save money towards a deposit for a house. The money saving tips may even help you to get on the property ladder sooner than you think.
Make money for free
Set up a Lifetime ISA (LISA), contribute up to £4,000 each tax year and get a 25% government bonus. Meaning you’ll save an additional £1,000 each tax year… for free!
For more information on this simple money saving tip and how to set up a Lifetime ISA visit
https://www.gov.uk/lifetime-isa
Create a spending budget
Try the 50-30-20 strategy. This spending budget is broken down into
50% Needs
30% Wants
20% Investment
Structured budgeting can help prevent you from living paycheck to paycheck and this handy money saving tip can help save for your new house.
Carry out a savings challenge
The 52-week saving challenge is where the figure that you invest matches the week of the year. For example, week 1 = £1, week 2 = £2 and so on up to… week 52 = £52.
This weekly money saving method equates to an annual saving of £1,378!
Swap expensive meals for invaluable cooking skills
Being savvy with your money certainly goes a long was as a first-time buyer. Swap dining out and take–aways for cooking at home. This will save considerable amounts of money. Plus, improve your culinary skills ahead of your buying new home.
BBC Food is a great resource for quick and easy recipes to get you started.
Be thrifty
Is a family member getting rid of a home appliance? Spotted an unmissable clearance deal in a home store? Accept the help and bag a bargain ahead of purchasing your home. A simple, yet effective money saving tip. Your future self (and bank balance) will thank you!
Get in touch
We hope these Gen Z money saving tips will help you to save for your first home and get on the property ladder.
As a first-time buyer, you may feel overwhelmed and unsure of the house buying process, fear not, we’re here to help.
Get in touch and our Liverpool-based team can help you every step of the way.
Not local? Don’t worry, we also offer mortgage appointments over the phone or via Teams.
Follow us on social media for more savvy ways to save money.
