Interview with first time buyers


If you’re looking to get on the property ladder and need some advice on how to save money for that all important deposit, here are a few simple tips from Persimmon to get you started:

Set a target
To begin, set yourself a savings target - that way you’ll have something to aim for and you will know how much you will need to put away each month to reach that goal.

Set a time-frame
Once you’ve decided how much money you want to save, set yourself a realistic timeframe in which to achieve it. If the amount you need to save every month is impossibly high, consider giving yourself more time. Look at how much you are paid every month after taxes and think realistically.

Keep a record
Start keeping a monthly record of your expenses. Write down everything you spend your money on over a couple of weeks, including even the smallest of purchases. Break down your spending into categories e.g. rent, car, bills, food, entertainment, etc. Once you’ve recorded your expenses, take a long hard look at what you think you really need. Decide what the most important things are and cut back on the things you know you can live without.

Prioritise
Make saving your money a priority. Once you’ve been paid every month, transfer the money you want to save into a separate savings account straight away. Don’t wait until the end of the month and just save whatever’s left over. Treat your monthly savings target as another bill that you have to pay.

Own-brand goods
When doing the weekly shop, consider buying supermarket own-branded goods as they can be much cheaper than branded items. This will make a huge difference on your food bill.

Think before you buy
Before buying anything, ask yourself if you really need it. If the answer’s no put it back and walk away. Just because you don’t already have it, this doesn’t mean you need it right now. Question yourself as to whether you have to have that new car in a few months or if you really need those new shoes.

Sell unwanted items
Go through your clutter and see if there’s anything worth selling. Once you’ve got a good few things to sell either head down to your local car boot sale or sell them on e-Bay. You might be surprised by how much you can make from your cast offs. Put all the money you make into your savings account so you’re not tempted to use it to treat yourself.

Look for bargains
Start buying gifts in the sales. Look at when your friends and family’s birthdays are and where possible, plan in advance to buy gifts whilst they’re half price. If the burning desire to treat yourself to a new item of clothing becomes too much, go for the cheapest version you can find especially if its high fashion item that you know you will only wear once or twice.