Saving for a house? Here’s 3 things you can do today!
Saving for a house during a cost of living crisis? There’s 3 things you can do today to help you on your way:
1. Open a LISA
An absolute no brainer if you’re saving for your first home. But what is it? A Lifetime ISA (LISA) is a house or pension savings account that you can open if you’re 18-39. With a LISA, you can deposit up to £4,000 a year with a bonus of 25%, meaning a maximum of £1000 per year – so free money! With this account, you must be a first time buyer if you intend to use the money for a house purchase, the property cannot exceed £450,000 and you must purchase the property at least 12 months after your first payment into the account.
2. Make the most of interest rates
Interest rates have just gone up which should be great news for savers, but not every provider is passing on the increase to their customers. We’re loving Nude, a savings provider helping Gen Zs and Millenials to save up for their house deposit. They’ve just announced that they are passing on their 1.75% interest rate to their customers, you can find out more here.
Capital at risk, not a paid partnership – just a product and brand we admire
3. Budget, Budget, Budget
Especially in the current climate, we don’t want goals such as owning your first home to go on the back burner, so it’s crucial now more than ever to budget effectively. You want to ensure you have more money coming in than going out so you can throw what’s left over (your excess) at your financial goals. You can learn how to budget and track your financial goals in The Financielle App.
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