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How to Save on Your Property Deposit

Preparing to buy a home is exciting, but saving for your purchase can be very overwhelming. Luckily, there are many ways that you can start preparing for your property deposit. By making sure that all of your finances are in order before you begin the process of buying a home and by adjusting for the extra expenses that you will have to pay, you can make sure that you are ready with a large enough deposit to make getting your financing not only easier but also affordable.

Figure Out Your Budget

The first thing that you need to do when you are preparing to buy a home is create a home budget and then to stick to it. It’s easy to think that you can continue shopping and living the way that you currently are without making changes to improve your savings rate, but without a budget in hand, you can easily overspend. Cutting out non-essential items, as well as impulse buys, will allow you to put a lot more money aside when it comes time to pay your property deposit. Remember that each time you overspend or go over your budget you are delaying your dream of being able to buy a home.

Pay Yourself

Make saving for your property deposit a monthly bill that you can’t skip. By opening up a separate savings account with a high-interest rate and then depositing money into that account each month, you can start saving right away. Just like you pay your other monthly bills and wouldn’t dream about not making a payment, you need to make sure that you pay yourself and put money in this account each time you get paid. You can also add any extra money that you don’t spend from your budget to this account to speed up the saving process.

Check for Deals

Now that you have a budget in hand and are paying yourself each month, you need to make sure that you’re getting the best deals on all of your bills. Contact your TV and cell phone company and see if they offer lower rates than what you are paying. You may be able to get them to lower your monthly bill. Rather than spending this money on something frivolous, put it into your dedicated savings account so that you will have it when it comes time to make a payment on your home.

Eliminate Your Debts

In addition to saving money for your property deposit, you also need to be paying off any outstanding debts that you have. Credit cards and even personal loans can significantly affect how much money you will be able to borrow when you finally get your loan. By paying off other debts that you have, you can increase your purchasing power and even raise your credit. Better credit often means that you will be able to enjoy a better rate or terms from the lender.

Prepare for Extra Expenses

Many people forget about extra expenses that they will have to pay when buying a home. No matter if you are a first-time homebuyer or have purchased homes in the past, you need to be aware of stamp duty. These costs are calculated on your future home’s real market value. This means that if you are buying a more expensive house that you will have to pay more in stamp duty. The experts at Aussie Home Loans and Lendi can provide you with information about when you are going to pay stamp duty, as well as how much it is going to cost. Knowing this information will ensure that you have enough money saved to cover this expense.

Deciding to buy a home shouldn’t be a decision that you undertake lightly, as this can cause you to overspend or not to be prepared with the savings that you need. By making saving for your property deposit a priority, you can prepare for the expense of buying a home, and you won’t have to worry about financing all of the costs. Start with creating a budget that you and your whole family can stick to so that you can start saving money right away, and then educate yourself as to what other expenses you will be responsible for when you buy a home.

Frank Lampard unimpressed with messy transfer window

Derby County manager Frank Lampard has admitted that he is not impressed with the messy nature of the English transfer window. The Football League made the decision to close the transfer window before the first matchday of the Premier League but this has not prevented clubs from the second tier doing business with the loan window open until August 31.

Speaking to ihateceltic.com, Lampard said that he has not been pleased with the working of the transfer window with clubs still capable of securing loan moves with the option to buy, he said: “It has been a weird window, I don’t like the window. People are actually signing players still, so the window basically hasn’t shut. We shut it earlier on to make everybody happy, but we have dragged it on later for all of us. People are now signing players on loan with a view to buy, so I think it has been a bit messy, and I think it will accelerate again next week when teams realise it is coming to the deadline again. Whatever the date is, it needs to be everything there done and dusted.”

Despite starting the summer in a slow manner, Derby managed to pick up pace towards the end and they managed to pursue the likes of Martyn Waghorn and Jack Marriott to add the much-needed firepower after Matej Vydra’s exit. Derby started their Championship campaign with an away win over Reading but they have since gone off the boil with just one victory from the next three matches.

Nonetheless, the team are still at the early stage of the campaign and there is plenty of time through the season to propel themselves into the promotion spots. Lampard secured his maiden home win as the Derby boss against Ipswich Town in midweek and he will surely be aiming for a similar performance when Preston North End make the trip to Pride Park on Saturday.