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A numbers story made headlines this month when a newspaper profile of a woman’s bid to save for a mortgage drew head scratching from readers.
You’d think her annual salary of £70,000 would be more than enough to get a big toe on the property ladder?
Apparently not. Despite cutting down on luxuries, she simply couldn’t make the numbers stack up.
Perhaps she should have come to s1jobs for practical advice?
Our top tips will come in handy not just for your clients when you land an accountant’s role from s1jobs – they could help you buy your own home.
Use a budget tracker
From recurring expenses such as rent, bills, pensions and insurance to those one-off expenditures, it can be tricky navigating your finances.
To form an adequate and realistic savings plan, the first port of call should always be getting the clearest picture possible of your monthly income and outgoings.
A written or online budget tracker can help get this handle on personal finances – and pinpoint areas where big saving can be made.
Get rid of debts first
Would you rather earn interest on savings or pay extortionate interest on your debts? Before you start saving for that mortgage deposit, sometimes it can be best to consolidate or make moves to eradicate existing debts.
Not only will you be able to start saving properly but the stress of owing money will soon start to disappear.
Be prepared to shop around
Finding the right savings account is crucial so sniffing out the best deal is a priority.
High-interest accounts, Help to Buy ISAs and Lifetime ISAs can all be good options for those wishing to save for a house deposit.
And remember: regularly checking comparison websites can help even the professionals make the right choice.
Find out what help is out there
Buying a house can be a stressful experience but, rest assured, you’re not alone. Did you know there are a variety of Scottish Government schemes available, particularly for first-time buyers?
All are designed to make buying a home easier and more affordable and you’re just a few clicks away from finding out your eligibility – easy peasy!
Our top tips should help move property dreams a few steps closer to reality.
Meantime, to find your new home in the world of Accounting, check out the latest vacancies on s1jobs.