Smart money tips for first home buyers

There's no denying that buying your first home can be tough.

Jarrod, from Team Spotty recently achieved this milestone with his partner and they moved into their first home last month! Here are his top tips from his own first home buyers journey that he wanted to share with our community to help others to reach their goal.

What recommendations and smart money tips would you give other people working towards buying their first home?

1. Know where your money is going. Not a lot of people track every cent that touches their account and most don’t have to, but it makes a huge difference when you cut off the extra Disney subscription you don’t use or downgrading your Netflix plan. There are a few budgeting apps that can even link to your bank statements to sort your expenses for you
2. Budget and Save. After figuring out where your money goes a budget is next…surprise, surprise! The way I stuck to my budget was by putting aside “buffer” money in a different account. This covered anything from concert tickets and events to birthdays and Xmas. Yes, save as much as you can but make sure you still get to live life!
3. Check and build your Credit Score. Your Credit Score is your CV to the bank. It will tell them how much negotiating power you have so use it to your advantage. Check your score through Centrix and Illion and check for resources online about how to improve them! (P.S. You should never have to pay to get your Credit Score!)

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How did you keep yourself sane whilst saving for the house?

Constant reminders. Reminding myself it will be absolutely worth it in the end. Never losing sight of the end goal even in the face of a few set-backs (which absolutely will happen).

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‍What do you wish you knew at the start of the journey that you'd like to share with others?

The set up cost is a nightmare! Save more than you think and remember every cent counts. And ask furniture stores for discounts. More often than not, they say yes!

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Why did you decide to buy a house instead of renting?

It is a long-term investment in myself, my partner, my family and my future. It's a goal I have always had and when I was renting, I reasoned it would be far better to pay my own mortgage rather than someone else's.

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What did it feel like getting the keys?

Absolutely unreal. I think it really didn't sink in until I got fully moved in and I went shopping for small things like soap trays and shower caddies. Then it all hit me like a truck and the smiles did not go away for quite a while.

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What does it mean to you both to have your own home?

First of all responsibility. A lot of things hang over our heads that weren't there  beforehand, and though daunting, its a reminder of where we are now. Secondly, freedom. This marks a huge milestone for both of us and shows ourselves and everyone else that we are totally independent. A feeling neither of us will tire of easily.