Preparing your Budget

 

Preparing a realistic budget is important, include amounts for expenses, savings and a bit of entertainment money - this will help you stick to your goals.

 

Debt consolidation

Think about existing debt, such as hire purchase, credit card or car loans.
NBS can roll all this debt into one easy to manage personal loan - with one regular payment you should clear your debt faster. This will allow you to focus on saving for your deposit.

 

Budgeting

Money coming in vs money going out - seems simple, but when you examine your situation closely, you may find you are overspending.

Be aware of fixed expenses such as rent, power, insurances and that the money coming in is going to cover these. If not, you may need to reassess your fixed expenses - finding a cheaper rental while saving for your deposit could help.

Now take a look at the expenses you can control like food and entertainment. Prepare household menus - it may mean you spend less on take-away lunches and dinners during the week.

Research public transport, it could provide a cost saving. No petrol, No parking, less car maintenance.

Think of savings as "paying yourself'. Set aside a realistic amount each pay period.

Have a little cash - a budget is much easier to stick to if you are not completely depriving yourself. Factor in a cash allocation to your budget when it's gone, it's gone! It is much easier to overspend when you cannot see the money.

Remember, a house deposit is typically a long term savings goal that will build up over time.

 

Tip

Work out your budget and match it to your pay cycle. It is important to compare costs over the same time period. It is also important you don't let your account go into overdraft too.