Future plans may seem far away when you’re swaddled within the blanket of higher education and university, but it really does come around quickly! Before you know it you will be in the world of work, planning your future and having to save a little cash on the side. But what are you saving for, what should you consider and how can you get to where you want to be at an easy cost? 

Savvy saving for a home 

If you’re ready to move out of mum and dad’s but don’t want to get trapped in the cycle of renting then you might want to look at saving for your first home. A house is a great investment for the future and means you will have your own space and a commodity that will really work out for you in the long run. So what’s the best way to do this? When it comes to homes there are several ways you can save from ISAs to shared ownership.

Help to Buy ISAs are a great way to kick-start your home buying journey and you can open one with as little as £1 and as much as £1000. The government will add an extra 25% on to your savings making it a great way to boost your funds and take the pressure off the deposit. Shared Ownership is also something to consider if you have a little saved and want to speed up the process. You basically buy a share in a property and rent the remaining portion and with shared ownership in Manchester providing luxury living at a fraction of the cost, it’s a pretty irresistible deal. 

Credit Climbing 

You may not have thought about your credit score at this point but this could really have a big impact on your future finances. Your credit score affects your eligibility to get anything on credit so a car, a phone or a house. You can start boosting your score in simple ways such as  getting a credit card or a phone contract. Doing your shopping on a no interest credit card and then paying it back later can be a simple way to increase your score overtime as long as you pay on time. You can track your score with several apps but be sure not to have it checked often by other companies as this reduces it rapidly.

Budgeting the right way

It’s easy to say you’re good at budgeting but when it comes to leaving uni and having several expenses to pay losing control of where your money goes can become a concern. Budgeting properly is a good way to prevent this and whether you’re the most organised of people or the complete opposite you can make budgeting a breeze. Checking your direct debits is the  best place to start and working out where you can cut costs. Make sure you budget for days where you plan to go out or treating yourself, otherwise your budgeting just won’t be sustainable. Opening a few accounts for different things may also be useful and will allow you to work out how much you have to spend on certain aspects such as food shops, memberships, subscriptions and leisure time. And don’t forget to give yourself some leeway otherwise it will be difficult to stick to!
While you might feel bombarded when you’re thrown into the world of ‘adulting’ don’t stress, simply take a look at your goals for the future and start planning. The first step is the most important one so don’t feel under pressure and give yourself plenty of time to achieve the things you want whether it’s looking at properties for sale in West Kensington or applying for a masters course in engineering.