Ready to Achieve Homeownership? Make Your Money Work Twice As Hard as it Did at 2020’s Finish!

The end of 2020 has seen the value of the dollar take a nosedive, meaning that potential homebuyers now have to stretch their budgets further than ever before. This drop in value in combination with skyrocketing housing prices means that saving money to buy a house is quickly becoming a daunting prospect for many. This isn’t to say that it’s impossible to save, but it does highlight that even the most carefully budgeted savings plan now goes much less far than it used to. As such, potential homebuyers need to re-examine their budgeting strategies to make their money go that little bit further. The first step for would-be homeowners is to identify where they are currently spending their money. Only then will they be able to spot the areas where costs can be cut back and put the money towards their house fund. This could range from reducing their entertainment budget (going to the cinema or restaurant less often), through to laying off the avocados and fancy coffees. Alternatively, many savers may want to consider alternative sources of income that they can use to top up their savings. This could include a side-hustle such as freelance work, renting out a room in their house, or selling second-hand wares on online marketplaces. Another helpful tip is to explore all the government financial help available to homebuyers. Many countries run schemes designed to help bring homeownership within the grasp of those on more modest incomes. This could cover anything from grants towards a deposit, through to low-interest mortgages or discounts on stamp duty. In conclusion, saving money to buy a house has become increasingly difficult in 2021. The combination of a weakened dollar and rising housing prices is making the process of achieving the dream of homeownership harder than ever. That being said, getting creative with budgeting, identifying alternative sources of income, and researching any government support available to homebuyers could help make this dream a reality.