While everyone wants to live in a beautiful home of their own, run a hassle-free, attractive car and enjoy many vacations each year with their nearest and dearest, it can often feel easier said than done when on a limited budget.
If, however, you want to change your circumstances in 2020 and beyond, there are some actions you can take to improve both your current lifestyle and the finances you have available to you. Get started by reading the below budgeting tips for three essential items.
- A Home
If you have minimal money in the bank for a down payment on a property, you might feel as if owning your own home is a pipe dream. However, you can make your pipe dream a reality by writing a list of your monthly expenses and calculating the cost of homeownership, such as a down payment, repayment fees, insurance, and property tax.
You can then make the appropriate and necessary changes to your budget to fund your goal. For example, you should review your bank to identify various unnecessary expenses, such as too much takeout, flippant clothing purchases, and social outings. You also can save money each month by:
- Changing suppliers
- Switching grocery stores
- Lowering your energy bill
- Finding better insurance deals
The money you save each month can then be added into a savings account to build a down payment on your first home.
2. Vacations
While you might dream of enjoying a fun vacation whenever the feeling strikes, you might be limited to your hometown due to a lack of money in the bank. To ensure you and your loved ones enjoy a lifetime of fun memories, you should look for ways to finance a getaway at least once per year.
For example, you could:
- Browse discount marketplaces for affordable hotels, resorts, and flights
- Use comparison sites to find the best deals
- Sign up to travel providers’ email newsletters for exclusive offers and discounts
You could even enjoy many a leisurely break with your loved ones by investing in your own motorhome, which will allow you to take to the open road whenever the mood strikes. It also doesn’t need to be expensive, as you could find an affordable monthly rate when you try this motorhome finance calculator.
3. A Car
A rundown vehicle can be a large expense, as you might need to regularly dip into your savings to fund various repairs. For this reason, you might be eager to update to a smoother, more reliable vehicle that will not break the bank.
If you have limited money available, there are various ways you can pay for a new car. For example, you could:
- Buy a reliable, used vehicle
- Secure an affordable finance deal
- Apply for a personal loan with a low interest rate
- Part-exchange your existing vehicle
While a car is a big expense, it will allow you to drive to work, a store, or a loved one’s address without worrying about the vehicle breaking down in the middle of the road.
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