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How to save up your deposit?

How to Save Up For Your Mortgage Deposit

Here at CIS Mortgage, we run into quite a few people that are not properly prepared to take on a mortgage. While a deposit is often required, we can help you find a mortgage with a deposit that is as low as possible. To help guarantee your chances of getting approved for a mortgage, start saving for a deposit for a mortgage as soon as possible. These money saving tips can help you pinch every penny, guaranteeing that you are prepared to pay your deposit.

Roll your own cigarettes. When you are trying to save up as much money as you can in a short time frame, you have to save in every possible way. Rolling your own cigarettes can be much cheaper than buying cigarettes by the pack. The total cost can save you a little over half of the money that you would normally spend purchasing packs of cigarettes.

Cut out wants. Cutting out, or at least cutting back on, purchasing things that you want can help you save pound after pound. CIS mortgage experts recommend making a list of everything you spend money on for one month. After that, look at items that can be cut back on, and stop purchasing them. Take the total amount of money that you have saved, and put that into your savings account.

Home cooked meals. When you learn to make meals from scratch, you can easily save money. Cooking meals instead of eating out, ordering food or purchasing prepackaged meals can help you save a tremendous amount of money on a weekly basis, and that means that there will be more money to go towards your mortgage deposit.

Fix things instead of throwing them out. Some people are known to simply toss out things once they are broken, and then go purchase a new item. If this sounds like you, it may be time to for you to change that habit. The next time something breaks, attempt to fix it first. Total up the cost of fixing the item versus replacing the item, and then do whichever one is cheaper. More often than not, fixing the item is cheaper.

Cheap family time. Family time does not have to mean spending hundreds of dollars per month. Instead, make meals together as a family, have a scary movie marathon with a few bowls of popcorn, or look up fun crafts for the children online. The internet is full of great ideas for family time for every price range.

CIS Mortgage can help you find a low rate mortgage with affordable payments, but there are times that a down payment is required. If saving up a down payment on top of paying your other bills is slowly making you go broke, follow these money saving tips from CIS Mortgage to help save money for a mortgage deposit without worrying about where your next meal is going to come from or what you will do next weekend. Your quality of life will remain the same while the money in your bank account will continue to grow.