If you’re serious about investing, you first need to get serious about is clearing your dept. Minimising any existing personal debt will maximise the amount you’re able to borrow.
Once that’s taken care of, it’s time to get serious about saving.
Saving comes down to cutting costs wherever possible, but it can be a huge challenge while paying rent and bills. If property investment really is a high priority for you, then it will be much easier to sacrifice things that are less important. Affording your first investment property might require some temporary changes to your current lifestyle. This could look like packed lunches and fewer takeaway coffee, or finding clever ways to lower your energy bills. Whatever it takes, focus on your investment goals and get your finances in order ASAP.
Saving tip: Have you ever considered switching banks to get the best interest rate on your savings account? Little changes like this are the kind of thing most of us keep putting off, but every little bit counts! So – go and make the switch today!