For anybody who has cast their eye over a newspaper, news website or just the media in general over the past few weeks, it’s hard to not be a little down in the mouth.

It seems like everything is on the rise, with energy bills, mortgage rates and the cost of living in general. It unfortunately looks like things are starting to take a tricky path on the economic front.

It is likely that we will all be affected by this somewhat, and some frugality will certainly not go amiss in the current climate.

But if you are saving for a new home at the moment, these kinds of headlines are not what the doctor ordered. 

While your savings tactics may need a bit of a rethink, there are a number of small things you can do as a freelancer, contractor or traditional worker to push your money further this month.

In our latest blog, we give you a few handy tips on the small changes that can make a big difference when saving for a house.

Exhibit Extreme Vigilance

We are all different, and some of us are naturally going to be more conscientious when it comes to our money. In the current climate, this vigilance around your cashflow could pay real dividends. 

Having a keen awareness of incomings and outgoings, ensuring you put aside money for your house fund, and being careful with your spending can all stand you in good stead.

Furthermore, in the modern age, it is easier than ever to find the level of vigilance that can make a real difference. Having quick access to banking apps and saving apps on your phone can make managing your money a simple and straightforward process.

Working as a freelancer or contractor means that this level of vigilance about incomings and outgoings should be fairly standard anyway. But whatever you do, don’t let a casual approach to finance hold back your home-buying plans.

Review what you are spending

Speaking of outgoings, there is a decent chance that some of the things you spend your money on each month are not exactly falling into the ‘necessities’ bracket. 

Do you have a TV subscription you are not using? Or is your mobile phone bill through the roof when really you could cut back? Are you still buying the expensive cheese at the supermarket? If so, reviewing how you do things could be worthwhile given the current climate.

We’re not saying deny yourself of all luxury and live in the most stringent and frugal way you can. But if you are regularly seeing things on your bank statement that make you think ‘did I really need that?’, then now is as good a time as any to reevaluate and potentially make a change.

How are you moving?

Any car owner will have noticed that those big signs outside petrol stations are showing increasingly higher numbers. The cost of fuel is on the up, and if you are somebody who drives a lot, that will inevitably hit your bank balance hard.

Avoiding the car for certain things, like commuting or when doing leisure activities, can really help you stretch your petrol tank and stop you having to splash out at the pumps as often.

A lot of us are working from home at the moment, but if you are commuting, consider whether getting on your bike, walking or getting public transport is an option. It may well prove cheaper over time and mix up your day somewhat. And exercising to and from work will work wonders for your waistline as well!

Also look to cut down on unnecessary trips, and anything that you save can go into the house-saving fund.

Search for the right deal for you

Even amidst the economic doom and gloom we are seeing at the moment, there are always reasons to be optimistic.

If you are a freelancer or contractor looking to get onto the property ladder for the first time, there are initiatives out there that can help make things simpler for you.

Deposit Unlock is an example of such a scheme, enabling first-time buyers and second steppers to get the keys to a newly-built home with just a 5% deposit. That means the amount you need to save up becomes all the more achievable, even in the face of all the other economic uncertainties swirling around at present.

There has also been examples of mortgages specifically designed for self-employed workers hitting the market in recent months, with Kensington Mortgages being an example of a lender offering such an option.

Be sure to keep an eye out for deals that align with your requirements and could work for you.

Get some guidance!

Regardless of the economic outlook, the mortgage market can be a tricky place. For self-employed workers, it can be even more complicated.

We advise anybody seeking a contractor mortgage broker or a freelancer mortgage broker in order to get the right support and guidance. This can help remove pain points, make applications easier and pave a clearer path towards your housing goals.

We at Roots Mortgages offer free mortgage advice, so don’t hesitate to get in touch with us. We will be happy to offer our support.

Hopefully the current economic difficulties and rising costs won’t last for too long, and we can start to enjoy the fancy cheese in the supermarket sooner rather than later.

Until then though, getting on top of your money could be the difference between securing your dream home this year and having to wait that bit longer.