How to budget once you’ve moved in


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Buying your first home is all about saving. You’ve looked at online mortgage calculators and done your sums. You finally have that all-important deposit in place and can afford all the fees. You’re well on your way to becoming a homeowner.

But the budgeting never stops – even when you move in. There are those mortgage payments to keep up and a variety of bills to pay every month.

Here are a few tips for keep on top of your budget, so you can enjoy all the benefits of being a homeowner.

1. Make a list of what you actually need

As soon as you move in, you’ll be tempted to go wild and buy everything you could possibly want in your new home. Remember to stop, check yourself and look critically at what you actually need to get by.

Can you really not do without a state of the art coffee machine or the most expensive juicer out there – or do you just want them? When you feel the urge to spend, take your time and question the necessity. You’ll soon fill your new home with the essentials without blowing your budget.

2. Don’t turn down handouts

Once you have your list of essentials, don’t turn down any free handouts. As a new homeowner, you’ll likely need all the assistance you can get, so speak to your friends and family, as they may have stuff they no longer need. You never know what you might get.

3. Don’t forget what got you there

When saving for your deposit you likely got very good at being frugal. Don’t forget everything you worked so hard to achieve as soon as you move in. Things like setting (and sticking to) a monthly budget, taking a packed lunch to work, or cutting down on unnecessary expenses still stand.

4. Enjoy your space

You’ve finally got your own space, it’s time to enjoy it. Forget meals out or drinks with friends at weekends, make the most of what you’ve got and bring the party home. Invite everyone over, cook yourselves (rather than a takeaway) and show off what you’ve saved so hard to get.

5. Make the walls your own

When moving into a new apartment, the walls will present a blank canvas for you to make your own. So, don’t blow your budget and your individuality by buying expensive pictures to display on your walls. To truly make it your own, collate photographs and family memories to adorn the space. It will be personal to you and far better for your budget.

6. Get creative and upcycle

When furnishing your new home, a bit of DIY goes a long way to create a fantastic and individual look. Scour second hand, antique, charity and vintage shops and get a bit creative with what you find. Upcycling old and retro furniture is a fun, cheap activity to do and will really save your budget in the long-run.

Take your time, enjoy yourself and your new surroundings. But always take care of your budget.