Buying a house is an incredibly exciting time, however, it is also an incredibly stressful time! So, we have compiled a few helpful tips on how you can use Moneyhub to help you reach that all-important savings goal.
Step One: The moment of clarity…
Our spending analysis tool shows you exactly what is going in and what is going out of your account and breaks it down by category. You are able to see what areas you are spending the most in and where you can make potential cutbacks.
Step Two: The part where you save…
Once you know what you’re spending and where you’re spending it, try setting a monthly budget. You can set a budget for a particular category and customise the period you want this budget to run from and to - this means you can align it to your pay cycle.
From time to time we’ll send you nudges to tell you how well you’re doing.
Step Three: The part where you boost your credit score
If you’re renting, you can report your rent to Experian through Moneyhub using our rent recognition feature. This means every month when your rent leaves your account, that will be sent to Experian and will boost your credit score, so when you’re ready to apply for a mortgage, you’ve got it in the bag!
Step Four: The part where you’re ready to buy
Buying a house comes with lots of paperwork, you can attach important documents and receipts to all of your transactions, which can be easily found later using our search tool.
This will come in handy when you get to furnish your new abode and want to keep track of warranties.
Step Five: The part where you’re in your new house
Congratulations! You’re in. Now all that’s left to do is track the value by connecting your property to Zoopla in Moneyhub. You can do this here.
If you’re in a shared ownership property, you can amend the net worth to reflect the percentage you own.