Prices seem to be on the rise at every moment, and the big milestones in life are becoming out of reach for many people, let alone young couples who are just starting out at this whole adulting thing (ugh). With property and rental costs increasing by the week, it’s no wonder that so many young professionals are keen to get onto the property ladder as soon as they’re able. People would rather spend their hard earned income on their own assets, rather than pay towards someone else’s mortgage. However, it’s becoming a struggle, especially for those who don’t have the help of mom and dad. House and apartment buyers are getting younger, and are becoming more savvy about the property market, because they have to.
Property is definitely an appealing option for all, but, only obtainable for those who can afford it. Those in long-term relationships automatically have the advantage of two incomes and are more likely to be accepted for a mortgage, especially if they’ve been able to save a decent deposit through flat or house sharing previously. Many individuals and couples are now choosing to move back in with their parents so that they can save quickly and invest in property as soon as possible; savvy choices for most. The same goes for those who are engaged; a wedding is an expense that young couples would rather wait for until after they’ve moved in to their new home; however, it doesn’t stop the wedding altogether, it merely puts some limits on the situation. More seems to be expected from young couples due to social media, however, they don’t all have the means to achieve what they want and see online.
Young couples are aware that they need to be cash-savvy, whether that’s for a wedding, a property, a new car, or travel plans. But, how are today’s nearly Mr. and Mrs.’ getting by on a budget, and still making the most out of a demanding life? The following are some things to think about if you and your other half are trying to make the best of your future, even if you’re purse-strings are pretty tight.
Saying I Do
It would seem that priorities have changed, and the traditional proposal, followed by a wedding and property investment, has switched places. There is far more likely to be a trip to see a financial advisor at the bank together to discuss mortgage rates and options, than there is to walk down the aisle. Times have definitely changed, and they’ll continue to do so as each generation’s priorities shift. It’s crucial that young workers are thrifty with their money; it’s a struggle to get a balance between living a great life, travelling, and buying desirable items, and having the picture-perfect Pinterest home, or big, photogenic wedding. Perhaps previous generations were just more accepting of their circumstances; however, there certainly wasn’t as much exposure to the rest of society and the world, as there is today.
Although many of the weddings seen in magazines, online blogs, and in the media are unattainable dreams to many of today’s young fiances; the online space has provided many with excellent budget alternatives. Pinterest, YouTube, Instagram, and an array of other websites and social media platforms allow everyone to share their creativity and skills to those who need some inspiration. Everything from budget wedding decor that would cost a fortune in a store, to how to bake your own cake tutorials are out there, and the cash-savvy are making the most of them. Gone are the days of buying and hiring everything for your wedding, home, and garden; there seems to be a hands on attitude and an increase in popularity for DIY. The cash savvy are also looking into a prenuptial agreement before the big day; the perfect chance to protect yourself, should the worst happen. You can totally move forward knowing that financial stress won’t be ruining that dreamy day, you’ve both worked so hard towards.
My actual dream house
Your Dream Pad
As previously mentioned, you’ll know when and why you need to save, and if your biggest expense is rent; it’s often time to downsize or move back into the family home. Although there is a lot of pressure from what people see online, the internet provides access to a vast array of services, advice, tutorials, and ways to ensure you can make the most out of what you have. Property is no different; whether you choose to buy a derelict property to renovate over time, or you choose to utilize a building company to build something exactly within what you can afford; all options should be explored and taken advantage of. With better transport links in today’s society, there’s also more chances to move further afield, and it’s always the younger generations who seem to discover and create those “up and coming” areas of a city or town.
Therefore, it’s time to start looking into areas that are on the rise, rather than those that already have it all. You’ll be making a wise investment regarding your cash, especially when an area attracts more and more of those in a similar situation; it’s bound to gain momentum and property prices will keep rising. Again, the legal side of things need to be assessed first so that you’re on the same foot regarding a joint investment. But, you know that already, right?
Your Online Friend
A constant stream of online articles, blogs, and images means that you can learn from the mistakes that have gone before you, with ease. There are a plethora of places you can learn about someone else experience, whether it’s with a bank, product, health condition, or company; there’s a review and a write up for everything. This is ensuring that you can remain money savvy, and with all the new challenges you’ll face with your cash; you’ll have a wealth of relevant and useful information at your fingertips to make the most of. Therefore, make the most of the wealth of help you have online, there’s no shame in seeking assistance with things; you’re new to this after all.
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