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Now that interest rates have dropped and inflation is easing, there might be a little more wiggle room in homeowners’ budgets to start topping up their savings again.
Elaborating on what he means by this, Goslett explains that unexpected damages to the house, such as roof repairs or rising dampness, can occur at any time – and then there are the financial emergencies that affect you as the homeowner, such as job loss or a cut in salary. In either scenario, having a cushion of emergency savings can prevent the need for taking on further debt.
As a bare minimum, Goslett recommends that homeowners aim to save approximately one month’s salary. “In an ideal situation, three to six months’ income in savings is preferable. That said, saving up half a year’s worth of income is not an easy thing to achieve and will take a long time. Setting smaller goals can help you maintain focus and stay motivated.”
As a final piece of advice for those who are struggling to get into the habit of saving, Goslett suggests setting up a debit order or automatic payment each month to avoid making it optional.
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