Making Cents: Brave new world for your 2018 finances
If you have big plans ahead for this year, best of luck with them. Big plans can often mean big financial adjustments, and if yours fall into that category, it is never too soon to get started.
If you are hoping to buy a house this year, you are probably saving already but, if not, start. First-time buyers generally need at least 10% of the property price as a deposit before getting a mortgage, for almost everyone else it is 20%. Aside from showing steady savings you should also clear down as much other debt as possible. Any loan repayments you have will reduce the repayment amount the bank will allow, clearing car and personal loans will allow you to borrow more if needs be.
