Top Social Accounts to Follow for Saving Advice

Although social media is often deemed to be a materialistic haven that persuades us to spend more money, there are actually a few social accounts that offer great savings advice. Some focus on debts and how to clear them, while others discuss budgeting and how to do it more effectively. If you’re trying to save up for a deposit on a new home, you could benefit from following these accounts to take advantage of the financial advice they can offer.

@thefrugality – Alex Stedman

This stylist, writer and editor has an Instagram account on which she openly and honestly discusses money. Since her content focuses primarily on interiors and fashion, she shows her audience ways of being more frugal in both of these areas.

A particularly interesting area of her account details the renovations of her first home. She shares what she’s saved for, how she prioritised what she needed most and how long the process has taken. This is something that any new homeowner is sure to appreciate when trying to save money on the cost of decorating their new property.

@myfrugalyear – My Frugal Year

This anonymous Instagram account is designed to share a 20-something’s journey through credit card debts and her efforts to clear them. She not only discusses the reasons for her getting into debt in the first place, but she also offers tips for eradicating it. If you’re looking for ways to view your debts and savings in a different way, this is the account for you to follow.

@frugal_me_free – Cheryl

This popular Instagram account offers realistic and practical savings solutions. Cheryl doesn’t believe it’s ever too late to save and focuses on starting today rather than thinking about how much you might have saved if you started earlier.

This positive attitude is great for anyone who is saving up for a deposit for their first home as it helps them look ahead, rather than to the past. This account is all about setting realistic goals, not over-stretching yourself, and not putting off saving until tomorrow.

@laurawhately – Laura Whately

For anyone who is struggling to come to terms with the financial reality of the real world, this Instagram account is a great way to get to grips with the basics of ‘grown-up’ things. Such as house deposits, pensions, mortgages and savings schemes, as well as navigating through the minefield of credit scores – how to check them, improve them, and most importantly, not damage them in the future.

Offering practical advice about paying off debts, mortgages and pensions, this account also gives you useful information about money’s effect on mental well-being. Essentially, it’s a must-read for anybody who is new to dealing with their finances and who wants to give themselves the best chance of managing their money wisely.

If you follow the above social media accounts, you’re sure to find that saving up for your first home’s deposit is quicker and easier than you ever imagined and when you are ready we can save you even more with a quick quote from our UK wide panel of conveyancing solicitors.

Should You Pay Off Your Mortgage Early?

If you have a mortgage, you may be wondering whether there are any benefits in paying it off earlier. While some people believe it’s the best way forward in today’s uncertain economy, others think there’s very little point. So, how do you decide? Here are a few questions to ask yourself to help make a final decision.

Do I Have More Costly Debts?

Store cards and credit cards usually charge very high-interest rates, so if you have high balances on those, it’s best to pay those off before you consider paying off your mortgage early. Unsecured loans may also have an interest rate significantly higher than that of your home loan, so pay those off first, too.

Do I Have a Pension?

Pensions are one of the most tax-efficient ways to save since the government will top up the contributions you make with tax relief. If you have no pension but have some spare money, you should consider paying into one rather than using those savings to pay your mortgage off early.

Should I Update My Will After Moving to a New House?

If you move to a new house, one of the first things you’ll need to do is change your address with all kinds of people. You’ll need to let your doctor, dentist and bank know, and of course, you’ll have to inform the utility services and local council, among others. However, many people forget that if they move home, they should update their will.

Keeping your will up to date at all times is very important; after all, nobody knows what the future holds, and you need to be sure that your assets will be correctly distributed in the way you wish after you die. Yet, many people are entirely unaware that they should always check their will after moving to a new house and update it to reflect the change.

Why Should I Update My Will When I Move?

The first reason why you should always update your will after moving home is that all wills must have an up-to-date address on them. If they don’t, they could be found to be invalid in the event of the testator’s death.

Also, if the testator is the owner of the property, they will need to state clearly in their will what they want to happen to the property after they die. After all, if you move home, it could have a major impact on the value of your estate, and this is something that should be accurately reflected in your last will and testament.

How Do I Update My Will?

Although it’s very important to update your will after moving to a new house, in fact, you should make sure to check your will every five years and make any updates as necessary to keep it up to date and reflect your current wishes.

However, it’s important to be aware that you cannot simply amend a will once it has been witnessed and signed. Rather, a will can only be changed by making a codicil which is an official alteration. This must be witnessed and signed in just the same way as a will is witnessed and signed. There are, however, no limits on the number of codicils that can be added to your will, so if you move to a new house regularly or want to make more frequent changes, you won’t have any problems.

Should I Make A New Will If I Move Home?

In most cases, you will probably only need to update your existing will after moving home; however, you may need to make a brand-new will in some cases. This will be the case if you need to make several minor alterations or a single major change.

You are also more likely to need to write a whole new will if you wrote your previous one more than five years ago since your estate’s value is expected to have significantly changed in the intervening years. So, you’ll need to create a fresh will that more accurately reflects your current circumstances and your wishes after death.

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