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Saving for a deposit

Date Published 03 July 2018

Are you thinking about buying a house? First things first you need to work on getting your deposit together. Here are a few tips & tricks to get you started.

• Set yourself a budget and stick to it. Whether that means making yourself a spreadsheet to keep yourself in check or just working out how much you can afford to put away each month every little amount is going to help.
• Make yourself lunch to take to work every day instead of buying a meal deal. Over the course of a year buying a meal deal each day will set you back a massive £780 and your morning coffee can end up costing you £572. That`s a saving of £1352 from just making a few changes to your daily spending habits.
• Try spending only using cash instead of your debit card. You`d be surprised how much those little transactions end up adding up to and if you stick to spending the cash you`ve withdrawn you`ll waste less money.
• If you`re renting & have the option, then perhaps think about moving back in with family while you`re saving. If you`re able to then it`s a great way to save money and quickly too.
• Set up a direct debit from your current account to your savings account. You won`t miss the money if it leaves your account straight after pay day.
• Open yourself a high interest savings account or ISA. You should research which is best for your requirements and where to find the best rates. You can save while earning some extra interest on top. Every penny helps.
• Look at your spending habits and cut back where you can. Do you have any subscriptions you can live without? Do you really need those new clothes? Consider not having a holiday to put a nice chunk of money into your savings instead.
• Instead of nights out why not invite your friends to your house instead? You could take turns to host dinner parties & ask everyone to bring something. It`s a cost effective and fun way to socialise.
• If you`re currently renting, consider downsizing to a smaller property while you`re saving and put the difference straight into your savings account.
• Declutter your home and sell anything you don`t need or care about anymore. You`ll be able to save the extra cash and tidy up your home in the process.

Following even just one of these tips will help you to start your savings pot off and you`ll have that deposit before you know it!