When it comes to buying a house, every penny counts. Saving for a house deposit is much harder than it used to be. House prices are higher, mortgage rates less favourable, and the cost of living against low wages can make it hard to put aside the money you need.
While saving for your deposit can be a challenge, there are some ways to help you boost your savings. Try some of the following tips to help you save money on your monthly expenses and save the money you need to buy your first home.
Cut your bills
Thanks to the internet, we’re all getting savvier about saving money – but when was the last time you did a review of your utilities? A quick comparison search could help you get cheaper deals on everything from broadband packages to energy rates. If you’re out of contract, there are many options available to you, and if you contact your current provider to tell them you’re switching, they might even match or beat that deal to keep you as a customer.
Get rid of unnecessary subscriptions
How often do you really go to the gym? Enough to warrant the extortionate membership? If you’re serious about saving – it’s time to cut these things, even if it’s only temporarily. Find a cheaper gym or workout at home, reduce your TV subscription and cancel any other unnecessary subscriptions you might have – all of these things could save you money each month that could be put in your savings instead.
Reduce your food spend
Your grocery shop is probably one of your most frequent expenses, and one of the areas you could save on the most. With a few money-saving tricks you could save up to a third on your food shop, using tactics such as taking advantage of special offers and making your lunch every day instead of buying it out. Change your food habits by planning your meals to prevent waste and to help you spend exactly what you need to each week.
Withdraw cash for the week
The temptation to use your card makes it easy to impulse buy when you’re out and about. However, if you were to only carry cash – it would be much harder for you to spend money on a whim. Give yourself a target that’s lower than your typical weekly spend – if you manage to stay under you’ll end up with more money left over at the end of the month to add to your deposit.
Take advantage of online offers
There’s no excuse for paying full price these days, with so many different ways to save money online. Sign up to newsletters, search for discount codes and make price comparisons to help you save money on those must-haves. Add any savings that you make to your funds to help you grow your deposit quicker.
Saving for your deposit can be one of the most stressful parts of buying a house. Get your finances in order, take your time and start planning to help you buy a house without going mad. The saving and sacrifice will all be worth it when you can finally call a house your home.