How to save for a house deposit

February 12, 2017

Buying a house is definitely one of the biggest investments you will make in your lifetime, and it’s getting harder and harder to get onto the ladder with house prices on the rise. As my house posts have been so popular, I thought I’d share with you some tips on how to save for a house deposit.

Cut down on those unnecessary supermarket trips

I am so guilty for this one. Me and Will would have numerous trips to Tesco to buy snacks and ingredients for meals because we didn’t want what everyone else would be having at home. At one point I could swear all my wages went on food at Tesco, it was ridiculous! We started to save so much once we cut down on this.

Move back in with your parents

If it’s an option, moving back in with your parents would help with saving. Rather than paying for a place which isn’t your own, you could be living back at home with much lower rent (if not any!) and putting the money which you were spending on rent, into your house fund!

Open a Help to Buy ISA

I know there are many mixed reviews on the help to buy ISA. Some people say don’t do it, others say it’s great. Personally I think it’s worth opening one. We both had one when saving up, you get £50 for every £200 in there plus interest, it’s like free money! Only annoying thing is you have a limit to what you can put in each month and it takes 3 years to get to the max amount you can claim from the government. It’s a good idea though as if you’ve saving as a couple, you’re both able to get one.

Cut back on the nights out

I’m not much of a drinker, so this is easier for me! If you can, maybe cut back on the number of nights out you have a month. Replace these with a night in front of the TV watching a movie with your friends, you could always get some drinks in, so much cheaper and also a lot warmer too! 🙂

Turn down that meal out with your friends

I was always going out for meals with my friends, rather than spending £20+ on a meal in a restaurant, why not cook something at one of your houses together? It will be loads cheaper and be lots of fun! One of you could be responsible for the main, other dessert?

Sell unwanted clothes/items

Have a good clear out in your bedroom, there will be plenty of things that you may want to just throw in the bin, that someone else would happily pay money for! Even if it’s £2 here or there, it all adds up. 🙂

Get a jar for all your loose change

Whether it’s 1ps, £2 coins.. where you can, pop them into the jar and don’t be tempted to steal from it. You could easily save over £100 in there overtime.

Do you really need 2 cars?

If there is more than one of you saving for a deposit. Is it really necessary for you to both have a car? If you need them both to get to work then fair enough, but if you could manage with one and maybe find alternative ways to travel, a good option would be to sell your car, this would really help with the saving.

Hopefully some of these tips will help you with the saving for a house deposit. Or maybe just saving in general. 🙂 You will be surprised how much little cut backs can make a difference to your savings.

Watch this space for more house buying posts, I am hoping to give you some hints and tips with things we learnt on the way which will help you like getting accepted for a mortgage! 🙂 

Sophie xo

2 Comments

  • Hannah Hawes

    April 21, 2017 at 10:52 pm

    Couldn’t agree more with your tips. My boyfriend and I are currently saving up a bit for our first place together. Thanks for mentioning the ISA – we’ve heard mixed thoughts too and haven’t bothered looking further into it, but maybe it’s worth having another look now you’ve said that.
    Love Hannah x || HannahHawes

    1. Sophie Allan

      April 23, 2017 at 7:51 pm

      Thanks for reading! I definitely think the ISA is worth looking into. We heard mixed things too, but at the end of the day you can just use it as a place for saving and if you choose not to use it for whatever reason, you can pull your money out of it, you just lose the bonus 🙂 xx

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