4 Tips for Saving a Deposit
01 February 2022
If you’re desperate to get your foot on the property ladder here’s some of our best tips!
1. Save regularly and consistently
Setting aside an amount of money at the beginning of the month is a great way to see your savings grow quickly. You could set up a standing order for a couple of days after payday to ensure money is being transferred into your savings account or ISA every month, without having to think about it.
2. Write your goals down in a diary
If you have a goal to save, for example, £5,000 by the new year, write down a plan of how you aim to achieve it. Writing down a plan is a great way to ensure you can save your deposit. Always make sure you break it down into manageable chunks to make your goal more obtainable. Remember, once you have successfully saved the first £500 you are much more likely to stick to your savings plan.
3. Stop unnecessary spending
We all like to treat ourselves and sometimes we need it! But try and calculate how much money you’d save if you didn’t eat out as much or bought takeaway coffees, making small changes like stopping unnecessary treats like these will make a massive difference when saving for your deposit.
4. Consider your living situation
Renting can eat up a significant chunk of your monthly income, especially if you live alone. Consider moving in with friends or finding a house share, this can help you save money while you rent while also saving on utility bills. Living with family is another quick saving strategy, allowing you to save for your dream home. Alternatively, if you prefer to live alone, consider renting in a cheaper area!