Time has come to start thinking about saving for a deposit? Not sure where to start or how you’ll do it? Hopefully we can give you some tips on a few additional ways you could boost your savings and shorten the time it takes to get some cash in place for that first house you’ve been dreaming of buying!
Firstly, consider where you want to keep your savings. A government help to buy ISA is a great way to grow your deposit – read more here.
Secondly, make sure you have a plan for your savings. Its best to work out how much you want and the timeline for saving as this will keep you more focused on the task in hand. Check out websites such as the money advice service for help and advice on this topic. Having targets, for example, committing to save £1000 by Christmas, is a good way to ensure you keep on track and focused. Just remember to make your targets are achievable!
There are loads of ways you save extra by changing habits or cutting down on certain products or services. Here some of our top tips:
- Are you on the best deal for services such as utilities, phone, broadband and TV? Save money by making sure you are on the best rate and use switching services to reduce monthly costs.
- Do you really need a new phone once your contract ends or would a “sim only” deal with your current handset do? This could save you hundreds over the course of a year.
- Frequently visit a coffee shop? A coffee every day before work can cost over £700 a year.
- How often do you actually use your gym memberships? Cancelling could save £500.
- Are you a smoker? Consider reducing or kicking the habit to saving £££.
- Planning your meals and buying cheaper versions of branded products can soon add up to great savings.
- Cutting down on takeaways can also increase your saving potential – e.g. cutting down from two takeaways to one a week could save you around £1000 a year.
- Taking your own lunch to work rather than buying each day could save you nearly £800 per year.