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LIFE // Top Tips to save for a House Deposit

Saving enough money for a house deposit seems like an almost impossible task for us first time buyers at the moment. Personally my current wage makes it quite difficult to save for the next stage in life AND enjoy life right now by spending some money on myself!


I'm naturally quite a thrifty person so I thought I'd put together some tips and advice on little changes you can make to your spending habits that will help you save that nice chunky deposit for your first house, new car, or even a fancy dress you've had your eye on! Once you learn easy ways to save, the possibilities are endless!

Stop buying lunch
And no it doesn't mean you're going to starve ;) This has been my main way of saving money and, once I'd stopped buying food, I couldn't believe how much I was saving! Instead of paying £6 a day in the coffee shop, buy a pack of hot chocolate and a loaf of bread and you're good to go! Seriously though, you can save so much money by making your own packed lunches. You can even recreate most things you can buy from coffee shops etc. - although you will probably need a bit more than the load of bread and hot chocolate ;) Your body will probably thank you too as you will have more of an input on what is going inside your food from making it all from scratch. So swap that overpriced easy food for something homemade at a fraction of the price.

Sacrifice your bonus
Most months I'm lucky enough to get a bonus on tip of my wages. While the temptation is there to blow the whole lot on shoes, I check my wage slip and put whatever my bonus is into my savings account. If my wage is extra chunky that month, I'll even add a bit extra to that savings account. I've managed to save over £1000 in 6 months doing this! The trick to this one is to put the bonus into savings on Payday or the day after, the longer it's sitting in your account the higher temptation to spend it all.

Make wish lists
This is an idea I stole borrowed from a co-worker. Many online shopping websites allow you to create a virtual wish list. All you do is click the wish list icon next to the item and it's added into a wish list basket. why does this save you money? Well, to me, it feels like I'm adding a load of stuff to my basket and mimics the feeling of happiness I get from a shopping binge (I am that sad - I love a good shopping binge). After I've filled my wish list, I close the tab and get on with my day. If you set up an account, the website will save your wish list so, at the end of the month, I go back to my wish list and see if I reaaalllyy need all the things I've added. I save so much money and it has really made me aware of how bad I was at spending online!

Change a 'champagne lifestyle'
When you start earning money, it's hard to go back to a cheaper lifestyle you may have lead before. Personally, I'm not sure how I even survived my student lifestyle with so little money because I'm now so used to going to work and earning a monthly wage. It's natural to get more expensive things as you earn more - I bought an ipad as soon as my first paycheck came in and I was out my overdraft so I know this all too well! So, how do you save money this way? It's all about substituting things for cheaper alternatives. I'm not saying never treat yourself or cut all ties with your social life. I'm saying sometimes it's okay to go for the cheaper alternative - for example I watch a lot of films on Netflix now rather than going to the cinema every single week. And when I do go to the cinema, it's a nice little treat for myself and is more of a luxury!

Unfortunately, saving money comes down to making sacrifices but it can be done without having a 'boring' life and you can save a good amount of money by just altering little thing in your lifestyle! I'm trying to all of these things more often so I can buy my first house :)

Do you have any tips for saving money? Leave a comment and let me know your best tips :)

8 comments

  1. I'm actually seriously considering buying a narrowboat lol

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  2. Great tips - it's so hard to save for a house when you're young and don't earn the best wage! :( I definitely think not buying lunches helps out a lot as when you add up how much you spent in a year it can be a disgusting amount!

    Beth x

    Bethany Georgina

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    Replies
    1. I worked out how much I spend on food today and I was horrified! Defo worth cutting down on buying food you can make yourself xx

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  3. Not eating out or popping to the shop at lunch does make so much difference! I very rarely go out at lunch for that reason. Not that I save enough yet haha xx

    www.throughneweyesx.com

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  4. I've been meaning to save more this year, so I'll definitely be putting these into action! great post :) x

    www.sheintheknow.co.uk

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  5. This is a brilliant post, I am rubbish with saving at the moment but I am going to try and get better so I will definitely take these on board xx

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