How To Save For Your House Deposit

Published on , in Mortgages, Finance.

Saving up for a house is no mean feat. There’s a long road ahead, but through subtle lifestyle changes you can streamline your finances and get closer to that juicy deposit. Here are a few suggestions from 1 Van 1 Man.

Fine Yourself

Do you smoke? Swear? Drink? Fine yourself with a pound every time you transgress. Not only will it dissuade you from bad habits, the pot will slowly build up without you committing large sums in one go.

Alternative Gifts

If you are getting married, celebrating a birthday or it’s Christmas, ask friends and family not to buy you gifts. Instead, kindly request that they donate an equal sum to your housing pot. Granted, it’s not as pretty and sentimental, but the long-term gains will get you to the new home quicker. As they say, it’s the thought that counts.

Technology Is Your Friend

We live in a world of great technological marvel. There are loads of apps that help you budget, save money and keep track of your expenditure. Go to your app store and download something like Pariti to streamline your finances in the months before purchase. If apps aren’t your thing, simply use a spreadsheet! Research shows that just writing down your goals helps you reach them. That fact that you’ve created something in Excel will encourage you to avoid takeaways and weekend treats as you save.

Help To Buy ISA

First-time buyers can benefit from the Help To Buy ISA, available through most traditional banks. This will let you put in up to £200 a month, and claim back 25% of that when you make a deposit. People have saved up to £3000 this way, so it’s well worth checking out if you haven’t bought house before.

Move House or Cohabit

Renting is often a case of two steps forward, one step back. All that cash that flies into your landlord’s pockets could easily go towards a house deposit. If the options are available, consider a short-term move to a smaller property, house share or even back to Mum and Dad’s for a few months. That could give you that much-needed breathing space to run the final stretch of financial saving.

How to save for a house deposit

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