I’ve always been open and honest with the fact that we very kindly received help with our deposit but saving for a deposit ourselves was definitely something that was very achievable for us without help, we were almost at our deposit in terms of our savings when we completed so the financial help we received just meant we bought a house 6-12 months earlier than we would have done if we’d paid the deposit ourselves. The savings we had all went towards home related things anyway including solicitors fees, furniture and decorating so I don’t want anyone to think I’m offering advice on something I have no experience of!
We’re lucky in that we live in the North where house prices are much cheaper, this definitely made buying a house much more achievable and I know there’ll be people seriously struggling for a deposit just because of their location. For anyone looking at buying a home though, hopefully these tips will help you bulk up the deposit money pot while still allowing you to have fun. It’s about compromise and I’m afraid if you’re saving for a house you can’t have it all but there are definitely ways you can save for a deposit and still enjoy life.
Staycations
I’m a massive advocate of staycations over vacations when it comes to needing a break but needing to save money. No one is asking you to work yourself into the ground without a break, you just need to get smarter about your breaks that’s all and if that means giving up foreign pursuits for a while then that’s what it takes! Shorter U.K breaks are probably the way to go if you’re looking to save money but still have a rest from work. If you’re into exploring and not really spending much time in the hotel like we are, I cannot recommend going for a budget hotel such as Travelodge or Premier Inn enough. They’re clean and have everything you need and can save you so much money. Some of our favourite places to visit are Liverpool, York, Whitby, Birmingham and London. So pick a part of the U.K you haven’t explored yet and take a staycation!
Declutter
If you’re looking to move, decluttering is a fantastic idea and the sooner you start the better or you’ll just get really overwhelmed. In January 2016 we started visiting banks to get mortgage advise and that’s the point I started decluttering my room. This is the point where you can sell things you no longer need and get a little extra cash for the deposit pot. Try eBay, Depop and Facebook Marketplace to sell your unwanted items. You might be surprised at how much you can make.
Date nights
We all know how important it is to spend some quality time together and I’m a big believer in budget friendly dates, it doesn’t always have to be about splashing the cash. Some of the nicest date days and nights we’ve had have been super cheap. If you’re looking for some inspiration when it comes to cheap dates then check out my 10 fun, cheap date ideas for the colder months and my December date ideas posts.
Save, save, save
I mean this one is really obvious isn’t it but let me explain a little further. Basically anything that motivates you to save, do it. If that’s tracking saving on spreadsheet, or writing saving down in bullet journal form, adding cash to a money pot or simply depositing money in a separate bank account then do it. I’ve always been pretty good with saving money so I like to deposit a set amount in a separate account on payday then what ever is left the day before next pay day goes into the other account too. That works well for me as I feel like I’ve achieved something by saving enough throughout the month the contribute to the savings. If you’re not that disciplined though test out some of my other ideas and find what works for you.
Be patient
The reality is this is not going to happen over night, we’re talking about years of saving so you’re going to have to get tough with yourself. Believe me, once the money starts building up it’ll all be worth it. Take a look at average house prices in your area for the type of property you want to buy and work out how much deposit you’d need. Forgetting help to buy schemes, you’ll need at least 10% of the property value for a deposit, we had a 10% deposit and that worked fine for every lender we spoke to. From that you can work out what a 10% deposit would be and from there play around with the figures to get an idea for how much you’d have to save each month.
For example if a house is £125,000 your deposit would be £12,500. If you’re looking to save over three years you’d need to save £347 a month. If you’re looking to save over five years you’d need to put away £208 a month. It’s all about working out how much you can comfortable save each month.
Hopefully this post has helped in your journey to saving for your first home!
Calling all girl bosses! I’ve created a Facebook group where we can all come together and discuss all things blogging, money saving and everything inbetween. It would be great to see you over there. So to be a part of a super friendly and supportive community, hop on over to Facebook and join us!
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