Saving money to buy a house can seem like an impossible task but there are some things you can do to help you achieve your savings goal. Whether it’s making small changes to your everyday spending or being smarter about how you save, we have some great tips below on how you can save money for your deposit.
7 Tips To Help You Save For a House
Save on the small stuff
If you’re already struggling to save money, try the 10% rule. Reducing your shopping bill by 10% doesn’t make a massive difference to your bill but over time this can make a big impact. If you apply this to all your current expenses, you will save money in no time with little impact to your life.
Help to buy scheme
If you are saving to buy your first home, the Government can boost your savings by 25% if you save money into a “Help to Buy: ISA”. This means for every £200 you save; you will receive a bonus of £50 (The maximum bonus being £3,000 when you have saved £12,000). You can get saving today with this Help to Buy scheme which is available from a range of banks, building societies and credit unions.
Each first-time buyer can start an account which means if you and your partner are saving for a home, you both can have Help to Buy: ISA accounts. Find out more from the Government Help To Buy site.
Look at your direct debits
Are you paying out a monthly phone bill, credit card or gym membership? If you can work on reducing some of these costs before you buy your house, you can save money from those monthly direct debits - adding to your house fund. Sometimes you may even find something you are paying for and not using at all.
Use a savings calculator
You can get lots of great apps to keep you on track of your savings. By seeing how much you are spending on expenses like clothes, eating out and takeaway coffees it can make it a lot easier to re-evaluate where you are spending your extra income. A reminder like this can work wonders in encouraging you to save. This is particularly important as you not only need to save for your deposit but all those additional costs like solicitor fees and surveys.
For more information on planning your budget, take a look at our guide on Easy Ways to Save Money in 5 Minutes.
Use a savings account to maximise your money
If you’re saving money over a long period of time, then make sure you are investing wisely. By putting your money in the right account, you can make money, especially if you’re saving over a long period. Make an appointment with the bank to discuss your options.
Assess your bills
Are you spending too much on utilities like electric and gas? Some people are unaware of how much their bills are, and they can be saving money easily here. It has never been easier to switch things like your electric, internet or insurance online, ensuring you are getting the best deal. By switching to Electric Ireland, you can save up to £50 which you can put towards your house fund.
Cheaper Living Options
It’s hard to save money for a deposit when you are spending a large amount of your income on rent. Investigate options of cheaper living or even consider moving in with family members or moving to cheaper accommodation while you save.
What are your top Saving Tips?
What are your tips for saving for a house? Share your top tips with us on Facebook and Twitter using #SmarterLiving