Starting is always the hardest part. And saving for a house deposit isn’t different.
If you’ve started saving your deposit but you’ve lost focus, then here 7 house deposit saving tips you can use today to boost your savings, stay motivated and reach your goal sooner.
Trying even one of these ideas for the next month will have a big impact on your savings, mindset and motivation.
If you remember the story of the hare and the tortoise, the tortoise wins as he’s slow and steady.
The same principle applies to saving for a house deposit. Do something small every day toward your goal and you reach it before you know it!
Don’t just read this article, try at least one of these house deposit saving tips today!
Do you really need it?
In the last decade or so, we’ve been easier to sell to. Sadly, as saving is concerned, we’ve become a nation of buy now, pay later.
So the first of our house deposit saving tips is: Do you need it?
If you can wait another week to have it, then you probably don’t need it.
You don’t need if you have something similar already. Of course, if you can trade what you have for what you want, then do it.
However, if you’re still thinking about it in three or four weeks, chances are you do need or want it. In that case, save up for it.
Before buying consider your options and your desire to have it.
When you do decide to purchase, check the price on a few websites first. Make sure you get the best price and try to by using savings.
Always price check
Unless your buying something unique, it’s likely you can buy it cheaper. So it’s worth research any purchase online.
Also, search for discount codes or ask the shop for some money off. It often pays to be a little cheeky!
Make sure you shop around for the best deal for loans and credit cards as well as your savings. Switching can save or make you a lot of money, so it’s worth taking the time to research.
If you’re really committed to making every pound go further, then buy cheaper brands on your next shop. As our mum would say, take care of the pennies and the pounds take care of themselves!
Challenge yourself to think up 5 things you can change today to save money that you can put toward your house deposit savings.
Half price dining
Dining out is an expensive hobby, even going for drinks on a Friday can quickly add up over a month.
Don’t worry, we’re not suggested you become hermits and swear off having a social life. What we are recommending is being clever and using what you save to add to your deposit fund.
Some groceries shops give you points for every pound you spend. They’ll happily mail you some coupons each month for you to spend in their stores.
What you might be able to do is convert these points to vouchers, which you can spend at many restaurant chains. So while it’s tempting to use the monthly vouchers, see if you can exchange them for a free meal or two.
There are many websites which either offer money off or buy one get one free vouchers to popular restaurants. So it pays to research.
We all hate spam emails and dislike companies emailing us weekly. However, many restaurant chains include vouchers on their weekly emails. It could be something simple as free desserts or drinks, but that could save you quite a bit on your bill.
Again be smart with eating out and try to get the company to pay for your meals!
Shop big, save bigger
If you’ve ever shopped at big chain stores, it’s likely the receipt is hiding a way for you to save money. You might find a discount voucher or a coupon. However, we’re talking about something far bigger and better.
Look at the bottom of any receipt. You might see a price comparison and an amount you’ve saved. Big stores do this all the time as it’s a fantastic way to incentive you to return.
Rather than taking this money and spending on more shopping, add it to your house deposit saving fund. It might be a pound or two but do the maths. Over a year, this could be hundreds of pounds.
As we’re only focusing on one shop, imagine how much you could save if you applied this trick to every receipt?! It’s likely to be thousands.
That way, shopping really does pay!
Share to save
The next of our house deposit saving tips is to share the cost with family or friends.
Planning to go on holiday? Can you rent a villa and invite the family. You’ll be able to share the cost and spread the work. Plus, if you’re flexible on timing, you might be able to buy a discounted last-minute package.
Need a new car? Can you convince a friend to upgrade their car and sell you the old one?
Can you buy in bulk as a family and split the cost?
This might be trickier to figure out ways to share the costs but that shouldn’t stop you from trying.
Can you trade an item you have but don’t need, for something you do?
Our parents used to do this when we were kids. It still works and is a fantastic way to save money. It doesn’t matter if it’s clothes, DVDs, or even cars! Don’t need it, swap it for something you.
The best way to make this work is to hold a swap party or BBQ. Invite as many friends and family as you can. Encourage everyone to bring something to eat/drink and 5 items.
As the host, try to present the items attractively. Create a relaxing space with jazz music, mirrors and chairs. The more it feels like your shopping in a boutique, the more likely that even the uglier items find a good home.
Everyone can take home up to 5 items. If anything is left either save it for next time or take it to a charity shop.
Make sure you put the money you’ve saved into your deposit fund. Don’t undo your hard work with a shopping spree!
If you want a better standard of living, it’s worth taking some pain now, so that you benefit in the future.
The best way out of renting is to stop competing. Yes, a newer car would be great. So would a fancy holiday or long weekend away. Not to mention new clothes or shoes.
However, pain is a good motivator. If you really want to buy a house, you’ll stop trying to compete with your neighbours or friends and start saving.
Always remember, quality of life is more important than the standard of life.
These fantastic house deposit saving tips will help you to stay focused and keep saving. Remember to keep on keeping. A little saved every day will be more than the odd large bank transfer.
Any idea you can add to the mix each week will help you improve your chances and should help you to hit your goal quicker.
Slow down and imagine your building a snowball. It takes a while to get going but when it does, it picks up snow from all of over the place. Whatever you do, the best of our house deposit saving tips is to start today!