Saving for a house deposit is a challenge that many people struggle with in the UK today. Mortgage criteria are stricter and houses cost more money than they did a few decades ago. Throw the obscene rise in the cost of living and inflation into the mix and it can be a dire outlook for today’s young adults. This all means that the average age of first-time buyers is being pushed further and further back, and younger generations are less likely to be able to afford a house before their 30s.

However, it’s not all doom and gloom. Those that can show discipline and effective financial planning can go against this trend and choose from a range of new build houses or older properties to buy. More often than not, it’s a few bad habits that can hinder someone from saving money regularly for a deposit. What are these and how can you avoid them?

Saving procrastination

Procrastination is a feature of everyday life. It can be seen when you don’t want to do the washing up or are avoiding finishing that bit of work that needs doing. In financial and saving terms, procrastination can be a really bad habit to get into because it significantly delays your journey to owning a home. If you’ve found yourself saying “I need this money for another reason this month” or “I have plenty of time ahead to save” then this is probably a habit you need to break. Sometimes you just have to make an immediate start and commit to saving – otherwise, you can drift along for months and not get anywhere.

Not keeping track of your expenses

This is a fundamental mistake when it comes to saving. If you aren’t keeping close tabs on your spending, you can quickly lose track and blow your whole budget. Saving requires discipline and patience, but impulsive and unnecessary spending is only going to hinder your saving goals. Look back at your bank statements and identify where you can curb your spending to leave you with more disposable income from which you can save.

Living above your means

Spending more than you can afford goes directly against saving money. It means you accrue more debt, which in turn takes longer to pay off and delays your ability to save. Savvy individuals out there are comfortable with living below their means in the short term to invest in their future ambitions. This is also known as delayed gratification, which is a common trait among those who achieve great success in society.

Not paying off debt

Debt is your worst enemy if you’re trying to save. It takes time to pay off and increases all the while. Not tackling your debt head-on is a massive mistake and a bad habit that ruins many people financially. The sooner you deal with your debt, the sooner you can start to save and invest in your future. Consumer debt only steals wealth and fortune away from the future you to benefit the current you – it’s just not worth it and you may look back in horror at your younger self.

If you’re guilty of some of these habits, do everything you can to try to stop them and build back stronger. Good financial habits can make a massive difference in the long term and your future self will certainly thank you for all the hard work and sacrifice.

*This is a collaborative post.