How to Save a House Deposit in a Year
If you dream of owning your own home. But you just can’t seem to get your finances straight, it is often just a matter of rearranging your priorities.
It may seem insane to think that in just 365 days for now you could be liaising with estate agents and potentially purchasing your first home, but it really is possible to save a house deposit in a year, and here are some things you can do to achieve that:
Give up the partying
What partying? You may well ask after the year we’ve had, but things are getting back to normal now, and when they do, you need to seriously curb your entertainment-based spending for a little while if you’re serious about saving for a deposit. Obviously, we all need to let our hair down, so you don’t have to give up completely, but instead of spending the average £66 per night out that 25-30-year-olds currently do, try cutting that in half by drinking less, sharing rides or organising more affordable forms of entertainment. That could save you nearly £300 each month alone!
Have a staycation
Instead of booking a holiday abroad as soon as it is possible to do so, stay at home and have fun exploring your own neighbourhood and the surrounding areas for day trips instead. You might feel like that’s all you’ve been doing lately anyway, but there are sure to be some hidden gems you haven’t discovered yurt and with the average cost of a foreign holiday being around £1,500 – that’s a lot of money for your new home.
Give up your car
If you live in a city or a place that has decent transport links, or if you work from home now and rarely need to travel far, you may want to consider giving up your cr. Not only can you make a bit of money by selling the vehicle, but you will also save the hundreds, if not thousands of pounds in tax, insurance, fuel and car repairs that you are currently paying each year. That new home is looking more likely with every second.
Sell stuff
If you’re serious about saving for a house deposit and you happen to have a lot of stuff that you don’t really need stick it on Facebook selling sites, eBay and other specialist sites for selling niche equipment as necessary. Depending on what you have, and what the market for your stuff is, you could make a considerable sum and free yourself of your clutter ready to start afresh when you buy that first home you so long for.
Save with a Help to Buy ISA
This is a tax-free savings account that the government tops up by 25 percent, and which can only be used towards buying a home. That means, if you save every penny you can, you’ll get a 25 percent bonus completely free to put towards your deposit. There are a few restrictions on who can apply, but if you’re buying your first home, chances are you will be able to benefit.
Good luck!
*This is a collaborative post.
