Remember when we were kids and we’d dream about living in a big house with a swimming pool with all our friends? Maybe with our own cinema room or bowling alley, a room for all our pets too of course. But no one ever told us about the reality of house buying, and that dreaded house deposit that seems to make everything out of reach.
So how is possible to save for a house deposit? It can seem like an impossible task what with the rising cost of living. Don’t worry, here you’ll find some helpful tips and advice on how you can’t totally smash your house deposit target – your house might not have the bowling alley you once dreamed of but at least you’ll be on the property ladder.
You and your debts
If you have debt hanging over you, then it can feel like an ominous presence in the background. But one of the ways to quicken your saving is to clear off your debts. Or at least get them under control. Companies like Credit Fix are there to help take the pressure away from your debts and help you feel more in control of it all. Remember it’s best to tackle these issues head on before things begin a downward spiral. Once you have your debts cleared or even just organised into easier monthly payments, you’ll be able to save more substantially each month.
Be budget savvy
Saving isn’t just about putting away the larger chunks of your pay packet, you have to handle and welcome the small stuff too. When was the last time you changed your energy supplier? Have you ever considered switching your broadband and TV package to something cheaper? And don’t forget about your weekly food shop. You can always head to a cheaper supermarket to get your bread and milk. It won’t kill you. Just make sure that the money you save goes into your savings pot and not towards a night out or an extra bottle of wine (or three).
If you live alone and don’t have any dependents then why not consider forgoing your own space for a while and heading back to mum and dads house? Discussing this with them would be the first step, you can arrange how long this would be for, how much money you would pay towards a monthly rent and how you would contribute to household bills and chores. This isn’t practical for everyone. But even foregoing your own place for 6-12 months can really give your saving pot a much needed boost.
Cut your rent
If moving in with relatives or family isn’t suitable then, don’t worry – you can still cut your rent. Downsizing is a popular choice with young families hoping to get onto the property ladder. If the kids can share a room for 6-12 months and you can forego your own office space and work in the living room instead then that will make your savings grow considerably faster.