Everyday Changes That Will Help You Save for a House Deposit
Whether you’re saving money with a partner or on your own, the thought of putting aide large amounts of your earnings each month can be daunting. Many people fear that they’ll no longer be able to enjoy the lifestyle they want, socialising with friends and regularly going shopping, and while this is somewhat true, there are still ways that you have fun while saving money. Once you’ve opened a savings account (the Help to Buy Isa and Lifetime ISA are popular choices) you can implement small changes to your daily routine that can have a big effect on how much and how quickly you can save.
A major expense for many people is the cost of buying lunch everyday- you might not realise but over time this adds up. If you’re spending £5 a day Monday to Friday that’s £25 a week or £100 a month. If your yearly saving target is £4,000 that breaks down to £333 a month, so when you put it this way, that £100 you’re spending is nearly a third of your monthly target. Instead, swap your daily trip to the shop for homemade lunches at a fraction of the cost, and they don’t have to be boring, look online for tasty pasta dishes, salad, sandwich fillings or even bring leftovers from your dinner the night before.
Unfortunately something’s got to give when you’re trying to save, and having a week long holiday abroad might be it. With correct budgeting you may be able to slip away for a few days of sun or a city break in Europe- look out for cheaper flights and hotels. Alternatively, why not make the most of the beautiful coastline here in Britain or explore a new UK city?
Visualising your goals is a great way of keeping you on track. Create a simple spreadsheet to figure the areas that you can save money, then write out your monthly outgoings, work out how much you can save and set some aside for clothes, socialising or however you like to spend your free time. You can also download a range of financial apps to organise your money; this is another way of keeping an eye on your spending and if you underspend you can choose to add this to your savings account too.
There are several options that you can take to reduce the amount you spend on travel. If you can, try and walk more, not only will this save on bus fair or petrol but it’s a great form of exercise. You could also find out if your employer has a cycle to work scheme, or even try and car share with a colleague who lives nearby.
Instead of going out for fancy meals every week, why not find out what’s in your local area? Take a stroll down your local highstreet and see what’s about- you might be surprised and find your new favorite eatery. If you’re bored at the weekend there’s plenty you can do that costs little or is even free! Swap a weekend of shopping, for a Sunday walk and a coffee in your local cafe.
If you’re a first time buyer or you’ve nearly finished saving for you deposit, Andrew Lee Property Lawyers will help you understand the financial and legal side of purchasing your dream home. For more information get in touch today and find out what we can do to help you get on the property ladder.
