Attempting to save for a house deposit is no easy feat, believe me. Sacrifices have to be made and with all of your monthly outgoings, it’s so hard to put a set amount aside every month. If you’re a long-time reader, I’m sure you’ll know that we currently rent a house which makes saving that little bit harder.
It does feel like an uphill struggle and with so many friends on my Facebook feed owning their first and maybe second houses does sting a bit as we’re still stuck in the renting trap. But I’ve got to remember that it beats living at home still. Whilst it is massively overwhelming trying to save a huge sum of money and having to say no to seeing friends/hen do’s/luxury holidays because you can’t financially make it work is rubbish, but we hope it will be worth it in the long run!
Paying rent each month bills and then wanting to have a little bit of a life at the weekend does mean savings fluctuate from month to month. But slowly, the pennies are stacking up and by 2020; we might actually get there…. (that sounds ages off I know, but believe me, saving is hard!)
So, in a bid to try and brighten up our sad little situation, I thought I’d share a handful tips that we live by to save and get the savings stacking up!
- Set a budget and stick to it!
It’s so easy to over-spend every month but when you’re in serious money-saving mode, you just can’t! Our biggest outgoings are food and drink. I really cut down on buying clothes and make up last year but going out food is a biggie. But sticking a budget means we can realistically decide if we can afford to go out for dinner, buy a coffee on a weekend or treat ourselves to extra bottles of wine and sweets during the food shop!
- Keep an eye on your outgoings
Ok, so this is the biggie. Once you’ve totted up the cost of rent, bills, council tax, the food shop and petrol/commuter costs – that’s half your wage gone. But all the extra’s add up too. I used to be guilty of a mid-week ‘top-up’ shop after doing a big shop on the weekend and even things like, popping the heating on for a hour or so longer will equate to an expensive bill. So, keep an eye on how much you’re spending!
My Voucher Codes is a great website to use if you need to shop but want to get the most out of your money. Plus, they’ve created a ‘First Home Calculator’ which you can use to get a true indication of your outgoings and how much you spend!
- Side hustle to earn extra cash
Here’s the big one which massively helps. So, I obviously have this blog which helps me earn a little extra spending money and that really helps when saving for holidays or birthdays alongside house savings. I think it’s handy to have a side hustle – whether that’s sponsored posts on a blog, taking part in paid online surveys or using People Per Hour to find handy freelance writing gigs to make extra dosh. I personally do all of the above and it helps me out when my wage is allocated to other things. Yes, it takes time and I’m glued to my laptop each weekend, but it gives me a bit of flexibility when I need it.
- Open up a Savings ISA
Help to Buy accounts and savings ISA’s are a godsend when you’re saving for your first home. I know there’s lots to be said about Help to Buy accounts but knowing you’ll get a helping hand in the form of an additional sum of money once you’ve completed saving, is good to know. Squirelling money away in a low interest account means it will go further and more of that money saved is yours at the end of day.
These are just my tips on how to save and make sure you’re not spending your full wage every month with nothing to show for it! Whilst I do enjoy renting as it gives us the freedom to live together and build a home, I absolutely can’t wait for the day we own our own home. One day…
*This post is in collaboration with My Voucher Codes