It can be difficult saving up for a deposit, or the things you need, but it’s surprising how, with a little creativity, you can soon see the coffers building up.
Set a goal for how much you’ll need to save
Before you start to save, it makes sense to know how much you’ll need for a deposit, fees and furniture. Our online mortgage calculator is an easy-to-use tool to help you work out your deposit. It shows the value of the property you could consider and, along with the value of a 10% mortgage deposit, a guide to what your monthly repayments might be.
Don’t forget when considering the best way to save for a house that generally the more you put down, the lower the interest rates on your loan will be; but there are incentives like Help to Buy and Deposit Unlock which could give you a great deal with only a 5% deposit - and an interest-free loan to help with everything else.
Ditch the delivery apps
When you’re thinking about how to budget for a house, one of the first things you might want to get rid of are expensive takeaways and delivery apps, so if JustEat is your most-used app, delete it now and create your own healthy, homemade ‘takeaway style’ meals when you feel like a treat.
Kevin McGovern’s book The Takeaway Secret is stacked with recipes for things like Lamb Doner Kebab with Chilli Sauce and Southern Fried Chicken, and BBC Good Food has loads of great recipes too, like Salt and Pepper Chips, the Big Double Cheeseburger with Secret Sauce, and Sweet and Sour Chicken.
The same advice goes for other convenient online shopping websites and apps that you may use more out of boredom than necessity - whether it be for clothes, gadgets or anything else. Delete the apps and set strict budget for new purchases.
Swap the occasional night out for a treat night in
It’s great to get your glad rags on for a night on the town or a meal at your favourite restaurant, but sometimes you can have just as much fun by staying in. Instead of the cinema try a family film night at home, make your own popcorn and homemade healthy pick and mix style treats? Or, if you want tips on hosting, have a pamper night with homemade hair masks or facials, and mocktails.
Reinvent how you see holidays
We’ve all done this to some extent over the past two years but do you really need that all-inclusive luxurious break abroad or can you discover a new location for a staycation, swap hotels for hostels, find a brilliant Airbnb cottage by the sea, or swap planes for trains and interrail around Europe? What about trying a camping holiday? You don’t need to spend big to enjoy wonderful new experiences and see new places.
Resolve to buy pre-loved items
Not only does this help you save money, but it’s also great for the environment and stops you buying things you don’t really need. When it comes to clothes, furniture, or even books, and more, there’s a huge vintage market out there; and your local charity shop is a place where you can always bag a bargain while helping a good cause.
Make your own beauty and cleaning products
The world is awash with companies selling us the ‘next big thing’ in cleaning and beauty products but you could save pounds by creating your own household cleaning products from everyday items in the larder or by buying a cheaper brand. And for your beauty regime it’s really easy to create DIY foot scrubs, deodorant and body cream. If you don’t fancy making your own, could you swap that expensive night cream for a cheaper option? If you look closely at the packaging, you can find more affordable options that contain very similar ingredients.
Cancel the gym membership
You can easily keep fit at home with all sorts of options - and we don’t just mean running up and down your stairs. More than ever nowadays there are lots of free and low-cost online classes from yoga and meditation to full-on hi-impact training and strength and resistance. You could join a local running club or embark on couch to 5K on your own, or get on your bike or out on foot. Check your local council website for routes they recommend or, for walks, The Ramblers have tons of ideas for places all over the UK, while Sustrans can help you explore cycling and walking routes.
Do a full financial health-check
If your savings pot is slow-growing, it might be worth having a closer look at what’s coming in and going out each month. You might discover some subscriptions you’d forgotten - and don’t want - or you might realise it’s time to do some serious thinking about things you can do without. You could cut any subscriptions you use less than once a week – like the gym you haven’t been to since last summer - and do you really need three streaming subscriptions, or would one suit your short-term needs?
Good luck with your saving and we hope to see you at a Redrow development soon! Find your nearest development.
