Get rid of any debt
Before you can start saving for a house, you need to think of a solution for any lingering debts.
If you have a car or credit card loan, saving money will be even more complicated. The sooner you pay off your debt, the sooner you can start saving!
Set a savings goal
Set a savings goal and pursue it with your life.
Most banks have separate accounts dedicated to savings, so you will need to work out how much you pay in on a weekly/monthly basis.
Some banks offer better interest packages than others, so it’s worth shopping around for a bank that best suits your circumstances.
It won’t be easy, but the feeling of saving money is genuinely rewarding.
When you know how much you want to save, think about how you can align your goals with your lifestyle choices.
In other words, try not to spend a fortune on alcohol or takeaways every month.
If you think you need extra help, try downloading a money saving app like Monzo or Revolut to show you where you can cut down on spending.
Sell unwanted items
Chances are, there will be someone out there who needs the things you don’t.
Sites like Facebook Marketplace, eBay, Vinted, Depop and Gumtree are perfect for quickly
selling unwanted items to people in your area and beyond.
Reassess your bills
Use some online comparison sites to see how much the average person spends on utilities, and check with your landlord if you can choose a
cheaper option. If you are spending a lot of money on your phone bills, you might want to kick that habit and
swap TikTok and Twitter for a good book.
Reducing energy consumption
In recent months, costs of energy bills for many have increased.
Reducing reliance on appliances, turning down the thermostat or washing clothes on a lower temperature can all have an impact on your monthly bills.
Making sure lights, radiators and other electrical items such as TVs and computers are turned off at the wall when not being used.
Rethink your living situation
Paying rent while you save to buy a home can be expensive, so if you’re able, living with a parent/close friend could be a life saver.