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Tips: how to save a deposit to buy your first home

December 14th 2016
By: Melanie
Tips: how to save a deposit to buy your first  home

If you aspire to own a property then unless you are lucky enough to borrow some money your parents you will probably need to start saving for a deposit. This can seem quite daunting at the offset, but it’s surprising just how quickly you can start to save by putting away a few pounds each week.

First of all you need to be realistic with the amount of money you can save, for example make sure you do leave yourself with some money for entertainment and emergencies. If you find that you have more money one month than the other then add a bit more to your savings. Consider opening a Help to Buy Isa, the Government will boost your savings 25%, so for example for every £200 you save the government will give you a bonus of £50, with the maximum bonus of £3,000.

Take a look at your expenses based on last months bank statement and see if you can make any cut backs such as taking a sandwich to work instead of buying lunch at work or eating in more nights a week, or not eating out or doing takeouts at all. There are some really good budget templates which can help you to get started.

Saving up to buy a home will ultimately mean that you will need to make sacrifices however it will give you the opportunity to get ahead in life and own your own home which will be worth it.

Check out the property budget planner on the Intercounty website to see how much you can afford https://www.intercounty.co.uk/calculators/budget-planner