How to save for a home deposit quicker, when spending so much on rent and bills? (1 Post)

@ndr3w

@ndr3w

@ndr3w

Associate
Joined
28 Jan 2019
Posts
3
Hi there,

I finished university 3 years ago, now working, and moved into an overpriced houseshare in SE London.

The landlord doesn't care about fixing anything on time, or sorting out the damp etc etc.

I would love to own my own place, but it feels like I'm in a constant spinning wheel - I need money to live, pay rent and travel, and whilst I save each month it's just taking too long to save enough for a deposit.

What tips and tricks do you have to help get their quicker?

Thanks,

Andrew (exasperated renter)
 
You might already be doing it but when we started saving up for a house and made it our main goal, we had to sacrifice a lot of little things like eating out, purchasing random things that we think "we need" but in reality not so much.

I started recording every single spending and after several months realised how much I spend on coffees and random crap.

If you are serious about saving for deposit you will have to miss out on nights out and some friends gatherings:)

Unless of course you can find additional source of income, flip things on ebay / facebook marketplace.

It can get tough, when you save most of your money for a long period it feels like nothing is happening and you constantly have no money to do anything "nice" but it is rewarding.

All our family knew we were aggresivelly saving for deposit and been "warned" that there won't be any expensive gifts for christmas, it was rather more symbolic / hand made which in the end was more valuable.

Good luck!
 
Depends a lot on your circumstances and salary really, but there's some obvious ways to save:

E.g cheap phone, good SIM deal, no regular takeaways or eating out, no morning Starbucks, don't waste food, prepare own meals, shop at Lidl and Aldi.

Or find cheaper accomodation maybe as someone's lodger, or get a side job?

What do you do for a living? Maybe look to change roles or move to a different company - earning more is going to be the best way if you can't cut costs.
 
@ndr3w said:
Hi there,

I finished university 3 years ago, now working, and moved into an overpriced houseshare in SE London.

The landlord doesn't care about fixing anything on time, or sorting out the damp etc etc.

I would love to own my own place, but it feels like I'm in a constant spinning wheel - I need money to live, pay rent and travel, and whilst I save each month it's just taking too long to save enough for a deposit.

What tips and tricks do you have to help get their quicker?

Thanks,

Andrew (exasperated renter)
Click to expand...

Another very odd first post from a new user. What is going on here - is there somewhere on the internet advertising OcUK forums as a 'how to life' solution?!
 
Separate your finances out.

Open a starling account and give yourself monthly spending money, I budget £200 a month (not including petrol - some may say that's quite a lot), that's all the money I have to spend. Anything that's not spent goes back into savings.

All money that doesn't get spent on bills (all bills are fixed as is income [only base obviously]) goes into an array of savings/investments.

If you can live on less, live on less. Keep lowering until you struggle and find a balance.

Starling will show where you spend your money.
 
lower expectations.

my first home was, 2nd hand chair, matress om floor and my 1210's. get the house then add stuff when you can afford it.
 
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