A major goal in many people's lives is to purchase your own property. In the current climate it is harder than ever before for first time buyers to get onto the property ladder.
At the age of 21, I managed to get myself enough money to put down my deposit on my first ever house. It wasn't easy, and at times I felt as though I'd never have enough money.
Many of us 'Skint Millennial's' will face the daunting task of having to save for a minimum 5% deposit. In this post I will outline some ways you can maximize your savings and make your money go further.
Move in with family/friends
If you've just finished university and you're looking to save for your deposit, MOVE BACK HOME! Obviously not everyone's situations allow for this, but if you're able to live back in your family home for a few months/years then do. It'll be worth it once you've got your deposit saved up quicker as you aren't having to pay for rent/bills etc. If your parents ask for a little money for you living at home, obviously pay them! But this cost will be a lot cheaper than the cost of rent.
If you're unable to move back home, why not house share with a friend. It'll help split the bills so the extra you would be spending, can be put straight into your savings.
Sort your finances on payday
I get paid every four weeks, and on payday I'll move £200 straight away into my H2B ISA. I'll then budget how much money I need to last me for the month (fuel, clothes, food etc.). Whilst I'm saving hard I usually allow myself £400 a month as "my money".
The rest of my money goes into a Savings Account, so it's out of sight. Therefore I can't be tempted to go and spend it.
I recommend doing this on the day you get paid. If you leave it until the end of the month you'll find you've probably already spent your savings!
Track all spendings/outgoings!
The first thing I did when I wanted to get serious about saving my wages, I created myself a spread sheet on Google Docs. In this, I wrote down everything I purchased and how much it cost. Then catagorised it into either food, clothes, fuel etc. so I could see where I was spending my money most.
This then allowed me to see where I needed to cut back my spendings in order to save. I also found myself not wanting to splurge on certain items as I felt guilty having to write them down on my spreadsheet, as deep down I knew I didn't need that extra Starbucks!
Tracking your spendings helps you to feel motivated to save even more.
You don't have to use a spreadsheet. You could use a simple notebook or even certain apps.
Sell unwanted clothing/items
I used to have a wardrobe full of clothes, half of which I didn't even wear! I spent an entire day listing all of my unwanted clothing on Ebay and Depop hoping to make some money back.
Selling unwanted items will also make moving day easier as you'll have less to box up and move! Result.
I put all money I made from selling my clothes straight into my savings so I couldn't be tempted to go and buy more!
Get yourself a Help To Buy ISA or a LISA
Back in 2015 when the H2B ISA was introduced, I signed myself up for it straight away. The terms and conditions have changed since I signed up 2.5 years ago but the principle stays the same.
Each month I have put £200 into my ISA account, and when I go to withdraw it I will get a sum of money from the government.
It's worth noting the H2B ISA cannot be used towards your deposit, as you get the money after completion. I plan on using my money to furnish my house.
You can read more and compare the H2B ISA and LISA on The Guardian's website.
Shop in Charity Shops and not on the high street
I love a bargain, and as previously mentioned I love clothes shopping! I've recently fallen in love with my local charity shops, and visit weekly to look at the clothes and other items they have in. I've bought some lovely clothes and even found high end labels! I was lucky enough to come across a Mint Velvet jumper, RRP over £60 and I paid £3! Result!
And eventually, you'll have enough money to start looking at houses and putting offers in! In the end all of the hard work feels worthwhile. If you have any other tips for saving/making money then please let me know!
A major goal in many people's lives is to purchase your own property. In the current climate it is harder than ever before for first time buyers to get onto the property ladder.At the age of 21, I managed to get myself enough money to put down my deposit on my first ever house. It wasn't easy, and at times I felt as though I'd never have enough money.
Many of us 'Skint Millennial's' will face the daunting task of having to save for a minimum 5% deposit. In this post I will outline some ways you can maximize your savings and make your money go further.
Move in with family/friends
If you've just finished university and you're looking to save for your deposit, MOVE BACK HOME! Obviously not everyone's situations allow for this, but if you're able to live back in your family home for a few months/years then do. It'll be worth it once you've got your deposit saved up quicker as you aren't having to pay for rent/bills etc. If your parents ask for a little money for you living at home, obviously pay them! But this cost will be a lot cheaper than the cost of rent.
If you're unable to move back home, why not house share with a friend. It'll help split the bills so the extra you would be spending, can be put straight into your savings.
Sort your finances on payday
I get paid every four weeks, and on payday I'll move £200 straight away into my H2B ISA. I'll then budget how much money I need to last me for the month (fuel, clothes, food etc.). Whilst I'm saving hard I usually allow myself £400 a month as "my money".
The rest of my money goes into a Savings Account, so it's out of sight. Therefore I can't be tempted to go and spend it.
I recommend doing this on the day you get paid. If you leave it until the end of the month you'll find you've probably already spent your savings!
Track all spendings/outgoings!
The first thing I did when I wanted to get serious about saving my wages, I created myself a spread sheet on Google Docs. In this, I wrote down everything I purchased and how much it cost. Then catagorised it into either food, clothes, fuel etc. so I could see where I was spending my money most.
This then allowed me to see where I needed to cut back my spendings in order to save. I also found myself not wanting to splurge on certain items as I felt guilty having to write them down on my spreadsheet, as deep down I knew I didn't need that extra Starbucks!
Tracking your spendings helps you to feel motivated to save even more.
You don't have to use a spreadsheet. You could use a simple notebook or even certain apps.
Sell unwanted clothing/items
I used to have a wardrobe full of clothes, half of which I didn't even wear! I spent an entire day listing all of my unwanted clothing on Ebay and Depop hoping to make some money back.
Selling unwanted items will also make moving day easier as you'll have less to box up and move! Result.
I put all money I made from selling my clothes straight into my savings so I couldn't be tempted to go and buy more!
Get yourself a Help To Buy ISA or a LISA
Back in 2015 when the H2B ISA was introduced, I signed myself up for it straight away. The terms and conditions have changed since I signed up 2.5 years ago but the principle stays the same.
Each month I have put £200 into my ISA account, and when I go to withdraw it I will get a sum of money from the government.
It's worth noting the H2B ISA cannot be used towards your deposit, as you get the money after completion. I plan on using my money to furnish my house.
You can read more and compare the H2B ISA and LISA on The Guardian's website.
Shop in Charity Shops and not on the high street
I love a bargain, and as previously mentioned I love clothes shopping! I've recently fallen in love with my local charity shops, and visit weekly to look at the clothes and other items they have in. I've bought some lovely clothes and even found high end labels! I was lucky enough to come across a Mint Velvet jumper, RRP over £60 and I paid £3! Result!
And eventually, you'll have enough money to start looking at houses and putting offers in! In the end all of the hard work feels worthwhile. If you have any other tips for saving/making money then please let me know!
At the age of 21, I managed to get myself enough money to put down my deposit on my first ever house. It wasn't easy, and at times I felt as though I'd never have enough money.
Many of us 'Skint Millennial's' will face the daunting task of having to save for a minimum 5% deposit. In this post I will outline some ways you can maximize your savings and make your money go further.
Move in with family/friends
If you've just finished university and you're looking to save for your deposit, MOVE BACK HOME! Obviously not everyone's situations allow for this, but if you're able to live back in your family home for a few months/years then do. It'll be worth it once you've got your deposit saved up quicker as you aren't having to pay for rent/bills etc. If your parents ask for a little money for you living at home, obviously pay them! But this cost will be a lot cheaper than the cost of rent.
If you're unable to move back home, why not house share with a friend. It'll help split the bills so the extra you would be spending, can be put straight into your savings.
Sort your finances on payday
I get paid every four weeks, and on payday I'll move £200 straight away into my H2B ISA. I'll then budget how much money I need to last me for the month (fuel, clothes, food etc.). Whilst I'm saving hard I usually allow myself £400 a month as "my money".
The rest of my money goes into a Savings Account, so it's out of sight. Therefore I can't be tempted to go and spend it.
I recommend doing this on the day you get paid. If you leave it until the end of the month you'll find you've probably already spent your savings!
Track all spendings/outgoings!
The first thing I did when I wanted to get serious about saving my wages, I created myself a spread sheet on Google Docs. In this, I wrote down everything I purchased and how much it cost. Then catagorised it into either food, clothes, fuel etc. so I could see where I was spending my money most.
This then allowed me to see where I needed to cut back my spendings in order to save. I also found myself not wanting to splurge on certain items as I felt guilty having to write them down on my spreadsheet, as deep down I knew I didn't need that extra Starbucks!
Tracking your spendings helps you to feel motivated to save even more.
You don't have to use a spreadsheet. You could use a simple notebook or even certain apps.
Sell unwanted clothing/items
I used to have a wardrobe full of clothes, half of which I didn't even wear! I spent an entire day listing all of my unwanted clothing on Ebay and Depop hoping to make some money back.
Selling unwanted items will also make moving day easier as you'll have less to box up and move! Result.
I put all money I made from selling my clothes straight into my savings so I couldn't be tempted to go and buy more!
Get yourself a Help To Buy ISA or a LISA
Back in 2015 when the H2B ISA was introduced, I signed myself up for it straight away. The terms and conditions have changed since I signed up 2.5 years ago but the principle stays the same.
Each month I have put £200 into my ISA account, and when I go to withdraw it I will get a sum of money from the government.
It's worth noting the H2B ISA cannot be used towards your deposit, as you get the money after completion. I plan on using my money to furnish my house.
You can read more and compare the H2B ISA and LISA on The Guardian's website.
Shop in Charity Shops and not on the high street
I love a bargain, and as previously mentioned I love clothes shopping! I've recently fallen in love with my local charity shops, and visit weekly to look at the clothes and other items they have in. I've bought some lovely clothes and even found high end labels! I was lucky enough to come across a Mint Velvet jumper, RRP over £60 and I paid £3! Result!
And eventually, you'll have enough money to start looking at houses and putting offers in! In the end all of the hard work feels worthwhile. If you have any other tips for saving/making money then please let me know!
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