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Saving for a house deposit in the living cost crisis
With economic pressure currently mounting, we’ve been all feeling the impact of inflation, on everything from groceries and petrol to energy bills. As the cost of living hits a 10 year high here are my top tips how you can tackle the current financial squeeze and keep building up savings towards the house deposit.
Track your spending and set a budget
The very first step you should take when trying to reduce your cost of living, is to manage your money and set a budget. This will help you to understand your spending habits, monthly income and overall financial position.
Save more, spend less
Work out what money you have coming in and what money you have going out – be as detailed as possible to capture everything. You can use this https://tinyurl.com/budgetplannertmm to help you understand your money and work out your budget. Once you understand how much money you are spending, you can then work out how much you could save if you stop spending on non-essential items.
Cancel direct debits for unused services
Households spend on average £500 a year on subscriptions, according to Barclaycard Payments. So, if there are streaming services, gym memberships or food subscription services you are not getting use from, now is the time to cancel them – or make a note to cancel them ahead of renewal.
Cancel direct debits for unused services
Rethink your credit card borrowing
Higher interest rates are bad news for borrowers. When it costs more for card companies to borrow, they pass this on through higher rates for customers. If you are carrying balances for long periods and paying higher rates, one option is to switch to a card with a 0% introductory period on balance transfers and make a plan to pay the balance off by the time interest becomes payable.
Rethink your credit card borrowing
Never pay for insurance monthly
When you buy car, home or other types of annual insurance, you are usually given the choice of paying upfront or in monthly instalments. Choosing the former can save you hundreds of pounds.
Meal plan
Weekly Mail Plan
Your food shopping is one of the biggest costs you have to budget for. Planning your meals can be a very powerful way to save money. I find that if I haven’t planned my meals for the week, I spend a lot more at the supermarket. Draw up a weekly meal plan using up ingredients you already have and make a shopping list of any missing items – shopping online can also help you to reduce costs. Choosing veg over meat and fish and batch cooking can also help to save costs. But there are other benefits to meal planning too. Planning your meals in advance will save you time and prevent food waste.
Open a Lifetime Isa (LISA)
A Lifetime ISA (LISA) lets you save up to £4,000 every tax year towards a first home or your retirement, with the state adding a 25% bonus on top of what you save. That means you could get a chunky £1,000 of free cash annually. To be eligible for an account you must be aged between 18 and 39.
Lifetime ISA
Use Cashback Sites
We all need to spend money whether we like it or not. So make sure you’re getting cashback on your spending. Some of the well known cashback sites are TopCashback, Cheddar, and Super Cashback.
Enjoy the simple things
Enjoy the simple things
Embracing frugal life is the next step. Going to the park, enjoying coffee at home, baking, making every day things special instead of going out and spending money. A bit of a return to the lockdown mentality!
Read more about our finance expert, Zita Latham Mortgage Broker at multi-award winning mortgage firm The Mortgage Mum Team
Your Dedicated Mortgage Broker
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