How to save for a deposit
money for your expenses such as rent, electricity, car, internet and phone expenses.
When the bills arrive, you won’t get such a shock and you won’t be scrambling around looking for loose change to pay the bill by the due date. • Monitor social outings. It is easy to think you’re pretty good with social spending and don’t go out that much, but if a few friends are asking to catch up with you, it is not hard to go out to dinner two or three times a week. Add taxi fares and wine or beer in addition to the dinner bill and that amount will add up very quickly.
Instead of going out too often, have friends over for dinner and ask them to bring their own wine or dessert.
Home-cooked meals are far cheaper and you can cook extra for lunch the next day. The only problem is the dishes!
• This leads to the next saving tip, which is packing your own lunch.
This can save you a lot of money, especially if lunch is just leftovers from the night before. Alternatively, make a big batch of soup or pasta on the weekend and pack into containers for your lunch during the week. You might need to invest in some good Tupperware!
• For some big-scale saving, consider relocating.
There may be cheaper areas or cheaper properties in your current area that will help you save some rent money without significantly compromising your lifestyle.
If moving isn’t an option, consider bringing in a housemate or have a friend move into the spare room. This will also help cut down your other living expenses and your rent.
Saving for a deposit may be challenging but if buying property was easy, everyone would be doing it.
Making sacrifices now will pay off in the long run when you have a home you can call your own.