10 Tips to Help You Save for a House Deposit

By
Real Estate Broker/Owner with Unconventional Prosperity

It can be a struggle to save money to put a deposit down on a house. It can take years of saving to come up with enough for a deposit for a home. Shorten the time it takes you to save up by using these tips each day.

Turn these tips into daily habits and see your savings grow more quickly:

1. Set up a standing order. Rather than relying on your own good intentions to save money each month, set up a standing order at your bank or with your employer to ensure money is put into an account every month without you even having to think about it.

2. Try to cut back on buying frivolous things. Do you really need that Netflix subscription? What about the number of meals you eat out each month - could they be cut back?

3. Find a new savings account. If you’ve had the same savings account for several years, you may find that you’re not getting as much interest on your savings as you would in a different account. It’s worth shopping around to see what accounts are available.

4. Set goals for your savings. To save a large amount of money, it helps to break it down into more manageable amounts. This will help keep you motivated as the savings are realistic and tangible. These small goals will add up to something much more substantial over time.

5. Sell your unwanted items. Your rubbish maybe someone else’s treasure, so it is worth setting aside some time to sort out your current home and to sell any unwanted items. Start off with one room at a time. When you’re done, add the money that you get from selling the items to your savings account.

Here are 13 Best Sell More on Facebook Market Place.

6. Save money by buying in bulk. Consider buying certain items in bulk. If you have storage space, you can save a lot of money. Consider using generic items as well, as these are often less expensive than more popular brands.

7. Rent somewhere cheaper. Saving money for a deposit may require drastic action, such as moving into a less expensive rental property.

8. Lower your expectations. Perhaps you can begin home ownership with a smaller property, rather than your dream home. Once you are on the property ladder, it’s often easier to save for a larger property.

9. Stick to a budget. When you plan your expenses for the month, you’ll know how much you are able to save. It will show how much money you need to pay those bills, plus how much disposable income you have. You can set your disposable money aside for the deposit.

10. Consider earning extra cash on the side. There are so many opportunities online that you can make some extra cash. All you need is a smartphone and an internet connection. You can even get paid playing video games with these 50 game apps that pay instantly to your PayPal account. 

Using these tips will help you to save money for a house deposit. It may take quite a few months or even years but taking measures to save more quickly will be worth it if your dream is to own your own home.

Comments (6)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

May 23, 2022 01:18 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Russell Barbour these are very valuable list of tips to help save for a house deposit.

May 23, 2022 01:41 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Great blog post. All great habits. Especially number 1, set up a standing order forcing you to save.

May 23, 2022 07:40 PM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

May 24, 2022 04:51 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Really enjoyed reading this blog post!  All Good Information.

The one that spoke the loudest to me (I should do this now!) ...

Sell your unwanted items. Your rubbish maybe someone else’s treasure!

May 24, 2022 07:38 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post!  Itemizing every aspect of a budget will produce some extra dollars.  I like your idea of paying yourself first in a savings account.  I like Diana's idea - sell things rather than donating them!

May 25, 2022 04:00 PM