Sunday, 16 July 2017 13:13

How Much Are You Willing to Sacrifice for a House Deposit?

That is the big question, and it is likely one that lots of people will be asking themselves now. House prices have increased recently, and while some experts think they will start falling soon, there’s no way of telling whether this will happen, other than to wait and see.

But house prices aren’t going to be your primary concern if you are trying to save enough cash to put a deposit down on a property. Your biggest concern will be how much you can save, and how long it will take you to do it. There have been some stories popping up online about people who have sacrificed lots of things to amass enough for a deposit in just a year or two. That will surprise lots of people who are struggling to find any spare cash left at the end of each month. But could it work for you?

Focusing on sacrifices

I know – it doesn’t sound like a lot of fun, does it? But sacrificing things from your daily life is the way to get that deposit together more quickly. If you are paying a lot of money in rent, you could consider moving back home for a while. Obviously, this wouldn’t apply to everyone, but some might be able to do it. Moving in with another relative, looking for a house or flat share, or moving in with friends and splitting the rent could be alternative solutions.

But let’s get serious and look at other ways to sacrifice things so you can get together more cash for that all-important deposit. Are you ready?

Stop going out

Going out costs money, in case you hadn’t noticed. Cinema tickets are expensive, as are nights out at the pub. Staying in doesn’t sound sociable, but there are ways to have a good time without spending money, or at least spending as little as possible. If you usually meet a friend to see a film together, try heading out to the local park for a walk instead. It’s free, and you can always take a simple picnic that won’t cost much.

Staying in is the best bet though, and remember, it doesn’t need to be forever.

Focus on slashing your costs in other ways

Only you know how you spend your money, and what you spend it on. If you’re not convinced you could save money for a house deposit any faster than you already are, carry a notebook with you and write down every purchase you make for the next week. Then, highlight everything you could have done without and add up the total you could have saved. I guarantee you will be surprised. But even if it isn’t a lot of money, it adds up over time.

And that’s the secret to saving faster for a deposit. Saving whatever you can, however you can, by sacrificing what you can each month, is the only way to get there more quickly.