Buying a house is perhaps the biggest purchase many will make in a lifetime. According to Money Advice Service, the average first-time buyer puts down a 20% deposit on their first home, meaning they fork out a whopping £20,000 or more.
It comes as no surprise that saving for a deposit can take years to do meaning every penny becomes a prisoner.
While saving to buy a house is a daunting and lengthy process, there are several day-to-day costs to cut back on to help save money.
1) Fakeaways before takeaways
Households across the UK spend an average of over £5 a week on takeaway meals eaten at home. In 2016, the takeaway market soared to an estimated 9.9 billion and this figure was expected to increase every year until 2021.
While there's no shame in craving a takeaway at the end of a gruelling week, an alternative way of saving money would be to make a fakeaway meal at home instead.
A fakeaway is where you re-create a takeaway meal at home for a fraction of the cost, sourcing the required ingredients from a local supermarket.
There are countless recipes available online that are not only healthier, but much cheaper in the long run too.
2) Free leisure activities on weekends
Saving for a mortgage deposit doesn't have to mean sacrificing having fun on weekends. Many popular tourist attractions such as the Botanic Gardens in Glasgow or the National Museum of Scotland in Edinburgh are free to enter.
A no spend weekend can also be as simple as a walk in the local park or a trip to the nearest beach. With a bit of creativity, you can feel like a tourist in your own home without having to splash out.
3) Reduce your bills
Perhaps the most rewarding way of saving for a deposit is to reduce any outgoing bills. This can include switching energy bills to cheaper tariffs (if your landlord will let you), exploring cheaper options for mobile and broadband packages as well as cancelling any unwanted subscriptions.
Making small cuts in day-to-day outgoings will make a huge difference over time.
4) Shop at charity shops
From 2005 to 2020 spending on clothing in the UK has increased year after year. In 2019, spending on clothing reached a high of 61.2 billion pounds.
Shopping sprees don't necessarily have to grind to a halt when trying to save money. While out on the high-street, checking out charity shops would could help save you a small fortune.
5) Cut down on petrol
How much you pay when you fill up your car depends on which petrol station you use, so where possible planning ahead could be beneficial.
While it's not always possible to leave your car at home, if it is a feasible option, cycling or walking to work will help cut back on costs as well.
