A thrifty couple has explained how they saved almost £50,000 for a deposit on their first home by making some serious savings during the coronavirus lockdown.
Louise and Mike Zanier saved cash as lockdown put an end to expensive nights out and the couple moved back in with her parents for six months and ditched takeaways.
The couple also used Covid restrictions to claw back money and saved thousands by not travelling into work and no longer buying expensive takeaway coffees.
The pair already had £17,000 saved for their first home but they were able to claw another £31,790 together in the last 12 months thanks to the lockdown.
In total, it meant they had a £48,790 deposit to put toward their £325,000 two bed end terrace in Northfleet, Kent.
Content manager Mrs Zanier, 30, says she used spreadsheets to track their spending after being inspired by money saving guru Martin Lewis, who she had previously had a work placement with.
Spreadsheets showed they were spending around £200 each month on nights out, as well as £310 on train tickets and petrol to get into work.
By moving in with Mrs Zanier’s parents for six months, the pair were able to make further savings of £1,250 each month on rent, and £500 on bills.
The couple started ramping up their savings after their mortgage lender stopped accepting 5% deposits at the start of last year - meaning their £17,000 they had saved was not enough.
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Mrs Zanier said: "We knew we had to get serious or we would be renting for years.
"When we realised how much we were saving by not travelling to work or buying takeaway coffee, saving became addictive.
"We started keeping a spreadsheet, tracking our outgoings and savings.
"Something that's stayed with me from my time interning with Martin Lewis is to get over the awkward feeling of asking for a better deal or price.”
She added: "It has all paid off though and we're definitely going to keep saving as much money as we can - and hope to be mortgage-free in 15 years."
Mrs Zanier said it felt like “the end of the world” when her mortgage lender stopped accepting 5% deposits last year.
She added: "Then lockdown happened and our entire lifestyle was forced to change.
“We realised if we made the most of the situation, we could still achieve our dream of buying a home.”
The first time buyers are now the proud owners of a £325,000 two bed end terrace property.
The couple married in 2016 but could not get on the property ladder due to not having enough savings.
She said: "We always wanted to buy and although we started saving a few years ago, we didn't realise just how much money we were wasting.
"I was spending £260 a month on a rail pass, Mike is a teacher and was spending £60 every month on petrol to get to work.
"We would have daily coffees at work, and takeaways costing £70 a week as well as lunches on the go and after work drinks.
"Being at home all the time, we realised we had so much stuff we didn't need.
“I loved decluttering and made almost £600 selling clothes, furniture, wedding decorations and even empty phone boxes."
The pair also saved £1,800 by cancelling their annual trip to Canada, where Mr Zanier is originally from.
Lockdown also meant they had a quiet night in for Mrs Zanier’s 30th birthday instead of elaborate celebrations.
How much money did Louise and Mike save during lockdown?
- RENT: £1,250 per month (six months)
- HOUSE BILLS: £500 per month (six months)
- FLAT DEPOSIT RETURNED: £1,700
- TRAIN TRAVEL AND PETROL FOR WORK: £310 per month
- STAMP DUTY SAVED: £1,250
- NO CLOTHES SHOPPING: £100 per month
- NO SOCIALISING: £200 per month
- CANCELLED CELEBRATIONS: £500
- CANCELLED HOLIDAY TO CANADA: £1,800
- NO WORK LUNCHES: £100 per month
- NO COFFEES AT WORK: £100 per month
- NO HAIRCUTS: £80 per month
- GYM MEMBERSHIP: £25 per month
- NO TAKEAWAYS: £200 per month
- MEAL PLANNING: £150 per month
- SELLING UNWANTED ITEMS: £600
- MOVING CAR INSURANCE TO NEW ADDRESS: £140
- USING CASHBACK SITES: £120
