How I saved for a house deposit: very achievable tips for millennials !!
Buying a house was something I always knew I wanted to do. It seemed like such a waste of money spending 60% of my income on somebody else's mortgage! So I decided to buy a house of my own. Here’s how I saved my entire house deposit in just three years!
- Cutting down on eating out
I used to eat out at least once a month — not anymore! By cutting out my £30 monthly treat I’ve managed to save an extra £30 a month. Sure I feel bad that I’m not supporting local businesses any more, but hey — what difference can £30 a month really mean to them?!
2. Not drinking
Now just like any millennial all of my business is conducted inside a pub. But paying £5 for a pint really starts to add up. So now when I go to the pub twice a week, instead of spending £15 a pop (3 pints), I simply drink tap water. I’m saving looooaaaddds of money and also I’m not staying out as late (more beauty sleep!!) because my friends keep ‘having to go after 1 pint’. Maybe they’re saving themselves too?
3. Walking everywhere
Now walking through the dodgier bits of central London alone at night as a woman may feel risky, but it’s worth saving the £1.50 bus fare! Every little helps after all! Walking everywhere is great exercise. I was hoping it would save me money on my gym membership too but unfortunately I couldn’t afford a gym membership before I started this little ‘savings challenge’ so I’m unable to make a saving there :(
4. Having rich parents
My parents are so proud of me so taking my future so seriously, they’ve promised to gift me £115,000 — the average price of a home deposit in London!
5. Meal planning
Meal planning has been the biggest area of saving for me! I used to eat different meals every day and all those ingredients add up! Instead by switching to plain white boiled rice three times a day I’m saving at least £15 a week!!!!
6. Not going on holidays
Travelling the world — is it really all that? I’m not sure experiencing other cultures, learning about myself, making international friends, and seeing some of the wonders of the world before they’re destroyed by war, natural disaster, or climate change is actually worth it? Like, why do that when I could own a studio flat in Lewisham instead?! Ya know?!
7. Having a ‘night in’
Living in London is so fun and exciting, there’s so many great things to do that it almost makes the air pollution worthwhile! But since I’m so serious about my future I’ve been having a lot of nights in instead. This one is actually way easier than I thought it would be — my friends are all ‘having nights in’ too so there’s barely any plans to say no to!
8. Not having any emergencies whatsoever
I’ve been able to save money by having the following happen: not being ill, not struggling with my mental health, not having family elsewhere and needing to travel, not having any friends birthday parties, hen dos, or weddings to attend, not ever having a shit day at work that needs a bottle of wine, not forgetting a tax bill or being put on the wrong tax code, never having a period, not having transport that is unreliable, not having a kid, not having to support my family, and not having dietary restrictions. None of this is luck — these are all things that I have control over.
I know saving for the minimum amount of housing stability can seem like suuuuch a daunting task, but I’ve been able to stick to all of these things for the last three years and it’s really made a difference! I couldn’t be happier with my choices!! There are of course easier ways you can save such as getting a better paid job or whatever, but as a creative that wasn’t really an option for me because the arts is undervalued!! You might also want to think about simply having the money in the first place, or moving home with parents who I assume all live in central London and have the space and finances for that to happen!
Hope this helps, good luck saving!