Small savings to help kick start your deposit fund

With property asking prices at an all-time high, it’s more important than ever to start saving for that deposit, and the sooner the better.

Kick-starting a savings ‘plan of action’ is often the biggest stumbling point for would be first-time buyers, however it needn’t be as scary or demanding as you might think. You don’t need to give up your social life or those little treats in order to get saving for that deposit!

By simply swapping some common outgoings for cheaper, savvier alternatives, the savings can really add up meaning you could be getting on that property ladder sooner than you might think.

 

The daily coffee run

It may have become part of your daily routine, perhaps on the way to work or an afternoon treat, but a daily trip to Starbucks can really add up over a year (£676 to be precise!). Why not try out the supermarket alternatives such as filter coffee cups or espresso mixes. The example we based this saving on makes 10 cups per pack – enough to last you two working weeks! If you really start to miss the feeling of a takeaway coffee, why not invest in a reusable travel coffee mug to drink your coffee out of.

Movie madness

Going to the cinema is great, but are you making the most of the money saving options available to you? Our saving is based on a monthly unlimited cinema membership, which if you’re a regular cinema goer, is an instant way to save yourself some money. However if, like us, your cinema membership often resembles your gym membership in usage levels, then perhaps it’s time you look at alternative options. If going with a friend is an option, why not take advantage of 2-4-1 deals, plus look out for mid-week discounts and online savings.

Lose lbs, not pounds

The gym membership. Need we say more?! If you’re not using your membership to the max, then why not take a look at look at cheaper alternatives that will still ensure you stay fit, but won’t make your pockets feel as empty. There are several no-contract option gym chains opening up, or if you’re feeling brave, why not just go for a run in your local park or join a sports team.

The treats needn’t go

All of those ad hoc trips to the office vending machine, or the local corner shop for an afternoon chocolate bar or treat really do add up (around £200 a year, we worked out). Instead, why not plan ahead and buy a multipack of your favourite treat the next time you go shopping. Such a simple change, but the savings will really add up.

Getting smart with lunch

Though this swap does require a bit of forward thinking, the benefits are huge and what’s more, you’ll probably end up the envy of your friends! Be it leftovers from last night’s dinner, or a dish you’ve specifically knocked up for the week’s lunch, you’ll get a meal more satisfying than a sandwich and be saving yourself a tidy packet too. Take the opportunity to experiment with recipes and relish in the fact you know exactly what’s going into your lunch; Jamie Oliver would be proud.

Take-in, not out

We know, we know… After a busy week, a takeaway can really feel like the easiest option, but if we told you that spending £28 on takeaways, four times per month adds up to a whooping £1,344 a year would this make you reconsider? Though again, this requires some forward planning, why not stock up your fridge or freezer with supermarket alternatives to your usual, meaning that all you need to do is put them in the oven. All the big supermarkets offer ‘takeaway kits’ meaning you’ll have everything you need, but at a fraction of the price.