How I Saved A £10,000 House Deposit In A Yearfeatured
Guess what, guys! By dramatically reducing my living costs, selling my old clothes, making extra money where I can, shopping second hand, giving up nights out, staying in, eating healthily, using coupons, getting a new job, investing my money in premium bonds (I’ve had a few miniature wins this year), and generally spending as little as possible, I’ve managed to successfully save £10,000 in the space of a year! Okay, technically it’s taken 13 months, but you’ll let me off, won’t you?
Sadly, I still don’t have quite enough money to buy my own place just yet. After a chat with mum and dad we’ve decided that rather than me rushing to buy the cheapest house I can find in Manchester, I may as well wait a little bit longer to save more money. That way I may be able to do two things:
1. If I save a larger deposit by the time I buy a property, I may be able to reduce my mortgage repayments
2. If my salary increases by the time I buy a property, I may be able to borrow more money from a lender and get a slightly better house
I’m hoping to properly start looking for my own place next spring/summer, but we’ll see! My target keeps getting pushed back the more I realise just how much money I need. Not only do I need a deposit but there’s also things such as surveys, solicitor fees, furniture costs, removal fees etc to take into account.
Jake and I had a Zoopla night in last week where we spent the evening looking at houses we liked the look of online. You know you’re a grown up when you ditch ‘Netflix and Chill’ for Zoopla and Chill.
Having only just left university, Jake’s not yet in a position to start hardcore deposit saving like I am just yet. He’s currently living in a house he rents along with 4 others and it’s proof just how difficult it can be to save while renting. But while he won’t be buying the place with me, we’re hoping that by living together next year and no longer having to pay off our landlords’ mortgages we can start to build a bright future for ourselves financially. We just want a place of our own, to be able to go on the occasional holiday and not have to worry about whether we can pay the bills next month.
I’m excited to see how my blog develops over the next year and I hope you’ll all stick with me for the ride. I’ve got my fingers crossed that this time next year I’ll already have my own place. Hopefully I’ll be blogging about decorating it on a limited budget with plenty of thrifted and upcycled finds!
If you’re on a mission to save money, whether it’s to buy a house, pay for a wedding, or travel the world, I’d love to hear from you! Get in touch in the comments below, on Twitter @CantSwingACat or send me an email to [email protected]. You can also read more about my money saving journey by checking out how I saved £3,000 in 3 months and £6,000 in 6 months.
