In the space of six months I’ve managed to save a whopping £6000 towards a home of my own. I still have a long way to go before I’ve saved up the full amount, and while I originally hoped to have £10,000 by the summer, I think it’ll be a while yet before I’m ready to buy my own place.
If you’re keen to know how I managed to do save £6000 over 6 months, read on…
Moved in with my parents
Okay, so I know that not everyone can do this, but it’s something that really has helped me to save money for a deposit. I don’t live at my parents completely free, every payday I give my Mum £200 towards bills and food.
Ditched as many regular expenses as possible
Since I started saving money, I’ve quit the gym, deleted my Netflix account and unsubscribed from various services that cost me money on a monthly basis. The only regular expenses I have now are my phone bill, contact lenses, and bus pass.
Put money in savings as soon as I get paid
You know how it is. You start the month off with good intentions and vow to have just one crazy night out on pay day before a month of sobriety and very little spending. But before you know it you’ve got too much month left at the end of your money and you’re wondering how you’re going to survive. This is the very reason I put a chunk of my savings into my Cash ISA as soon as I get paid. By doing this, I have less money in my current account to waste on unnecessary things.
Using discount codes and vouchers
I must admit I’m always a bit suspicious of coupons and voucher codes. Rather than thinking of them as a great way to save money, I think they can sometimes tempt people into buying more than they originally planned. So I try to proceed with caution and only really use coupons etc on things I was planning to buy anyway!
You might also like: 5 Ways To Save Money On Food (plus a FREE £5 voucher off your next supermarket shop)
Shopping at charity shops
Over the last few months I’ve been avoiding the high street like the plague. I used to nip into Manchester Arndale almost every day after work, just for a browse. I’d often end up treating myself to a new top or a pair of jeans, not even thinking about how much it was costing me. By avoiding the shops completely, I’ve ditched my spending habit and don’t feel tempted to buy new clothes on impulse.
I’ll confess I have been doing a little bit of clothes shopping in charity shops though. But only if I actually need something like a new coat or a pair of jeans.
Having fun for free
Drastically cutting down on nights out and restaurant visits has been tough, but when I look at my bank balance and I feel like I’m rolling in it, it suddenly seems worth it. Besides, you really shouldn’t have to spend money to have fun. If good food and good company is what you need to enjoy yourself, why not cook something fancy at home and invite your friends around?
Making extra money
It’s pretty much impossible to put a solid £1000 a month away from my wages alone, so I have to make extra money where I can by selling my old things. Sometimes a month will end and I won’t have saved up a full £1000, other months I’ll manage to scrape more together.
You’ll often find me doing a car boot sale on a Sunday or selling things on Facebook to both friends and strangers in an attempt to boost my savings. If I hadn’t spent so much time selling my old things I’d have a lot less saved than I do now.
Although not everyone can save this much money over the course of 6 months, I reckon that no matter how much money you make, there might be at least one or two ways you can cut back. No two people are in the exact same financial situation, but we all need to make the best of what we’ve got if we want to get to where we want to be.
For me, it made perfect sense financially to move in with my parents for a bit so that I can save up for my own home, since it would take me years to save if I was to continue to rent. Let’s be honest, it was pretty much a no brainer, really.
You might also like: 5 Ways To Save Money On Food (plus a FREE £5 voucher off your next supermarket shop)
Wanna save a ton of money in a short space of time? Here are some quick fire ideas:
- Can you swap the pub for a night in?
- Could you give up buying clothes for a certain period of time?
- Have you tried shopping at Aldi or Lidl instead of more expensive supermarkets?
- Can you save money on food, toiletries, and cleaning products by buying from websites such as Approved Food?
- Can you switch energy supplier/mobile phone provider etc to get a better deal?
- Is there a cheaper way for you to get to work?
- Have you considered switching your bank account to one with a better interest rate?
- If you have kids, could you sell the old toys that they no longer play with?
- If you have a spare room, could you rent it out to a lodger?
- Are you a first time buyer? If so, get saving in a Help to Buy ISA
- Make sure your money is making plenty of interest by opening high interest current accounts
- Don’t forget to follow lots of great money saving blogs and websites to keep up to date with the latest money saving hacks.
If you want to set yourself a challenge, take a look at my post How to Save £2015 in 2015. This is by no means easy, and even if you can’t save that much, you may see some tips in there that you hadn’t considered before. Good luck!
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