Posted on: Friday, May 2, 2025
Saving for a deposit can feel overwhelming, but the key is simple: start saving now. Here are some practical tips to help you kickstart your journey toward homeownership.
Setting a manageable monthly savings goal gets the ball rolling. Don’t let the total deposit amount intimidate you—take it step by step. Even if you’re unsure exactly how much you’ll need, beginning the habit of saving is the most important step.
Use free online budget templates to assess your income and expenses. Include both fixed costs (like rent and bills) and those sneaky small purchases that add up fast. Review your last few months of spending to create a realistic picture and avoid being overly optimistic.
Be honest about what you can save each month. Set a minimum amount you’re confident you can commit to. If you have a particularly good month, great—add a little extra. Trying to save too much too soon can lead to frustration and burnout.
Do your homework before opening an account. Since this is a long-term goal, an account with a higher interest rate—even if it limits access to your money—might be best. Periodically review your options to make sure your money is working as hard as you are.
Set up a standing order or direct debit to move money into your savings automatically. This removes the temptation to spend it elsewhere and turns saving into a habit.
Let your friends and family know about your goal. They’ll likely be supportive and may even suggest budget-friendly alternatives, like midweek meetups or cosy dinners at home instead of pricey nights out.
Saving is often easiest in the beginning when motivation is high. As time goes on, look for ways to keep your momentum going—set mini-milestones, reward yourself occasionally, and remember: it’s okay to take a break as long as you stick to your baseline goal.
Start where you are, stay consistent, and keep your goal in sight. Your future self will thank you! Contact your local Guild Member when you are ready to start your journey to buying.
We are required by law to conduct anti-money laundering checks on all those selling or buying a property. Whilst we retain responsibility for ensuring checks and any ongoing monitoring are carried out correctly, the initial checks are carried out on our behalf by Lifetime Legal who will contact you once you have agreed to instruct us in your sale or had an offer accepted on a property you wish to buy. The cost of these checks is £60 (incl. VAT), which covers the cost of obtaining relevant data and any manual checks and monitoring which might be required. This fee will need to be paid by you in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer), directly to Lifetime Legal, and is non-refundable. We will receive some of the fee taken by Lifetime Legal to compensate for its role in the provision of these checks.