Have you struggled saving for a house deposit in the UK? You may have heard about the helping hand that first time home buyers are getting in the UK from the government, with the Help to Buy scheme and Help to Buy ISA.
Unfortunately in the US, we don’t have anything similar. And, saving for a house deposit can be extremely difficult for people looking to buy their first homes. Here are some tips for saving for a house deposit.
Tips for Saving for a House Deposit On A Budget
If you’re struggling with saving for a house deposit which can be such a daunting sum, here are some tips on saving for a house deposit and get your savings back on track.
Open a Separate Bank Account
Open a separate bank account for your savings. While this seems obvious, many people let their savings add up in the bank account their salaries are paid into, meaning that once your savings start to build up, it’s easy to accidentally dip into them.
Having your savings in a separate bank account also means you can choose the account that offers the highest interest rate to maximize your money.
Bank Any Surprise Cash
If you receive a sum of money you hadn’t planned for a tax return, a bonus at work or even money from friends or family, then bank all of it. No matter how large or small, putting these unplanned funds into your savings account rather than treating yourself.