Living on a Budget While Saving for a Deposit

16 Jan

A while ago we posted a blog about how to save for a deposit.  Starting to save up is one thing, but actually living on a budget while you save is an entirely different matter!  Here are our top tips for helping you get by while you’re watching the pennies.

Swap Your Nights Out for Nights In

Most people enjoy a night out once in a while, but they can be incredibly costly – especially if you’re trying to save up for a deposit.  You can set out with the best intentions and give yourself a budget to spend, but once you’re out and you’re having fun only the strongest-willed people will be able to resist the temptation to stay out for “just one more drink”.   Swapping the occasional night out for an evening in with Netflix and a cup of tea could make all the difference between you reaching your deposit goal and just missing out.  And no hangover either!

Check Your Balance 

Nobody enjoys this.  Many treat their bank balance like Medusa and refuse to make eye contact with it.   This is perfectly understandable and we’re all guilty of it, but to really budget effectively you’ll need to bite the bullet and check your balance regularly.  This will let you keep an eye on what you’re spending and what direct debits are going out.   It could also give you a much needed confidence boost when you see your hard work paying off!

Making Your Treats Cheaper

Trying to go cold turkey and denying yourself every little treat is bound to end in a monumental splurge.   A way to avoid this is not to deny yourself little luxuries, but to make them more affordable.  You could try homemade versions of your favourite takeaway foods, making your own fancy coffee, or even upcycling some old clothes into new outfits.  When you finally pay your deposit you’ll look back at the small sacrifices you made and be glad you did.

Also, don’t forget to check Lettingweb’s true cost of renting tool to make sure you can afford the property you’re saving up for!