Reduce the cost of rent
One of the easiest ways to increase the amount you can save is to reduce the cost of any rent you are currently paying. Some of the best ways to do this are through flat-sharing or co-living.
Flat-sharing is a great way to save money. Try to move in with friends, find a spare room, or seek out new housemates through websites or social media platforms.
Co-living is another great way to help you reduce the cost of your rent. It focuses on community-centred accommodation that combines private and shared living spaces. Often, co-living accommodations also includes the cost of your bills within your rent, as the property is typically rented out through a larger company instead of a private landlord.
Use government schemes
There are many great government schemes in place that can help you enter the property market.
Shared ownership is an alternative government scheme, that allows first-time buyers to buy a share of a property. These properties are often new build homes and you can expect to typically be able to own between 25%-75% of your home. Over time, you can either buy more shares in your property or move on and sell them.
A Lifetime ISA is a government savings scheme that is designed to help people who are saving for their first home. As part of the scheme, the government will pay you a 25% bonus on top of whatever you manage to save into your account.
The lifetime ISA also allows you to earn tax-free interest on your money while you continue to save. Open one today for as little as £1.
Become a savvy saver
Maybe one of the most obvious but sometimes hardest ways to save for a deposit is to become a savvy saver. It is important to form a good relationship with money and be realistic about what you can afford to save everything month.
There are many companies out there that can help you create a savings plan that works for you.
Some of the easiest ways to do this are to record your expenses and keep track of all your outgoings, use apps that help save your money automatically and set clear saving goals.
If you would like help getting onto the property ladder and are looking to buy your first home, contact our team at Jordan and Mason today.