Six ways to save more this year

11 Jul 2018

We’ve all heard it. Generation rent will never buy a property. Saving for a house deposit is impossible. Owning a home is a pipe dream for many. Well – there’s steps you can take to make buying a home a reality.

Cut back on coffee

16% of people buy a coffee from a café on a daily basis, with 80% of people visiting coffee shops at least once a week[1]. Now, let’s say you’re in that top 16% and indulge in a Venti Caramel Macchiato on a daily basis. That £3.60[2] equates to £25.20 per week, or around £1,200 every year.

Check out cashback websites

Yes, they are out there – and there’s plenty of people making a tidy sum from their everyday savings. Well known cashback sites include those such as Quidco, where the average saving is £300 per year[3]. Not bad, eh? Cash this out once accredited to your account, and place straight into your house deposit savings account.

Clear your clutter

We’re now six months into the year. If you haven’t used that food processor yet, ask yourself this – do you really need it? Selling these items on websites like Gumtree or local ‘Facebay’ pages can make you a tidy sum. Best of all, they’re free to use.

Consider your subscriptions

40% of us pay for services we no longer use. This means we waste £250 per year on unused subscriptions[4]. So, when trying to cut back on spending, it’s important you review your monthly outgoings. Do you really need Sky Sports? Spotify? Go through your subscriptions and get rid of anything you don’t need or use.

Change your bank account

Forget loyalty. It’s time to shop around. Certain banks are currently offering new customers money for signing up for a debit card, and others have increased interest rates for new customers. It’s important you shop around to find the best to for you. But there are some great deals out there. You just have to look.

Chuck food in the freezer

Research has shown that 7.3 million tonnes of food is wasted in the UK each year, which means families are chucking away approximately £700 each year[5]. This is all money which can go towards your house deposit. So, before you throw food away, check if you can put it in the freezer. Planning meals ahead and only buying what’s on your shopping list can also help.

What’s next?

These six tips won’t save you an entire house deposit in a year – but they’ll certainly get you started. And don’t forget, if you opt to buy via the Shared Ownership scheme, you’ll only need a 5% deposit for the value of the share you’re buying, which could be as little as £3,500.

Are you eligible for Shared Ownership?

Well if your household earns under £80,000 per year, and you don’t currently own a home – then you may just be. For more information click here, or to see how Shared Ownership homes currently available, tap here.

[1] http://www.britishcoffeeassociation.org/about_coffee/coffee_facts/
[2] https://www.priceguidelady.com/starbucks-prices/
[3] https://www.quidco.com/?scb=d4de91dd3e48e0a1bb73ab242c1f59e1
[4] https://www.moneywise.co.uk/news/2018-04-28/brits-waste-over-250-year-unused-subscriptions
[5] https://www.independent.co.uk/news/uk/politics/how-the-uks-household-food-waste-problem-is-getting-worse-a7520171.html

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