Saving for a house deposit isn’t easy, and with the cost of living crisis, along with wage stagnation in the UK, this generation are having a particularly tricky time getting on to the housing market.

I’ve been saving for my house deposit for years, and I’ve been reflecting on the things that really made a difference and helped me to reach my goal quicker. These aren’t necessarily tips, as every individual situation is different, but I thought sharing my experience could be useful in the hope that you might be able to take something away from this.

When I first learned about personal finance I found it really helpful to to read other people’s experiences, and immersed myself in content such as ‘what I spend in a day’ articles, and YouTube videos on budgeting. I soaked up all of the information like a sponge, and this content helped me to stay motivated and on track with my savings goals.

I have finally saved my deposit amount, and I’ve now moved on to saving towards my car and a furniture fund! Hoping it will all be worth it in the end…!

Prefacing this list with a reminder that I’m not a financial advisor, and these things worked for me but they might not be best for you! Always do your own research.

Saving for a house deposit? Here’s how I saved mine faster

Utilised a LISA

Five years ago I decided to open a LISA (Lifetime ISA), and as of today I’ve gained £6398 for free! This total is a combination of the £1000 annual government bonus each year, as well as additional interest paid on top. It’s taken five years to earn this amount in my account, and I’ve maxed out my contributions each year to achieve the maximum bonus, but that’s over £6k from the government I wouldn’t have had otherwise! Definitely not to be sniffed at.

If you think you might want to buy a property in the future, it’s worth looking into options such as LISA’s, to see if you could get additional help towards your deposit.

Locked mine away in premium bonds

There is often some debate around whether premium bonds are better than savings accounts, and I think there are certainly pros and cons.

Premium bonds have worked for me, as I haven’t been tempted to keep dipping in and out of my account like I have in the past with savings accounts. Mentally, the money i tucked away and not as visible to me as it was in my bank account (although you can still withdraw your money pretty quickly if you need to).

I also like the chance of being able to win a prize; looking back over my prize history, I’ve won more months than I haven’t, with the highest prize being £500 in one month which I was chuffed with!

You can read up on the pros and cons of premium bonds, but either way, it’s a good idea to save your deposit in an account where you can earn monthly interest or prizes from your lump sum.

Told people

It’s a little taboo in our society to talk about money, and often many people don’t like to discuss their debt, saving goals or financial circumstances for fear or being judged.

However, I believe it’s been really helpful to tell my friends and family about my savings plans. Rather than shying away or feeling embarrassed to discuss it, I have been open from the start and they understand that I might want to watch the pennies.

We have chosen to skip christmas presents for the past few years, and I have sold items on eBay that my parents and brother have given me to help me work towards my goal.

I’ve borrowed dresses from my friends to wear to weddings instead of buying new, which saved me a chunk of change on several occasions. Recently, my cousin gave me her hand me down Christmas decorations as she knew how expensive they are to buy new.

I’m really glad I shared my journey, as I have found it makes everyone more understanding of your circumstances. Plus, they have all supported me and cheered me on!

Made the most of free stuff

Whilst on my savings journey, freebies have been my friends. 

I’ve signed up to loyalty schemes to get free coffees, I’ve picked up birthday freebies which I have either used myself or re-gifted as stocking fillers, and I’ve used grocery deals to get free recipe boxes, which has greatly reduced our weekly food shop bill.

Individual freebies might save you a few pounds, but they really do add up. Rather than going cold turkey and denying yourself any treats whatsoever, I’ve found that making the most of freebies can often scratch that ‘itch’ for something new.

Examples of a few freebies I’ve picked up lately include:

• A free candle from Asda using £2.50 of loyalty scheme points
• A free Green Chef recipe box from referring my parents
• A free book from the communal shelf in my building
• Two free bath bombs using my £5 Body Shop birthday credit

I work for the NHS, so I always keep an eye out for NHS discounts and free stuff too! I have got free concert tickets, free Uber credit and more from NHS related deals. Not to be sniffed at!

Saving for a house deposit? Here’s how I saved mine faster

Saving for a house deposit is not easy; I saved for many years before I had a large enough amount put aside to be able to buy my first property. However, if you make the most of all of the money making and money saving opportunities out there, you should be able to save a little faster, and reach your goal of home ownership sooner!

Follow me over on Instagram & TikTok for daily money saving tips and tricks, and to follow along on my house hunting journey.

If you’re looking for free stuff, check out this list of the best free money offers I’ve put together to bag yourself a fab freebie.

You can also sign up to my freebie club newsletter for the latest free stuff, deals and hacks… see you there!