Now that I’ve entered the next decade of life, I’ve decided its time to try and achieve the dream of obtaining a house deposit.
Photo by Pixabay on Pexels.com
The struggle is real
If you trawl the internet there are many ways in which savvy savers have managed to save their own deposit, including moving back home to save, taking a second job, selling items and so forth.
Personally, on my quest to achieve the elusive deposit, I have found the task quite daunting i.e. I feel I’d have more luck finding a unicorn perched next to a pot of gold at the end of a rainbow. I often thought of the overall figure rather than breaking it down to smaller chunks and before I’d finished my trail of thought I’d already given up, made a break for the shops and quelled despair with shiny new clothes. But everyone starts somewhere. It’s the starting that counts.
ISAs and paying yourself
I did previously open a Help to Buy ISA at around age 27 and saved £200 each month. When the Lifetime ISA (“LISA”) arrived I subsequently transferred funds into such scheme as I was motivated seeing the 25% bonus being added each month to the sums rather than waiting (I’m an all or nothing kinda gal). The Help to Buy ISA allowed me to make withdrawals at ease without a penalty (often utilised by me to fund various shopping sprees sensible decisions), however the LISA does come with a sting in fees if you wish to withdraw funds other than for your house deposit (or upon retirement). As such, I make ad hoc payments to the LISA when I can afford to lock monies away.
Photo by Andrea Piacquadio on Pexels.com 
Photo by Artem Beliaikin on Pexels.com
I also tend to try and move monies from my current account to my savings on payday and challenge myself not to transfer it back before the next payday. Any sums that remain in my current account are to pay rent, bills, travel, food and entertainment. Paying yourself first has worked well for me although there has been the odd occasion where I have transferred some back for last minute plans. I don’t put too much pressure on myself as I still need to enjoy life!
One step at a time
Gradually, my savings are starting to look a little more healthy, although I still have a bit of a way to go. Ideally, I’d love to try and save around 15% to 20% for a deposit, so that (hopefully) any monthly mortgage payments will be low. Join me on the journey where I’ll be documenting the tips I have picked up to try and achieve the dream of owning my own property (alongside life’s joys and often hilarious hurdles).
Deposit funds to date: £10,600
Saver Raver 