Save for a Deposit

Saving £15k–£30k for a house deposit in the UK may seem like an impossible task, but it becomes way more achievable once you to have a plan to boost your income, cut your expenses, and save more. Here’s how you can do it faster:

Decide how much you need and by when. For example saving £15,000 or £30,000 for a house deposit assuming the house costs £300,000: 

• £15k in 2 years → £625 per month
• £30k in 3 years → £833 per month

Open a dedicated savings account (Lifetime ISA for a 25% bonus or a high-interest savings account). 

Explore new apps like Klink who can make it easier and more fun to save for a deposit and buy your own home sooner.

• Move in with family (if possible) to save on rent.
• Get a lodger or flatmate to split costs.

• Sell your car if you can rely on public transport.
• Switch to cycling or car-sharing to cut fuel/insurance costs.

• Compare to find better deals & contracts (insurance, phone).
• Cancel unused subscriptions (gym memberships, streaming services if you have multiple).
• Try to only make essential purchases and when you do, make sure you’ve found all the best discount codes and cashback options (TopCashback or Quidco). 

• Ask for a raise or promotion from your employer. 
• Upskill with free courses (LinkedIn Learning).
• Move job to earn more – read more here.

• Freelancing: Use skills in writing, coding, design, or marketing (Upwork, Fiverr).
• Delivery jobs: Uber Eats, Deliveroo, Amazon Flex.
• Online tutoring: Teach English or another subject (Preply, Tutorful).
• Selling online: eBay, Vinted, Etsy, Facebook Marketplace.
• More on Side Hustles here.