At IMC Financial Services, we know that saving for a house deposit can feel like an uphill battle—especially with rising property prices and everyday expenses to manage. That’s why we’ve put together a list of practical strategies to help aspiring homeowners maximise their savings.
By making a few smart financial choices, first-time buyers could potentially add up to £7,130 to their deposit. While not every tip will suit everyone, even implementing a handful of these could make a significant difference.
Simple Ways to Save and Earn More for Your Deposit
- Work from home two days a week – Potential savings: £1,006/year
- Open a Lifetime ISA – Government bonus: £1,000/year
- Switch bank accounts – Some banks offer switching incentives of up to £1,000
- Cut dining out in half – Estimated savings: £610/year
- Start a neighbourhood dog-walking service – Potential earnings: £585/year
- Opt for supermarket own-brand products – Savings: £538/year
- Declutter and sell unused items – Extra cash: £341
- Switch to a SIM-only phone plan – Savings: £321/year
- Pack your own lunch – Savings: £320/year
- Use cashback websites for online shopping – Earn up to £300/year
- Pay car insurance annually instead of monthly – Savings: £59/year
- Install a free smart meter to monitor energy use – Estimated savings: £50/year
Every little adjustment can add up, bringing first-time buyers closer to their homeownership goals faster. At IMC Financial Services, we’re committed to helping clients navigate their financial journey—from saving for a deposit to securing the right mortgage.
Want expert mortgage advice tailored to your situation? Get in touch with our team today!