I’ve done a few posts on five ways I’m going green, zero waste, healthy etc before but I thought to make it a little more different that this time I would do a post on five ways I’m saving up for a mortgage down payment. I don’t know how many of you guys are like me, you’re in your mid twenties, have a decent full time job and you’re thinking about your future because let’s be honest, we’re getting older. I’ve been living with my boyfriend of almost six years for almost two years now and we’ve been talking about houses for a while. What’s the point of renting when you can buy and pay off a mortgage right? Here’s the thing, it’s a lot of money to put down a deposit on a house and it’s hard to save that money when you still want to have a life and you’ve already got rent to pay, a car, food etc. So I thought it might be an idea to show you a few way in which I’m making little adjustments that mean I can put more money away for a mortgage and hopefully you guys can give me more tips on how to save more money.
- Drink water – I’ve stopped buying juice/tea/coffee when I’m out and about and instead have been putting the equivalent money into a money jar when getting home. Now a couple of pound here and there might not sound like a lot but it adds up quite quickly and it’s a very simple way of saving. Ask for tap water when in restaurants, it’s more eco friendly (no plastic waste) and it’s better for your health than fizzy juice.
- Cash Only – I have a weekly budget and I withdraw the money on the same day each week (normally a Thursday depending on when I get paid) and it has to last me until the end of the week. If I run out of money then that’s tough, I have to live out of the freezer for the rest of the week and my other half knows that this is the way that my money works. I don’t include bills and petrol in this, the cash is only for food and any other products that I might need, but I allow myself normally £50 a week, which is more than enough and anything that is left over at the end of the week goes straight into my mortgage fund.
- I’m only including this because it was my birthday last week and we’re all looking towards Christmas at the moment. I’ve been asking for practical (and maybe boring) presents for my birthday and Christmas. I really needed a new holdall as mine was falling apart, so that’s what I asked for from my boyfriend for my birthday. Mum and Dad gave me a voucher for the cinema and dinner so I can go to see Thor when it comes out and I don’t have to pay for that out of my weekly budget. My brother got me enough smellies that means I won’t have to buy shower gel for the foreseeable future. Might not be as exciting as a fancy handbag or the latest phone but it saves me money in the long run.
- Borrowing Books – This is more apt to me because I am a book blogger, but I’ve stopped buying books (or should I say new books because I still buy from the charity shop). I’ve taken to borrowing books from my family and friends, or swapping them locally for ones in my collection that I’ve read but don’t want to keep. I’m also looking at joining the library as that means an even bigger selection for me to read without having to spend money. I should also point out I have 200 books on my TBR list that I currently own but haven’t read so that should keep me going! I might start putting away a couple of pound each time I acquire a new book and it will still be cheaper than buying them new!
- Nights In with Friends – instead of having nights out and wasting lots of money on transport and drink, we’ve been having nights in with friends who each bring a bottle of wine (cheaper than going out for drinks) and having a games night in with dinner and drinks. Equally as fun if not more, it’s quieter so you can actually hold conversation and it means that anyone who has kids doesn’t have to miss out either, they can bring them along or they can host. You have as much fun for about a quarter of the price of going out to eat and drink.
I might make this a regular thing as there are so many other ways that I save money each month to try and squirrel away as much money for a house as possible. Have you guys got any tips on how else I can save?