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26 October / 2018

How to take the stress out of moving house
20 June / 2018

Video: How to homestage your property to sell
4 April / 2018

How to know when it's time to put your home on the market
22 May / 2018

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Top 10 ways to add value to your garden
21 June / 2018

How to avoid buyer’s remorse
19 November / 2018

What are the 10 biggest turn-offs for home buyers?
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Splashing Out: Bathroom Bliss
18 October / 2018

For sale: Five of the best gorgeous gardens
18 October / 2018

What to avoid when buying a property for the first time
26 October / 2018

Which room convinces you to buy?
9 August / 2018

VIDEO: Top tips to renovate a property
4 July / 2018

Video: How to turn your homes weaknesses into strengths
21 June / 2018

Video: How to know when it's time to sell your home
24 May / 2018

How to upgrade your home for less
24 April / 2018

Video: How to spot an overpriced home
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Video: Upsizing in 2018
6 April / 2018

Renovating a derelict home
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Video: Sell Your Home Through the Modern Method of Auction
21 June / 2018

Government sets eyes on AML violations in the property industry
1 November / 2018

The Guild comments on the Autumn Budget
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The Guild launch event in Northern Ireland a huge success
27 September / 2018

An interview with Wilsons Auctions
21 September / 2018

Competition: Win a luxury hamper from Regency Hampers
15 September / 2018

The Guild expands to Northern Ireland
4 September / 2018

The Guild launches in Northern Ireland
29 June / 2018

Win a birthday cake to celebrate The Guild’s 25th anniversary
22 June / 2018

The Guild's reaction to the Spring Statement 2018
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Spring Statement wish list
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Video: Can your garden add value to your property?
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How to save a deposit for your first home

blog cover image

How to save a deposit for your first home

Property The Guild of Professional Estate Agents 25th November 2016

The bottom line of raising a deposit is that you need to save money! Here are some top tips to help start you on your campaign to turn your pennies into pounds:

·         With a realistic monthly saving plan, you can rest assured you have started the wheels in motion – there is a lot to be said for initiating the ‘saving’! A deposit can seem like a daunting figure, so taking it month by month will take some of the pressure off. Even if you aren’t sure how much you will ultimately need, you can always begin saving.  

·         There are plenty of free online budget templates you can download which will help you to assess your finances. As well as fixed monthly costs, such as bills, you would be surprised how much you spend on seemingly small items. Start this process by reviewing your previous months spend to avoid forgetting or being too optimistic.

·         Avoid overestimating the amount you can set aside each month. Settle on a minimum figure and, if you have an extra good month, you can always transfer some extra pounds into your savings account. Trying to save too much is likely to put you off and leave you feeling disappointed.

·         Before you choose an account, do some research as interest rates can vary. Since saving for a deposit is a long-term goal, it may be that an account which gives you better interest rates, but does not allow you instant access is more appropriate. Take your time working this out as it’s important to make your money work hard for you! Remember that a savings account is not for life: periodically assess whether moving your savings could be more beneficial.

·         Take the chore of transferring out of your life and transfer the money automatically with a standing order or direct debit. This stop you from thinking, hesitating or reallocating those funds.

·         Your family and friends will understand your goal – so ask them for support. Find cheaper midweek deals to meet with friends and swap dinners out for a nice meal in. 

Saving can be a struggle; often, the first few months are your best as you are focused and dedicated. Since this is a long-term plan, you may need to find ways to reinvigorate your savings at varying points, but also remember there are times to give yourself a break as long as you continue to save your minimum amount.