Saving tens of thousands for a house deposit feels impossible when you're paying rent. But with the right strategies, you can dramatically accelerate your savings. Here's how.
Strategy 1: Reduce Your Biggest Expense (Housing)
The fastest way to save is cutting your current housing cost:
- Move back home: If parents allow, save your entire rent
- Get a housemate: Split rent and bills
- Move somewhere cheaper: Temporarily sacrifice location for savings
- Rent a room: Cheaper than a whole flat
ℹ️ The Numbers
£800/month rent saved = £9,600/year In 3 years: £28,800 just from rent savings
Strategy 2: Maximise Free Money
- Lifetime ISA: 25% bonus on up to £4,000/year
- Employer match: If your employer matches savings, take it
- Help from family: Gifted deposits are common—ask if possible
Strategy 3: Increase Income
- Ask for a raise: Worst they can say is no
- Change jobs: Switching often pays more than staying
- Side hustle: Dedicate all side income to deposit
- Overtime: Take every opportunity
- Sell items: Declutter and convert to cash
Calculate Your Savings Timeline
Use our savings goal calculator to see when you'll reach your deposit target.
Strategy 4: Cut Expenses Ruthlessly
This is temporary. Sacrifice now for your future home:
- Cancel subscriptions you can live without
- Cook at home—meal prep to avoid takeaway temptation
- No new clothes (unless essential)
- Free entertainment (parks, library, free events)
- Cheaper phone plan
- No expensive holidays (day trips instead)
Strategy 5: Automate and Forget
- Set up automatic transfer on payday
- Move deposit savings to separate account (preferably LISA)
- Live on what's left
- Increase amount whenever income increases
Strategy 6: Save Windfalls
Any unexpected money goes straight to deposit:
- Tax refunds
- Work bonuses
- Birthday/Christmas money
- Inheritance
- Competition winnings
Realistic Timelines
For a £25,000 deposit:
- £500/month: 4 years 2 months
- £750/month: 2 years 9 months
- £1,000/month: 2 years 1 month
- £1,500/month: 1 year 5 months
About iBudget
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