Disclosure: collaborative post

Homeownership is something many people aspire to, but it is not easy to get on the property ladder. Would be home-owners need higher deposits than ever and with rising rent and cost of living expenses, it is becoming harder and harder to save for that dream home. If you are hoping to own your own home one day consider some of these helpful hints to help you save the deposit you need. 

Do your maths

Firstly you will need to know exactly how much money you need to save, or as close a figure as you can guestimate. Start by researching the housing market and determining the average cost of houses you will be looking at and remember to be realistic. Once you have a good idea of how much your potential home will cost you will need to work out how much deposit you could realistically save, bearing in mind it will need to be at least 10%, if not more, plus the additional amounts you may need for buying fees. 

You will also need to assess how much a mortgage provider will be prepared to lend you and what monthly repayment figures are realistic. You will need to consider factors such as your credit rating, outstanding debts and liabilities and your income. A bad credit rating may not automatically preclude you from obtaining a mortgage but you will need to look into bad credit mortgages and how this might affect the monthly repayments you will need to make. Being fully aware of all of the facts and figures is the most important step when preparing to buy a home so make sure you thoroughly research your options and requirements. 

Start saving

Once you know the figures you are working with you will be better placed to implement a savings plan and living allowances. Here are some ways you can start to save your money;

Cut out a bad or unnecessary habit; Do you indulge in a daily latte? Lunch out a few times a week? Or perhaps you have a shoe collection that is growing out of control. Where you can try to cut these unnecessary expenses and put the money aside into your savings pot. You will be surprised how quickly it can add up. 

Forgo a holiday; Everybody loves a holiday but it can be a costly affair and if you have your sights set on your own home then would skipping one holiday really be a deal-breaker? If you cannot bring yourself to forgo your holiday then consider adjusting the budget and opting for something a little less expensive. 

Move-in with family; this may not be ideal but one of the best ways to lower your expenditure is to cut down your rent. If it is a viable option consider whether you could move back in with parents or extended family to help keep your expenses down. 

Ask for a raise; it might be a little uncomfortable but if you don’t ask you don’t get it. Consider if the timing is right within your workplace and be fully prepared to justify your increase in pay, be sure to show how and why you have earned it.