Sometimes the hardest thing about buying a house is saving for the deposit on the mortgage. You may keep saving and find that house prices seem to go up faster than you can increase your savings pot and so you never seem to have enough to buy. This can make it almost feel like a hopeless task. However, there are things that you can do which could help.
It is much easier to get a deposit together if there is more than one of you saving towards it. If you were planning on buying on your own, then think whether it might be better to share the home with someone and therefore share the costs. This could be a family member or friend. It would be possible to take out a shared mortgage and then when one of you moves out, the other one can buy them out. It can sound complicated, but if you set it all up properly, perhaps with the help of a financial advisor, it can be pretty simple.
Another tip is to make sure that you are saving as much as you possibly can. Make sure that you are not paying too much for things by comparing prices and also see if you can cut down on your spending on luxury goods. If the mortgage means that much to you, then you should not mind going without holidays, new clothes, homewares or eating out for a while. Even making sure that you take your own lunch to work, rather than buying one, using the car less if you can and not wasting electricity can all add up. The more frugal that you are, the more money you will be able to save.
Make sure that you help yourself by putting money into your savings account as soon as you get paid. Most people would wait until the end of the month and then put it what is left. If you put a chunk in first, then you will be forced to budget harder and make sure that you do not overspend. You should end up saving more money this way and it should help you build up your deposit more quickly. You can calculate how much money you need to cover your essentials by looking back at old statements and then you will be able to keep that by and put the rest into the savings account.
It can be wise to find ways to earn extra money as well. There are many ways that you can do this form asking for a pay rise or more hours at work, doing a second job, freelancing, running a part time business or selling things. There are many options that you could consider and it is worth having a think as to whether you think that it is worth giving up some of your spare time to earning or making a bit more money. This could make quite a difference to your savings and so it depends on how much you want to save up the money as to whether you are prepared to do this or not.