I saved £25,000 in just one year so I could buy a house – here’s how you can too with my easy tips
A MUM who saved £25,000 in one year and bought her first home by the age of 25 has shared her money-saving tips. Rebecca, who regularly shares advice on her YouTube channel Rebecca Home, shared the simple changes you can make to build up your savings. From only using cash to changing the way you […]
A MUM who saved £25,000 in one year and bought her first home by the age of 25 has shared her money-saving tips.
Rebecca, who regularly shares advice on her YouTube channel Rebecca Home, shared the simple changes you can make to build up your savings.
From only using cash to changing the way you rent, we share Rebecca’s tips that could get you on the property ladder by this time next year.
Rent a room not a flat
Rebecca explains: “If you are able to, move in with a family member and save on rent.
If you can’t move in with your family, I would suggest renting a room. If you rent a flat you have to take care of all the bills.
You should continue to save the money as if you were paying the rent, do you don’t notice the change but you’re saving at the same time.
Set up direct debits
I set up a direct debit that went from my account when I got paid, straight to another savings account.
The reason I did this was because I then wouldn’t spend that money, and I wouldn’t notice that money.
Sell things you don’t need
I sold my car, I had a Mini that I didn’t really need and it cost a lot to run so I sold it for £2,000.
It gave me a starter that I could build upon.
Pick up extra work
I used to do babysitting on a Saturday night, it was never much money but it all adds up and it’s one of the easiest jobs ever.
Treat days out as presents
Instead of birthday gifts my partner and I would buy each other things we could go and do rather than spend that money.
Buy second hand
If you spend a lot of money on clothes like I did, buy them second hand on eBay or in charity shops.
Or ask friends or sisters to borrow clothes when you’re going out.
Take cash out
At the beginning of the week I would draw out £50 and I would have that as my spending money for the week.
This is a really good way of watching what you’re spending because you can see it.
Make a shopping list
Write a shopping list of exactly what you need and try and go for cheaper meals if you can.
You’ll find you’re spending far less because you’re not putting any old thing into the trolley.
Save your change
Anything you have left over at the end of the week, just pop it in your savings jar.
Myself and my partner became quite competitive and ended up saving £700 simply by doing that.”