I’m 24 but have saved £20k for a house deposit – here’s exactly how I did it… I didn’t even break the bank either
A 24-YEAR-OLD has shared the exact method she used to save £20,000 in just two years.
Hannah Bevington plans to use her savings to buy her first home, and revealed that she didn’t even have to “break the bank” in order to save.
Taking to TikTok, Hannah revealed that in February 2022 she opened a LSIA, which is a lifetime ISA.
She said that the specific ISA she opened was a stocks and shares ISA, which you can put £333 a month in.
The savvy saver revealed that the government will top each deposit up with 25%, meaning that you will be getting £83 a month from the government.
“It’s essentially free money” she said.
In March 2022, Hannah said that she deposited £4000 into the account, and was then given £1000 (an added 25%) by the government.
Every month after that she added £333 into the account, until she had added £13,318, and the government had contributed £3000 on top.
This took her to £16,318 in total.
“You’re probably wondering where the remainder of the money has come from?”, she said.
“That has come from investing in the stock market”.
She explained that currently her investment is up 22.53% and added that technically she is not only making money off her own savings, but also off the money the government put in as well.
Hannah said: “I’m having a very good year with my investments, but it’s not always guaranteed that every year is going to be this good”.
She revealed that she hopes to encourage people of all ages to start investing, as “the earlier you start, the better the gains”.
Hannah’s video, which was posted under the username @hannahbevington, has likely left many people impressed, as it has racked up 420,000 views on the video sharing platform.
TikTok users raced to the video’s comments section to share their thoughts on Hannah’s tips.
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One person said: “Love this!!! Well done”
A second person said: “Good on you beautiful”.
A third person said: “As soon as I’ve shifted my credit card debt I plan to invest and I’ll go down this route to get started.”
A fourth person added: “You smashed it Hannah – well done”.
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