12 Smart Ways to Save Over £7,000 Towards Your House Deposit During National Savings Week

In light of National Savings week (9th - 15th September) we thought it would be the perfect opportunity to revisit some  fancial strategies to help you discover new ways to boost your savings. For many first-time buyers, saving for a house deposit can seem like a daunting task, So we’ve compiled 12 savvy tips that could help you save an impressive £7,130 towards your deposit. While not every suggestion may fit your lifestyle, even implementing a few of these could make a significant difference in your savings journey.

** Please note: The savings mentioned are potential estimates and may vary on individual circumstances. These tips are provided for informational purposes and are not guaranteed to produce the same results for everyone. 

1. Work From Home Twice a Week 
By cutting down on commuting just two days a week, you could save up to **£1,006 annually**. Those small savings on fuel, public transport, or daily coffee runs can quickly add up.

2. Open a Lifetime ISA
For those who qualify, a Lifetime ISA is a great way to boost your deposit savings. The government will contribute a  25% bonus on your savings, with the potential to earn an additional £1,000 per year.

3. Switch Bank Accounts
Many banks offer attractive incentives for switching current accounts, with some offering up to £1,000. This can be a quick and simple way to earn extra money without any additional effort.

4. Cut Dining Out in Half
Reducing how often you eat out could save you £610 a year. Consider cooking at home more frequently and reserving dining out for special occasions.

5. Start a Dog Walking Service
If you’re a dog owner, consider starting a rotating dog walking service with your neighbours. It’s not only a great way to get some exercise but could also help you potentially save £585 a year on dog walking fees. 

6. Switch to Non-Branded Groceries
Switching from branded products to non-branded alternatives can reduce your grocery bill by up to £538 annually without compromising on quality.

7. Sell Unused Items
Decluttering your home not only frees up space but can also add to your savings. Selling unused or unwanted items on sites such as Vinted and Facebook MarketPlace could make you an extra £341.

8. Switch to a SIM-Only Phone Plan
Moving to a SIM-only mobile plan can save you up to £321 a year. It’s a simple change that can significantly lower your monthly bills.

9. Make Packed Lunches
Bringing your own lunch to work instead of buying it can save you £320 annually. Prepare meals in advance to avoid the temptation of buying lunch out.

10. Use Cashback Websites
By making your purchases through cashback websites, you could earn an extra £300 a year. From groceries to clothing, many websites offer cash back on everyday items.

11. Pay Car Insurance Annually
Instead of spreading car insurance payments across the year, pay annually and save £59. While the upfront cost is higher, it can be a more cost-effective option over time.

12. Install a Free Smart Meter
Smart meters are available for free and can help you track your energy usage more accurately. You could save around £50 per year by becoming more energy efficient.

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Saving for a house deposit can feel like an uphill battle, but by adopting a few of these smart strategies, you’ll be on your way to building up your deposit faster than you think. At James Anderson, we understand how important that first step onto the property ladder is, and we’re here to help guide you every step of the way.