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Savings for first deposit


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Hi Sebastian

You're in the right place, there are some very enthusiastic savers on this forum! I've found the biggest help to me is simply being aware of where the money is going, especially the little daily expenses; once you know where it is being spent you can change your habits accordingly. This sounds painful but I took the approach recommended by Pete Matthew in his Meaningful Money podcast and I documented every pound I spent for a month (using an app called Dollarbird, very straightforward, once you've set up your categories it takes just a couple of seconds to enter an expenditure on the go) It may seem extreme but the information I got out of it at the end allowed me to see exactly where the wastage was, how big it was without me even realising, and then changing my habits (I was spending nearly a grand on coffee each year!) You can also use the information gained as the basis for a budget going forward - I highly recommend YNAB (you need a budget) they have both a desktop and app version.

 

Also check out the following blog: http://thepropertyhub.net/?p=4165

 

By using the above, my savings rate has rocketed and I'm in total control of my money, a very good feeling I've never had before. Best of luck, keep us updated on the progress!

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