Saving for your first deposit

This week we’re talking about saving up for your first deposit: how much you need to save, and how to make it happen. It’s not the sexiest topic of all time, but it’s important: because the sooner you get off the mark, the sooner the “snowball effect” kicks in and sets you on the track to real wealth through property.

We talk about:

• How to calculate exactly how much you need to save
• What percentage of your income it’s realistic to save
• Some easy tips to take saving money from a wish to a reality
• Where to keep your funds to get the best return while you’re still saving
• The rewards and compounding returns you can achieve one you’ve got started

For specific saving advice, we recommended:

• MoneySavingExpert.com for specific tips on just about every money-saving topic imaginable
• Moneystepper for a great mix of saving and investing topics
• Mr Money Mustache for an opinionated and pretty radical stance on cutting expenses

Rob B brought Arnold Schwarzenegger’s biography, Total Recall, to the Resource of the Week table as he’s been enjoying listening to the audiobook. Did you know that Arnie made his money in property before he was a bodybuilder or movie star? Nor did we, which is just another reason why you should pay attention to his inspirational story.

Pick it up on Amazon here

And our news story this week is all about downsizing – starting with the over 55s, but it’s a trend which applies to younger people too. It’s estimated that 47% of UK homes are under-occupied, and it seems that people are now trading down to free up cash and reduce running costs.