8 Easy Money Saving Tips for First Time Buyers

So last month we swapped spending sprees for saving every spare penny with the hope of being ready to buy our first home in time for September. Though it does mean no more NewLook Hauls and I’ve had to really hold back on treating myself to the latest beauty must haves, I know it will be absolutely worth it. I am so proud of how well we have done already. I thought I would share how we saved over £1,000 last month by following these super easy Money Saving Tips.

SAMSUNG CSC
SAMSUNG CSC
  1. Know your Money. The first thing we did was sit down and work out our monthly expenses compared to our income. This way we were able to work out exactly how much we had to play with and make a list of the things we could cut back on.
  2.  Open a Help to Buy Savings Account. In January we each opened a NatWest Help to Buy ISA. You can open one with up to £1,200 and then for every month you add £200, the government will pay an extra £50 to your fund and who are we to say no to free money?!
  3. Have a Back Up Fund. As well as our Help to Buy ISA’s we have a joint savings account where we have been putting 15% of each of our wages in to. We know we can access this if we have any surprise / emergency outgoing payments we have to make, but at the same time we are building quite a healthy pot of savings as we go.
  4. Cut Back on Luxuries. Saving money doesn’t mean you have to cut back on everything you love to do, however you do have to be willing to make some sacrifices.  We love to go to the cinema and we pay around £15 each, each month for our unlimited cineworld cards so that we can go and catch a movie whenever we want to without having to worry about the cost. This wasn’t something we were willing to give up. Instead, we swapped our weekly takeaways for a monthly trip to our favourite restaurant which is on the same complex as the cinema (perfect date night combo right there) and this has saved us around £60 in January.
  5. Small Changes = Big Savings You don’t have to make huge changes to start saving money. Small changes such as swapping your shampoo brand or taking a reusable bag when you pop to the shops rather than paying for one will soon start to make a difference. I have started walking home from work instead of getting the bus three times a week which has saved me around £45 this last month.
  6. Spare change. At the end of each Friday , I’ve taken to emptying my purse of any spare change / small notes and popping them into our little pot of dreams piggy bank.  I tend to put around £6.50 in each week and so throughout January I saved around £32.50.
  7. Look out for REAL bargains. Okay so, this one sounds really easy. Look out for the discount labels and just buy the discounts right? Wrong. Super markets are very good at making us part with our hard earned pennies by making us think we are getting good deal. When shopping for food, make sure you compare the price and size of your favourite foods to other brands. If both brands make the same thing and one costs £1 for 100g and the other costs £1.50 for 500g then you know you’re getting more value for money and making a saving. Also seek out the stores discount / past sell by date sections. More often than not, you’ll be able to find your dinner for that night for under £3*.
  8. Don’t Impulse Buy. It’s safe to say that both Mr & I are impulse buyers. We see something, we want it, we buy it. Anything from a Dairy Milk at the counter to to that absolutely gorgeous pair of shoes that I absolutely need and definitely will wear for longer than an hour at a party one day in the future – I promise.  This year we are really working on stopping and thinking ‘Do we really need it?’.  Nine times out of ten the answer is no and immediately we are saving money we would have otherwise spent. I’ve even started transferring the cost of the items into our joint account and adding it to our savings pot!

 

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Comments

  1. These are some great tips, very useful also for a student like myself! Excellent post! X

    1. ami elizabeth says:

      Thanks Shannon, fingers crossed we’ll reach our September goal. Good luck with saving! :)

  2. The help to buy ISA sounds a great deal, you can’t get a decent rate on savings anywhere so this gives you money for nothing – perfect !

    1. ami elizabeth says:

      It really does and even though you can dip into it, you know that if you do you won’t get the extra so it makes you stick to saving. :)

  3. This is such a great post! Well done one saving over £1,000 pounds in just a month. I will have to look in to NATWEST what a brilliant saving account, and yes who doesn’t want free money? Great blog!

    Celia x

    http://www.brandobeauty.uk

    1. ami elizabeth says:

      Thank you! I think this month is going to be a bit tight – I’m already counting down to pay day but fingers crossed we can at least match January. X

  4. Ninz says:

    This post was super helpful. I am so rubbish when it comes to saving but I recently open a serving account so I manage to put some money on a side each month.

    Ninz/ http://www.ninzbeauty.com

  5. These are fab tips. I am and have always been a super scrimper and saved every penny. I am doing now to save for medical reasons. these tips will be a gentle reminder to help me. Thanks Angela

    1. ami elizabeth says:

      Good luck with your savings goals Angela! I hope that my tips come in useful. :)

  6. Katy says:

    It’s amazing how all those small things add up, isn’t it? The Help to Buy ISA’s are a great idea, wish they’d been around when I was saving my house deposit! I hope you reach your goal soon :)

    1. ami elizabeth says:

      It really is. Mr didn’t believe that we could do it with his work being so unreliable lately but if you’re determined enough it’s possible. Fingers crossed for another successful savings month and being one step closer to our home of our own. X

  7. Sassy says:

    These are great tips! My partner and I are in the same boat and doing these things, it really makes a difference :)

    1. ami elizabeth says:

      Ah let me know how you get on! X

  8. Idaintyit says:

    Omg i love this post! we are saving for a bigger house and it is so tricky, im going to give some of these a try. I also didn’t know about the help to buy isa!

    1. ami elizabeth says:

      Aw thank you so much. Let me know how you get on? X

  9. There are so many great schemes available for first time buyers it’s just they are not very well publicised. You just need to get googling to find out what’s out there x

    1. ami elizabeth says:

      I need to look out for some more for sure! X

  10. Cliona says:

    Fantastic tips! I’ve really been thinking lately that I need to stop wasting money and see if I can put a little aside every week. Starting with bringing lunches to work :)

    1. ami elizabeth says:

      I tried taking lunches to work but I always just ate my lunch for breakfast and then bought lunch! Walking to work us helped a lot thought. It’s £3.50 each day I can pop over into our savings account :)

  11. These are some great tips and ones I should follow, especially the don’t impulse buy. Although we’re not saving for anything I’ve just started maternity leave so would be good to make some cut backs X

  12. Anosa says:

    These are truly great tips for saving money, I need to talk to my bank about that help to buy ISA as I can totally do that monthly too

  13. I am definitely an impulse buyer too but starting from next week I want to try and cut down!

  14. Viki says:

    Brilliant tips there. We have change pots all around, for silver and coppers separate. I also love looking in the reduced sections after a certain holiday to get some brilliant bargains.

  15. Ickle Pickle says:

    Great tips, and good luck with buying your own home. I bought my first home over twenty years ago – now I feel old! Kaz x

  16. Robyn says:

    Great work and lots of excellent tips here. It’s interesting how our approach to money can change when we have a big, specific goal to aim for isn’t it? We’re on a very strict budget while we’re a one-income family, and use many of the tips you recommend for keeping our spending under control. I hope we can keep it up once I go back to work and use the extra money for some worthwhile things instead of frittering it away! Good luck with your continued saving success :)

  17. Amanda says:

    Some great tips here. We can be bad for impulse buying and i find it helps if i do online shopping so i’m not temped by stuff there in the shop as i’m walking around. x

  18. Lorraine says:

    Well this was interesting and helpful to a money failure like me. I’m rubbish with money, you have some great tips here. Well done one saving so much! x

  19. Chloe says:

    These tips are so perfect and I absolutely adore that little money box. I really need to stop impulse buying! That is my weak spot. xx

    1. ami elizabeth says:

      Aw thank you, I got it at Tesco in the sale section this time last year. It’s pretty hey? It’s difficult in know, but once you see the money you would have spent building up you won’t look back!

  20. Steph Oakes says:

    These are fab tips and it’s great to see how small changes can make all the difference. We usually shop at Waitrose (as it’s our corner shop so to speak) but I recently did my big shop at Aldi and was amazed at the amount of money I saved! We also pop all our change into a big jar and I love seeing the pennies adding up x

  21. These are really great tips. We hope to be ‘first time buyers’ in the next few years and the thought of going for it all is both scary & exciting! Thanks so much for linking up with #MMWBH

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