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How to Save Money for a Deposit When Renting

Posted on Tuesday, February 22, 2022

How to Save Money for a Deposit When Renting

Want to buy, but still renting? Here is how to minimise the costs to save for that deposit.

Don’t worry we aren’t going to tell you to cancel your gym membership or Netflix subscription. But below are a few tips you can do to help save.

1. Downsize

It could be that moving to a smaller, cheaper house/flat from your current place would save a significant amount every month. It can also be wise to check to see if you are living in an expensive area than rather a cheaper area. For example renting in Newcastle-under-Lyme can be more costly than renting in say some areas of Stoke-on-Trent.

 2. Use what you’ve got

You probably won’t be able to sublet a room as part of your rental agreement, but there is no reason you can’t make the most of what your property affords. For example, if you have a parking space you don’t use why not rent it out on one of the apps such as ‘Just Park’ it’s especially good for Stoke Fans looking for somewhere close to park on a match day!

3. Make home a holiday

Whilst it’s easy to become obsessed with saving and denying yourself, you still need time off and a couple of treats, otherwise saving long term is likely to fall flat. So whilst holidays might be off the cards, there is no reason you can’t book time off work and enjoy yourself1 Stoke-on-Trent has many amazing things to visit. We especially love the Peak District which is great in those summer months.

4. Make your money work

Make sure you’ve got the best rate of interest in your savings, whether that’s a Help to Buy ISA or Lifetime ISA. You can only work so hard – your money needs to be working too.

5. Increase the income

Consider your skills, abilities and free time – it might be easy enough to get a delivery or cleaning job on the weekend, but if you are excellent at refurbishing furniture, identifying hidden gems in charity shops or making jewellery, then perhaps using your talents might be a better use of your time. There are lots of ways of getting further training and qualifications at great prices that will help you up the kob ladder. Think long term. Join any free courses you can, consider what will make you stand out.

6. Don’t lose focus

It’s easy to start out full of good intentions and energy, and you may find yourself saving a good chunk of money and feeling proud of yourself. But it’s easy to lose sight when the end doesn’t seem to get any nearer. Setting up direct debits into your savings is a good way to ensure you never miss the money. Most importantly, only look back to notice how far you’ve come.