How to Save for a House Deposit (and Still Have a Life!)
Saving for a house deposit can feel like an uphill battle — especially when you’re also trying to enjoy life, pay bills, and maybe even sneak in a holiday or two. But with a clear plan and the right habits, you can make steady progress toward your homeownership goals without giving up everything you love. Here’s how to do it.
1. Set a Realistic Target
Start by finding out how much you’ll actually need to save. Generally, most lenders require a minimum 5–10% deposit, though a larger one (15–20%) can give you access to better mortgage rates.
For example, if you’re buying a £250,000 home in Kent:
5% deposit = £12,500
10% deposit = £25,000
It’s also wise to budget for additional costs such as solicitor fees, surveys, and moving expenses.
2. Know Where Your Money Is Going
Before you can save effectively, you need to understand your spending. Track your income and expenses for a month — use budgeting apps like Emma, Money Dashboard, or Monzo to see where your money really goes. OR you can track your spending using an Excel spreadsheet.
Once you can see the bigger picture, identify areas to trim back — even small savings (like cutting one takeaway coffee a day) can add up to hundreds over a year.
3. Automate Your Savings
Treat saving like a bill. Set up a direct debit or standing order to move money into a dedicated ‘House Deposit Fund’ right after payday. That way, you’re saving first and spending what’s left, rather than the other way around.
Tip: Look for high-interest savings accounts or Lifetime ISAs, which offer government bonuses of up to 25% on your savings if you’re buying your first home.
4. Don’t Cut All the Fun
You don’t have to live on beans on toast to buy a home. Create a budget that includes a ‘fun fund’ — an amount you can guilt-free spend on socialising, hobbies, or travel. When you allow yourself small rewards, you’re more likely to stick with your long-term savings plan.
5. Find Ways to Boost Your Income
If saving feels slow, consider increasing your income. This could mean:
Selling unwanted items online.
Taking on freelance or weekend work.
Asking for a pay review if you’ve been in your role for a while.
Using cashback and reward schemes for everyday spending.
Even small boosts can help your deposit grow faster.
6. Get Professional Guidance Early
Talking to an independent mortgage broker (like us here at Keevelia Mortgage Solutions) can give you a clear picture of what’s achievable. We can:
Estimate how much you could borrow.
Advise how different deposit amounts affect your options.
Help you understand which lenders best suit your situation.
Advise on what we can use towards your income.
Knowing your affordability early helps you set realistic goals — and might motivate you to reach them faster!
Final Thoughts
Saving for a house deposit doesn’t have to mean sacrificing your lifestyle. With a clear plan, consistency, and a few smart habits, you can build your deposit while still enjoying life along the way.
If you’re starting your homeownership journey and want friendly, expert advice, get in touch with Keevelia Mortgage Solutions. We’ll help you explore your options and make your dream of owning a home in Kent a reality.
Our no nonsense advice - saving for a deposit is hard, and if you aren’t lucky enough to be gifted a deposit you will feel the hardships of this along side the pitfalls of the current economic climate, the cost of living crisis and all the costs of life. However, it is never impossible, keeping your goal in the forefront of your mind and watching the savings pot building up can help to motivate you to keep pushing.
✅ Tip: Even if you’re not ready to buy yet, speaking to a broker early can help you save more strategically and avoid surprises when the time comes.
