Published On: Sat, Nov 21st, 2020

Mortgage deposit: How to save money for a deposit on a house while renting | Personal Finance | Finance


Social budget

If you’re prone to treating yourself on pay day to new clothes, electronics, or furniture, you may want to reconsider this.

When saving for a deposit, it’s best to set a social budget to ensure you’re not spending too much.

The Offer of the Day experts explained: “When renting, there is a chance you will be living in built up areas, towns and urban cities, where the temptation to splurge on regular nights out (pre-Covid), takeaways and shopping sprees is all the more appealing.

“Try to set a social budget that can be used for treats, but make sure that savings are set aside on your individual pay days so you're not tempted to dip into them every time you're lured into a lavish spend.”

If you are saving with your partner, set a joint social budget.



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