It’s easier said than done, we know.

Look, we all know that we should be saving, but the best will in the world doesn’t mean anything if we don’t put it into practice! But how do you start?

Here are some handy starting points to get your deposit journey show on the road… and avoid as many pitfalls as possible.

1. Get the house in order (to get the actual house)

It’s back to old school pen and paper time. Just like Business Studies in school, make a note of your outgoings and incomings and see where you’re at. Be brutally honest with yourself and go through your last few bank statements to see where the money is going every month.

2. This might hurt a little…

Once you’ve got a clear picture in your head of your cashflow, think about your outgoings to see what can be funnelled into savings instead. This is the sore bit. See where you can save, lie back and think of the dream house as you cross the daily latte off the spending list.

3. A savings diet

One interesting exercise is trying to go a whole day without spending any money and see how you go. Packed lunch and on the bike! Before you buy anything, think about why and how you’re shopping. Do you really need this item? Give yourself a cooling off period and see if you still want it after a few days. All of these experiments will make you reassess your relationship with spending and money.

4. Start a proper savings account

Open a separate savings account – out of sight, out of mind. Make it more real. Add a notice period for withdrawal, so you won’t be tempted to transfer cash the week before payday and dip into your nest egg.

5. Get more direct

Best saving tip… make sure you pay yourself first! Set up a direct debit for payday. You won’t know the money is gone! Okay, you will, but it’s the simplest way to reduce the pain factor. It’s like ripping off that plaster… the sooner it’s done, the better.

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