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Saving for a House Whilst at University

Saving money when you're studying at university can be tricky, especially if you’re renting a house at the same time. If you're sensible with your money and save when you can by sticking to a budget, you will soon see your deposit build up.

This post will highlight the simple ways you can build up your savings for your house deposit, from splitting living costs with other people to taking advantage of government deposit boosting schemes.

1. Work Out What You Can Afford

Do some research to figure out what you can afford to save based on your incomings, outgoings and how much deposit you’re aiming to save. You don’t want to be saving most of your paycheck for your deposit, then being left with not much money to live off for the rest of the month.

Set a realistic savings target and put away a bit of money each month to start off your savings. If you get given money at birthdays or Christmas, you should make sure you save a bit of it to top your savings up when you can.

2. House Share

Living with other people is a good way to split the cost of every outgoing including rent, gas and electricity bills and even food shopping if you can. Typically, the more people you live with, the cheaper your rent and bills should be. It’s not ideal to live with a lot of people, but it’ll be temporary and will help you to save the most money you can on living costs.

You should also compare providers for gas, electricity and internet to make sure you’re not overpaying for these outgoings. This way you will be saving the most money you can on your living costs.

3. Get Help from Government Schemes

You should take full advantage of the government schemes that are on offer. The Help to Buy: ISA will help you to reach your house deposit by topping up your savings by up to £3,000. Unlike student loans, you won’t have to pay this government bonus back.

You have to open the account with £1,600 and you can save up to £200 a month in the ISA with the minimum amount you can save being £400. It could be a good idea to open your ISA at the beginning of your studies to help build up your savings. The deadline for opening your Help to Buy ISA is November 2019.

4. Factor in Additional Costs

Whilst the deposit will be the biggest cost when saving for a house, you should also remember to factor in additional costs that come with buying a house. Extra services such as conveyancing fees, property survey costs, and removal company prices will have to be included in your moving house budget.

Most of these additional costs won’t have to be paid until you’ve found a house you want to buy, but it’s always beneficial to factor them in your budget so you know a rough idea of what to expect.

5. Pick Up Extra Shifts

Pick up extra shifts in your job if you have a day off university or if you're not studying for an exam. Your studies should be the priority, but if you have spare time make yourself available to cover someone’s shift. There are a number of jobs suitable for students and depending on the type of job, you could even bring some of your textbooks to read if it’s quiet.

Doing online surveys is another way to earn some extra cash when you have a minute free. Your online wallet will soon build up and you should transfer this cash into your deposit savings when it gets to a decent amount. Try https://www.peopleforresearch.co.uk/

Something as simple as selling your unwanted items on sites like eBay will also help to boost your savings.

6. Cut Down on Everyday Spending

Whilst buying a £3 coffee may not seem a big purchase, if you do this most days, it will soon add up and become an expensive monthly outgoing. By taking your own coffee in a flask to university, you will save a huge amount that will give you more money to put in your savings.

Whilst it's important to treat yourself sometimes, if you keep buying lunch and a coffee every day, this will soon add up. Think carefully about your food shop and buy ingredients that you can use to make a packed lunch for the weekdays.

Saving for a house deposit when you’re in university doesn’t have to be difficult. If you stick to a budget and make a realistic savings plan, you will soon start to see your house deposit grow.

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