How to Budget and Save for Your First Home

Before you start saving, it’s important to have a clear idea of what you’re working towards.

Alongside your deposit, there are other costs to consider, such as legal fees, surveys, moving costs and insurance. Having a full picture early on can help you plan realistically and avoid any surprises later.

Once you understand the costs, you can start putting a savings plan in place. Setting goals based on your income and monthly outgoings can make things feel more achievable, and even small, consistent contributions can build up over time.

It’s also worth keeping a little extra aside as a buffer, so you feel prepared for any unexpected costs along the way.

As you build your deposit, small changes can make a big difference.

Reviewing your day-to-day spending can help you find extra room to save, whether that’s switching providers, cutting back on non-essential costs or selling things you no longer need.

The key is finding a balance that works for you, so your plan feels realistic and something you can stick to. Saving for your first home shouldn’t feel overwhelming, it should feel like steady progress towards something exciting.

Saving for a deposit isn’t the only way to make buying your first home more achievable.

There are a range of schemes and mortgage options designed to support first-time buyers, from Shared Ownership to products that offer more flexibility around deposits.

Staying informed about what’s available, as well as any changes in the market, can help you make the most of the opportunities out there and choose an approach that works for you.