personal finance

How to save money: From house deposit to holiday budget – expert advice to maximise funds

“I’d recommend doing a little research into your own financial situation to help you work out a rough figure to aim for.

“For example, three months’ worth of your usual living expenses could be a nice sum for an emergency fund. Once you have a figure in mind, it should be easier to steadily aim for it.”

How to save for a house

According to Atom’s research, one of the top reasons people save throughout the year is for a house and, with the average house price coming in at £277,000, it’s certainly no mean feat.

Claire said: “First things first, decide on your budget – not only the amount you could save for a deposit, but also the amount you could afford to spend on mortgage payments each month, to work out a clear budget for your future home.”

Once you have that figure in mind, cross-reference it with your current monthly income and expenses and work out the amount you can comfortably put aside each month to achieve your end goal.

Clare said: “It’s also a great idea to keep your savings account in a different bank from your current account to diffuse some of the temptation to dip into it.”


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