If you can, moving in with family may be a way to save on rent costs. A temporary move into your parents, for example, could mean you are able to save the money usually spent on rent.
If you’re saving in a current account, you may not get much interest. A savings account might offer a better return as you build up your deposit.
While you’re saving up, you may need to cut back in other areas, like takeaways or buying new clothes. Don’t cut off everything you like doing, but a few quiet months may help you to save more.
Check your spending and look for anything you could do without. For example, you might spend more than you think on eating out or want to swap to a cheaper supermarket.
Loyalty cards may reduce your grocery bills, while doing a weekly online shop can cut out impulse buys.
If you’re able (and willing), getting a joint mortgage with a partner will mean you can save for a deposit together.
This mortgage scheme aims to give buyers the chance to get on the housing ladder with a 5% deposit.