Helping your loved one get a deposit large enough to buy a home can take time and effort. If you don’t have a lump sum readily available you may be able to help and encourage them with their savings.
Making sure that every penny your loved one earns is being used to the best of its ability is crucial.
They should take the time to look at their outgoings against what they earn and find areas where they can cut back and save extra cash.
It may sound hard to do but make sure they’re being realistic, allowing themselves some budget to cover unexpected costs and the occasional treat or night out.
But they can also save money without having to cut back. Encourage them to regularly check how much they’re paying for utilities such gas and electric, broadband, home and car insurances and mobile phone contracts. Don’t forget to take a look at any subscription services they might pay for.
They can use our budget calculator to help work all this out.
Find out how much they have saved already and their plan to reach their savings goal
Take a look at local properties to get an idea of typical costs