Threshold Mortgage Advice

7 spending habits to adopt if you’re saving a deposit for a new build property

It’s time to channel your inner Mr Krabbs. To help you save money for a New Build deposit in areas you might not have considered, we’ve listed our favourite savvy saver tips.

1) Cancel any memberships and free trials you don’t use

Free trials are tempting right? How many times have you signed up for a one month free trial, only to forget about it and end up forking out money for months? And the unused gym membership? Well the less said about that the better…

A quick way to check which trials and memberships you’re paying for is to look at your online banking. If you have a banking app, your direct debits should be visible as a list.

Look at each one and think about how much you need it and use it. If you could live without it, well, you know what to do…

And remember, if you do sign up for a free trial, take note of the end date and set an alarm on your phone to remind you to cancel.

2) Stop wasting food and only buy what you’re going to eat

If like many, you’re harbouring a lifeless lettuce in the back of your fridge, it might be time to change the way you shop. The weekly food shop can get monotonous, leading you to put things in your trolley out of habit or wishful thinking.

It’s easy to be tempted by enticing deals but before you buy, check the sell by dates and ask yourself if you’re really going to eat those 3 for 2 bags of salad in the next two days?

In the UK, we throw away 1.9 million tonnes of food and the worst thing about that statistic is that 250,000 tonnes of that food is still edible when thrown out.

Make the most out of what you buy and freeze any leftover items including fruit and vegetables which can be stored for up to three months.

3) Play the supermarkets off each other

If you’re still shopping in just one supermarket, what are you doing?!

In a bid for your business, supermarkets will offer incentives to new customers and current customers who haven’t shopped in a while, so don’t be afraid to be a shop hopper!

Vary your shopping habits and sign up with each of their rewards or points systems to maximise your voucher earnings. Even by just making an account with some online supermarkets, it’s possible to receive sizeable discounts.

4) Start a Whatsapp savings group

Having a group dedicated solely for saving is a great way to share tips, save money and have a laugh with friends.

Another way to make savings with friends is to take it in turns recommending each other as new customers.

Many online retailers, highstreet stores and supermarkets will reward both the friend and new customer with discounts and overtime this can amount to substantial savings.

5) Never buy anything without searching for a voucher or comparing it

Always search for vouchers online and compare the price elsewhere before making a decision about where you shop. If you’re doing this online it takes seconds.

Many in store magazines or promotional materials also include vouchers which can be used in exchange for free products. On your way into a store, always pick one up and have a quick flick to check whether you could reduce your total.

6) Reduce your bills

One of the most effective ways to cut down your costs and save for a mortgage deposit is to cut down your utility and broadband bills. If you’re pressed for time, you’ll be pleased to know that there are loads of comparison tools and services that can even do the switching for you.

6.5) Squeezing every last penny

  • Reduce your TV package. If you’re already paying for streaming services, do you need a TV package too? Freeview is, well… free
  • Install a smart thermostat to help you track gas usage
  • Turn your heating down – reducing your heat by just one degree could save up to £75 a year
  • Wash your clothes at a lower temperature – washing at 30 degrees rather than 40 degrees could save you £52 a year

7) Work out how much you may need for a deposit

The amount of deposit you may need to secure a mortgage will vary depending on your own circumstances and factors such as bad credit, your debt to income ratio and even the regularity of your income can all affect the size of your deposit.

Knowing how much you may need to save can help you understand how long you’ll be saving for and how much you may need to put away each month.

Our team have helped hundreds of first time buyers onto the property ladder and with their tailored advice and professional guidance, they could help you too.
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Your home may be repossessed if you do not keep up repayments on your mortgage.

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