Money Saving Tips for Getting on to the Property Ladder


I’m by no means a financial expert, however I do understand the struggle of young millennials getting on to the property ladder. Everyone’s striving to own his or her own house or flat but how realistic is it on a messily average wage of £27,000? Let’s face it, unless your parents are going to give you mighty generous lump sum of money for a deposit, how else are you meant to save money? Especially as 30% of Londoners (aged 18-40) don’t save any money from their salaries whatsoever, whilst 23% of Londoners have given up all together and never expect to afford a deposit for a home.

I want to share a few money saving tips I have picked up over the past decade. I can’t guarantee it’ll get you a deposit but it will definitely set you on the correct path…

Savings Account with Limited Access

It’s safe to say that we all have bank accounts but how many of you have separate savings accounts? There are millions of saving accounts available, which I’m sure your local financial advisor would be happy to assist you with. However the best way I have managed to save money over the past decade is with a savings account I have limited access to. I would avoid opening accounts such as easy ISA’s because they come with a debit card, meaning you can withdraw funds from it anytime you want. Online accounts work best for me because I still have access to my money incase of emergencies but not instant access, which stops me from dipping my hands into it unnecessarily. If you want to go one step further, try a fixed bond, meaning you can’t access your money for a number years (a guaranteed method of saving up a large sum of money).

Meal Planning

This tip may sound a little odd at first but let’s think about how much money we waste on takeaway meals each month. I spoke to my friend recently and after analysing her monthly bank statement, she realised she spent over £600 on food! Not supermarket food, this was purely on restaurants and delivery services alone! Crazy! And this is definitely more common than you think. Making a conscious decision to eliminate all non home-cooked food from your lifestyle will surprisingly save you a hell of a lot of money. No more restaurants and no more delivery services means not only will you have to cook your own food but most importantly you will have to plan it. Creating meal plans helps you to use up what you already have laying about in your fridge and cupboards. It also saves you from getting carried away whilst food shopping and makes you stick to a strict shopping list. I know this is easier said than done, I’ve been guilty of planning my weekly meals and still ended up ordering a deliveroo towards the end of the week. This definitely requires strong will power and determination but the results are worth it.

Create a Second Income

In today’s fast paced society, having one income is simply not enough anymore. With inflation on the rise every year and the wages not increasing at the same speed, living on one income won’t allow you save a sufficient amount of money. Creating a second income no longer has to be getting a part-time job at Starbucks or McDonalds on the weekends; the online community has a world of opportunities right at your fingertips. The best way to do this is to offer your services to people who need it. Turn your hobbies into a second income e.g photography, artwork, videography or extend your full time job into a second income e.g. graphic design, web design, SEO, hairdressing etc. There’s so many ways to earn extra money these days and there’s tons of websites to help too such as Upwork, Freelancer, Peopleperhour.

Move Back Home

I know this will be a controversial tip, one that many of you won’t like the sound of but let’s think about this logically, do you really need to be living alone? In my opinion there’s only two reasons why any young adult should be living alone a) if you’re in a committed relationship and you and your partner need privacy b) if your family home is miles away from your job, so you need to live close to your office. If you don’t fall under either of these categories and you live alone I strongly urge you to consider moving back home. There’s no shame in living with your parents in your 30’s/40’s, in-fact out of all the tips I’ve listed, this is probably the best one for saving large amounts of your monthly salary. With property prices in London going through the roof, this is the best way to save up for a deposit. If you’re frugal enough with no rent to pay, limited bills and no careless spending you could end up saving up to 75% of your monthly income.

Last but not least I want to share an amazing opportunity for you to save enough money for a deposit on a property in the short space of one year. How you ask? Studio B (a new digital banking space) are giving away a beautifully furnished modern one bedroom flat on Kensington Church Street, just 5 minutes’ walk from High Street Kensington Tube station and the Studio B store. The flat is situated on the top floor of a period building with stunning views over the Kensington area.  Accommodation comprises double bedroom with built in wardrobes, reception room, fully fitted open plan kitchen, family bathroom and a separate utility room. Added benefits include great storage space, wooden floors in the reception room and great natural light.

You’ll be able to live here rent free for an entire year, meaning you’ll get a chance to save up your salary for a deposit on a property. Best of all Studio B are going to match anything you save up to £2,000 per month. Which means you have the potential of saving up to £4,000 per month = a total of £48,000. Definitely enough money for a nice deposit!

To be in with a chance of winning this flat, all you have to do is head down to the Studio B store on High Street Kensington on Thursday 27th April between 7am -10am. The competition will consist of a general-knowledge question round, followed by some practical challenges including cooking, gardening and DIY. All entrants must be 18 years or older, have the right to live and work in the UK and must be able to move into the property on May 27th, 2017 for 12 months. For full competition terms and conditions, visit:

Good Luck!

*This post is in collaboration with Studio B.
  • Jane Fitfabfun

    These are great tips! Thanks for sharing!
    xo, Jane

  • Violette

    Great tips! Thank you so much for sharing!

  • SofiaaDot

    I always try to make food at home and not buy it as it’s always soooo expensive! Great tips!

    xx Sofia | SOFIAADOT

  • Esther

    Great tips. The younger you start the easier it is.
    Have a nice week. Love, Esther

  • Magda

    Great tips, thanks for sharing!