Saving for first home

L102

Please don't judge.
I am a rubbish saver but trying to get in to the routine of saving to maybe buy a house in the future.  Over the last 6 months myself and my husband have been getting in to a routine of saving £200each in to an ISA. This has now got me wanting to save more. I have been working out my own in and outgoings and after paying all my half of the house hold bills and car bills, petrol and food shopping. This does not include clothes. I should have £1000 left a month (this does includes the £200 a month that I am already saving). I have obviously not been careful with my money and must be spending it on God nos what. I have recently given up smoking too, so obviously a alot went on my bad habit of smoking which is stupid when i think about it. I think what I am trying to get at is now i have given up smoking I really would like to save between £500 and £800 of my money ideally £800. I know this is possible and can be done. So I would have around £200 a month £50 a week to basically spend on whatever for me and my teen daughter. What i am asking is How do I become a better saver? How have you become better savers and how do you stick to this and not give in to buying unessary things you dont actually need. I think lockdown is helping me think about my unessary spending on meal out etc. How do you stop the urges to buy something obviously if I didn't have the money I wouldn't buy it. I dont need to waste money.

steampowered

It sounds like you are starting to develop some good habits, so well done. The most important thing is to continue with that habit until it becomes second nature.

£200 each a month means saving £4.8k a year - that'll get you a deposit after a few years, or you can save more to get a deposit faster.

Try setting up a separate savings account, and a standing order to move money into that account straight after payday. Whatever goes into the savings account stays there. Whatever is left in the current account can be spent.

That way, you have to make a budget and stick with it, and you are only able to spend what you have left after saving.

If your savings goal is to buy a house, you could consider paying into Lifetime ISA. That way the government will top up your deposit. The money will be locked away until you buy a house or until retirement, which could be a good thing or bad thing depending on how you look at it !