If your planning on saving a deposit to buy a new home, then we’ve got some top tips on how to get started with your savings.

Make sure you understand your finances

Are you starting with nothing? Do you already have some savings? It’s a good idea to dedicate some time to go through all your accounts, and understand how much or whether or not you’re in any debt.  If you’re saving with a partner, sit down together and assess both of your accounts so you know where you’re both starting from.

Be sure to check all your accounts, including current account, credit cards and savings accounts. You may have accounts you’ve forgotten about or inactive accounts, so make sure you cancel those.

Once you’ve got to grips with your finances, it’ll make it easier to plan your savings.


Open a savings account

Although it may seem obvious, having a separate account to put your savings in can help differentiate what you can spend, and what you’re saving each month.

Opening a Lifetime ISA could be really helpful in giving you a helping hand with your savings. Not only is it a specific savings account dedicated to your deposit, but the Government also boost your savings with a percentage of the amount you've saved. You can put up to £4,000 a year in your ISA, and if you use the ISA to its full potential, you can receive a maximum of £1,000 (25%) a year from the government.