Are you saving for your first home? That new car you’ve had your eye on? Or maybe your dream wedding? No matter what you’re saving for, we can help you get there with some quick and simple tips.
Saving to buy your first home
This will be one of the biggest buys of your life – it might take a while to get there, but it’ll be so worth it when you move in.
The most important thing to save for is the mortgage deposit, which is usually at least 10–15% of the house or flat’s value.
Our top three tips to help you save for your first home:
1. Create a savings account just for your mortgage deposit savings. As well as making it really easy to see exactly how you’re getting on, it means you’re less likely to dip into it if you’re running low one month
2. Get into the habit of putting aside some of your salary every month. Regular savings can quickly add up – for example, £200 a month for 5 years will save you £12,000
3. Save any bonuses or gifts you might receive straight into your house fund – lump sums will give your regular savings a boost
Switch on Jar Boosters in your Yolt app to super-charge your savings. Collect your change and pocket cashback from in-app offers, all stashed safely away in your Money Jar.
Saving for a new car
Whether you need your own wheels to get around, your family has outgrown your little three-door, or you’ve been saving for an upgrade, buying a car is a big thing.
Putting down a bigger deposit means you won’t have to pay as much in monthly repayments, so your savings could free up more money in the long run.
Our top three tips to help you save for your dream wheels:
1. Set a realistic target. Sure, putting down a 40% deposit would be incredible, but it’s probably not doable for most people. Aim for as much as you can and try to pay more than the minimum
2. If you’ve already got a car, think about how much you could sell it for. Even if it’s an old banger, you might be able to get cash for scrapping it – whatever you get can go towards your shiny new ride
3. Save a little bit more than you need. Having a bit extra means you might be able to treat yourself to those heated seats or that fancy sat nav – you could even use it for petrol or diesel when you roll out on your new wheels
Saving for your dream wedding
Getting hitched is another big life event and expense. With all that excitement and so many things to arrange, it can be hard to know exactly how much you’ll need to save.
Luckily, there are a few simple ways to help your big day pay off:
1. Set as many things in stone as early as you can. You might find early-bird deals for booking things in advance, plus agreeing on things like the date, venue and guestlist can help keep costs down
2. Work with a professional wedding planner to help you stay on budget and get the wedding you want, without the stress
3. Share the load. With two people saving, your wedding fund will grow much faster. Make it fair by working out your regular savings as a percentage of your salary
The power of Goals
You don’t need to fiddle about with spreadsheets and lists – set up a saving Goal in the Yolt app and use Jar Boosters like The Round Up and The Cashback Collector to help you smash your target.
Want some practical tips on how to reach your savings Goal? Here are some things you can do every day, week and month to reach your money goals this year.