A first time home owner has explained that she used a nifty trick to help her save up enough money to buy a house at the age of 27.
Theresa Makombe used the 50-30-20 method to tuck away a whopping £22,000.
Using the technique she saved a huge £800 a month every month for two years.
So, how do you follow the 50-30-20 method?
Theresa told The Sun she'd split her salary each month – with 50% going on bills and expenses, 30% on holidays and 20% into her savings.
She used a spreadsheet to log what she spent and what she saved.
And, in time, she managed to get together a 15% deposit for a £146,000 three bed house in Leeds!
What an achievement.
While saving up for the house, Theresa lived rent-free at her family home which is something not everyone can do.
But, if you’re able to apply the 50-30-20 rules to your finances then you should be able to save up a decent chunk by sacrificing some other luxuries.
If the technique wont’t work for you then why not try this technique which could bag you £1,500 in a year.
Website Apartment Therapy suggests that hopeful savers put aside a small amount each day which will grow into a healthy savings pot.
The idea states that you should put aside £1 on Sundays, £2 on Mondays and £3 on Tuesdays and so on until you’re saving £7 on a Saturday.
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That’s a weekly total of £28 which will give you yearly savings of £1,456!
While many prefer to keep their cash in a jar or similar container it’s suggested that the best way to save is to pop the money into a savings account – especially as it could boost your savings.
So, if you’re looking to be more financially responsible this year then this could be the trick for you!
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