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Small changes that make a big difference when saving for a deposit for a house

Updated: Apr 5, 2023

One of the biggest hurdles when buying a house is getting the money together for a deposit. It can help to look at some of the smaller steps you can take to help you reach your target – every little helps. From lifestyle changes to reducing your monthly outgoings, you’ll be pleasantly surprised at the impact these changes can make on your finances.


How can I save for a deposit for a house?

Make a budget and stick to it. In order to do this successfully, you need to keep track of your spending over a few months. Keep all of your receipts and at the end of each month keep track of your income versus your outgoings and this will give you an idea of where you are overspending and areas you could cut back on.

Switch utility providers

Switching your gas & electricity providers for example is a great way of reducing down your monthly bills. Most of Ireland’s energy suppliers draw in new customers by giving them the cheapest deals. These discounted deals usually expire after 12 months. Then you’re bumped back up to the standard rates. Switching providers on an annual basis the best way to ensure that you’re getting the cheapest rates on the market.

Don’t pay for something you don’t use.

Many people sign up for annual gym membership or subscription to a streaming site only to find that they don’t actually use it. Review all of your monthly direct debits and if there’s something appearing on your statements that you’re not using, cancel it. These monthly fees add up fast.

Cut back on food waste.

The average household throws out up to €1,000 in food per year. Plan your weekly meals in advance of doing your shopping and reduce the amount of food you are binning every week.

Lights out

Turn off lights when you leave a room. Install energy-saving light bulbs or LEDs, to reduce energy consumption.


Bring your own lunch to work.

Buying a sandwich every day in work can cost you as much as €6 per day. Over a month this can mean you’re spending as much as €120 on lunches. Bring your own to work or treat yourself once a week to a shop-bought sandwich.


Turn your heating down

Turning your heating down by just one degree could result in a 10% reduction in your heating bill.

We would advise getting in touch with a mortgage advisor at least 6 months before you want to submit a mortgage application. At Citywide we assess your situation free of charge and ensure that you are on the right track for getting mortgage approval.


Rob O’Neill

CEO Citywide Financial

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