How to keep saving
5 ways to keep saving when you’re in your new home
Saving to buy a home can be a long and trying process. On top of the deposit you need to muster up, you’ll also have to pay solicitor fees, moving costs, and many more added charges.
So, when you’re finally in your new home, saving yet more money is probably the last thing on your mind. But there are many reasons why you’ll still need to save, whether it’s for a new car, updated kitchen or simply a financial cushion.
Thankfully there are lots of small and painless lifestyle changes you can make to ensure you keep saving once you’ve moved in. Here are just five of them to get you started:
- 1. Buy secondhand furniture or try upcycling
- 2. Check the insulation
- 3. Plan your weekly shop
- 4. Switch energy suppliers
- 5. Sell old items from the move
When you move into your new home, you’ll probably be excited to put your own stamp on it. It’s easy to spend lots of money kitting your new pad out with new furniture, but by shopping consciously you can save a lot of money. Try to buy secondhand furniture from places such as Facebook Marketplace, Shpock or charity shops, you will very often find a variety of vintage and barely used items for a fraction of the price of new items.
You could even look to upcycle old pieces of furniture to style them in your home. Take an old wooden chest of drawers for example, sand it down, give it a fresh coat of paint in your desired colour, add some new handles, and voilà!
If your house isn’t insulated properly you may be wasting money on your energy and water bills. Make sure to check the insulation in your attic and around your water pipes to make your new house as energy efficient as possible. Buying new insulation to fit may cost up front, but it will save you money on your household bills over time. According to Energy Saving Trust, adding insulation on an uninsulated tank yourself would cost just around £15, but you’d soon make your money back: a semi-detached house could save around £90 per year.
Once you’ve moved into your house and begin cooking in your new kitchen, you’ll want to make the most of your new space and avoid going out for food or ordering takeaways. Make sure to plan your meals and make a food list ahead of your weekly shop, to ensure you’re buying only what you need, and to stop anything going to waste. The average UK household wastes £355.68 each year by throwing out uneaten food, a study by VoucherCodes.co.uk, the online savings site, found.
When moving home, many people will just stick with the same energy supplier that the previous owners used, in which case they usually pay over the odds. But the average household can save £300 a year by shopping around for a new supplier and switching gas and energy suppliers, Ofgem finds.
If you don’t know which companies supply the utilities in your new home, have a read of our guide to utilities for first time buyers to find out how.
Getting a smart meter to track how much you are spending may also be a good way to save some money on your energy bills.
Moving your belongings from home to home often unearths lots of old, unused items you didn’t know you still had. Tackle the clutter by heading to Depop, Ebay or Facebook Marketplace to sell all of your unwanted items. Try to be honest about whether you really need something and set yourself rules, for example if you have not worn it in three months then sell it. Any money made from this can go straight into your savings.
And don't forget
These are just a few tips you can follow to save money in your new home, but there’s tonnes more you can do. Think about ways that you can cut back on outgoings such as phone bills, gym memberships, and limit the amount you spend per month by giving yourself strict allowances. Before you know it you’ll have reached your saving goals. See our savings range to help you save for your next goal.
Click on the sections below to explore what you need to know at each stage of your home buying journey: