Well, hello to you, my reader chums! Buying your first home can feel impossible in today's market, and honestly, I have every sympathy for millennials (like me) and Gen Zers. With everything against you, unless you have the privilege of family support, a good wage or low-cost living, you may feel like you'll never buy a home.

I want to give some hope that it is possible. If you want to buy your first home, here are my best tips for securing that deposit. 

The Lifetime ISA

Saving for a first home is hard, and any help is a huge benefit. The Lifetime ISA on the Money Box app is a lifesaver, and I recommend everyone sign up for it. This ISA means that for every £4,000 you put in each year, you'll receive £1,000, which means you can save £5,000 each year! You can only use this ISA to buy a house, which is a benefit because it prevents you from taking out the money when you 'think' you need it.

Set a savings goal each month

Goals are key to saving money at a progressive rate. Everyone has a different income and amount of disposable income per month, which can fluctuate in how much you can save. You should create a monthly budget spreadsheet with all your outgoings and designate a chunk of that income to savings and disposable income. The savings part can all go towards the house, or there may be other things you're saving for, such as holidays and an emergency fund.

Be mindful of how you spend your money

When you create a budget spreadsheet, you'll be more aware of where your money is going. I'm not saying you need to completely restrict, but every time you spend, be wary of it, whether spending an obscene amount on a food shop, eating out too much or buying clothes you don't need. The spreadsheet will help you see how much of your money a month goes to the 'fun' things, whether that's eating out, a concert or a new item you'd like. Once you know the amount you can spend a month on this, it'll make it easier not to overspend.

Don't remove everything you love

Being on a savings journey doesn't mean you need to restrict everything. You deserve to enjoy the things you love whilst you save, just on a smaller scale. You can use that designated monthly budget to put towards the fun things, plan them out and have a set budget which will help you stay aligned with your financial goals and still enjoy what you love.

Understand that it can be a slow journey

Saving a huge amount of money can be a slow journey, especially if you have high outgoing expenses or a low monthly wage. It's a privilege to save quickly. Even though a slow journey, track your progress, celebrate the little wins and think about the end goal as it'll keep you motivated.

Earn an extra income

To top up your monthly savings, you can get another job or build a side hustle and use that money towards the house. Obviously, building a side hustle takes time, energy and skill, but the rewards can be great and add to your overall savings goals. You can sell clothes online, build up an online profile and work on affiliate marketing, sell digital projects or keep things offline, and get an evening job, such as a takeaway driver or bar job.

I hope you enjoyed this post. What would you add?

Thank you for reading <3