'I saved £20,000 in three years for a house deposit - here's exactly how I did it'

Saving up money for a deposit for a house can be a difficult task - often taking years of budgeting and planning ahead. Fortunately, for those who don't know where to start, Anya Clements, who regularly posts on TikTok, has shared how she managed it.

Anya, who is an aesthetic nurse practitioner, often shares advice around saving, buying a house and even investments. In one video, she shared three tips for saving £20,000 in three years.

The video racked up 78.1K views and thousands of likes. The caption reads: "How to save for a house deposit in the UK. How I saved £20,000 in 3 years!"

In the clip, Anya said: "Here are three things I did to help me save for a house deposit. Saving for a house deposit is so hard, especially if you’re renting or even if you’re a student.

"We’re living in a cost of living crisis in the UK so I appreciate this is the hardest time to save, especially being a young person. I managed to save £20,000 in three years and I’m gonna give you the exact steps on how we did it."

Get an ISA

Anya said: "Number one is open a help to buy ISA - now we had the help to buy ISA scheme that was around in 2018, I’m not quite sure what there is out there now; I think there’s a LISA or a new help to buy ISA.

"This is a god send because you put money in every month and you get used to paying that - and that money is stuck in there. With my help to buy ISA I couldn’t access it, I would have to contact the bank if I wanted to take money out so it made it easier for me to save and not spend. Everyone is different, we were able to put £200 a month in each and this is the full amount you can put in every single month.

"So we made sure that we could max it out when we could afford it so we could save that money every single month without fail. You’ll be surprised how quickly this adds up and the government give you 25% extra when you go buy your first property."

While the Help to Buy scheme has now closed, there are a couple of other options to consider, including the Lifetime ISA (LISA), the Mortgage Guarantee Scheme, the Starter Homes Scheme and more. You can find out more via the government website here.

Make a budget

She said: "Number two was do a finance budgeting list. I made a list of everything that went out my bank, so all my rent, all my bills, and how much that would cost me and then how much I would need that month to cover it.

"I was a student at the time so I had rent, bills and car insurance all to pay, so say everything came to a thousand pound a month and I earned £1,500 any month I would earn during the month, whether it be from my regular job or any side income, I would pay myself into a separate bank account and on the first of every month then pay myself £1,500.

"That £1,500 meant that I could pay all my bills and then have £500 to live off and I kept to a strict budgeting calendar. Any extra month that I made out of this £1,500 I would save straight away. Any little extras you make that month is so tempting to spend straight away so I made sure I stuck to this budgeting and any extras I made I put straight into my savings."

Anya added: "To help me with this I did have some side jobs; I was a student nurse at the time so I was working 40 hours a week unpaid, on the weekend then I would do TikToks. I also opened a small business and I would do the odd babysitting shifts just to make sure I have that extra income.

"Now, I’m not saying this is for everyone. I worked non-stop and let me tell you, it was exhausting but I was able to make £20,000 in three years just from doing this."

Cut back your spending

Anya said: "My last tip would be - definitely cut back on your spending. Because I was working so much it meant I was going out less, so my weekend instead of going out for nice dinners I would be working instead.

"This meant I was spending less money and saving more. Trust me, it's a short term pain for a long term gain. I missed out on so many parties and nights out but I am now the only one that’s living in my own house."