The first step? Know how much you need to save.

With Shared Ownership, you only need a deposit on the percentage of the home you're buying, not the full market value. This makes your savings target much lower than if you were buying outright.

For example, if you’re buying a 35% share of a £200,000 home, you might only need a 5% deposit on your share, that’s just £3,500 instead of £10,000 (if you were buying outright with a 5% deposit).

Top tip: Use a budgeting app to track your spending and set a realistic savings goal. Seeing your progress can help keep you motivated.

We all love a takeaway coffee or a streaming subscription (or three), but small savings really add up over time. Look at where you can make little cutbacks without feeling like you’re missing out.

Swap takeaway coffee (£3.50 per day) for a homemade brew = save £840 per year

Ditch unused subscriptions (£10 per month) = save £120 per year

Meal plan and reduce food waste = save £500+ per year

That’s over £1,400 saved without making huge sacrifices.

Top tip: Open a separate savings account and set up an automatic transfer each payday. Even just £50 a month will add up over time.

Did you know there are savings schemes designed to help first-time buyers?

Lifetime ISA (LISA) – Save up to £4,000 per year and get a 25% government bonus (that’s up to £1,000 free each year!). You can use this towards your deposit when buying a home.

Help to Save – If you’re on Universal Credit or certain benefits, you could get a 50% bonus on your savings (up to £1,200 over four years).

💡Top tip: If you’re saving for a Shared Ownership deposit, a Lifetime ISA can be a fantastic way to boost your funds faster.

A great way to boost your savings quickly is to declutter and sell items you no longer need.

Clothes, shoes & accessories – Sell them on apps like Vinted or Depop.

Tech & gadgets – Old phones, tablets, or laptops can be sold on websites like Music Magpie.

Furniture & homeware – Facebook Marketplace and eBay are great for selling unwanted items.

You’ll be surprised how much you can make—some people save hundreds just by selling items they no longer use!

Top tip: Challenge yourself to a "one in, one out" rule—for every new item you buy, sell or donate one you don’t use anymore.

If you can, finding a way to earn extra cash could speed up your savings.

Freelancing – If you have skills like writing, graphic design, or admin, check out websites like Fiverr or Upwork.

Gig work – Delivering food or driving for ride-share apps can bring in extra income.

Pet sitting/dog walking – Love animals? Apps like Rover let you earn money looking after pets.

Even an extra £50-£100 per month could get you to your deposit goal much faster.

Top tip: Put any extra earnings straight into your savings account so you’re not tempted to spend them