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Tips on How to Save for a Deposit When Renting

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Will Southall

Will Southall

a month ago - 2 minute read

Saving for a deposit when renting - whether you're saving for your next rental or for a mortgage - is difficult. Even if you hold off on buying every trendy item that catches your eye, skip every social event you’re invited to or ask your boss for a raise, it's not easy.

Luckily, we have some handy tricks up our sleeves! Keep reading for our five top tips on how you can save your pennies and pounds for a deposit when renting.

Have a Clear-Out

Don’t we all have those clothes we haven’t worn in years? Or accessories we just don’t use anymore? Have a clear-out at home and see what items can be sold online for extra cash. Even if you only make a few pounds on each item, it can add up and make a huge difference to how much (and how quickly) you save.

Reduce Your Usage

One of the top ways to save for a deposit when renting is to keep an eye on your spending – including your energy usage. As well as evaluating your living costs and takeaway expenditure (we all do it), making efforts to reduce your usage can go a long way in helping you save money. While you don’t have to take cold showers every day, you can do things like installing a water saver for your toilet, switching to an eco-shower head, washing your clothes at a lower temperature or turning standby devices off overnight.

Say No

Saving for a deposit sometimes means you have to say no to things. Even if it’s just to that ‘sale’ email you get from your favourite retail outlet. Resist the temptation as much as you can – or remove it entirely. Unsubscribe from sales-related emails for a period while you save. When it comes to social events, say no more often, but try not to isolate yourself completely. Just choose the events you attend wisely.

Have a Holiday-At-Home

We all love going on holiday, but if you’re saving for a deposit when renting, sacrifices may need to be made. Skipping a holiday entirely can help you save more money, but having a holiday-at-home can be an inexpensive way to still take a break. Instead of planning a trip abroad, set a budget, take a week off work and do all the things you enjoy within your spending limit.

Switch Energy Providers

As well as keeping an eye on your usage, switching energy providers can be another great way to save money with little effort. Provided your utility bills aren’t managed by your landlord, you can compare quotes online to see if you can bag a cheaper deal. Sometimes, providers may offer discounts for things like switching to online statements, so check this out, too.

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Fronted is a trading name of Fronted Holding Ltd. We are registered in England and Wales (Company No.12278750), registered office address is Studio 403, 203-213 Mare Street, London, E8 3LY. Fronted Loans Ltd (Company No.12307305) is authorised and regulated by the Financial Conduct Authority under a Consumer Credit Licence (FCA No. 933316). Fronted Ltd (Company No.12304059) is authorised and regulated by the Financial Conduct Authority under a Broker Licence (FCA No. 933317).

Fronted Loans Ltd and Fronted Ltd is a wholly owned subsidiary of Fronted Holding Ltd. We are part of the FCA regulatory sandbox - Cohort 6. The regulatory sandbox allows firms to test innovative offerings in a live environment. More information on the FCA's regulatory sandbox can be found here.

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