BUYING your first home on your own may seem an impossible goal in the current economic climate.
But Soph Adams, 26, managed to bag her £250,000 first home in Hednesford, Staffordshire by putting herself “on the clock” with a deadline saving plan and going “minimal” for a year.
Soph, who works in property development, hated that she was paying rent and wanted to be an independently established homeowner by the time she turned 30.
When she turned 25, she decided to give up luxuries like holidays and expensive clothes, and get real about home ownership.
Many people find it difficult to save for a deposit and Soph said she knew if she gave herself a deadline to save for her first home purchase she’d perform better.
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It allowed her to set monthly savings goals and celebrate when she met them.
Her deadline method worked so well the twenty six year old actually had enough money for her deposit within ten months.
Soph also adopted the "monk", or "minimal living" method, returning home to a box room at her mum’s house to live during her deadline time frame.
Moving in with a parent is not a luxury everyone has, but giving up spending any money and sticking to a strict savings challenge also contributed to Soph getting on the property ladder so quickly, and anyone can start a challenge if they want to.
While Soph's method worked for her, it might not work for everyone as it can require a lot of lifestyle changes to be made.
But there are money-saving challenges suited to all budgets and lifestyles.
Some ask you to put just pennies away, like the 1p savings challenge which could help you to squirrel away up to £670 a year.
Plus there's the 52-week challenge, which works by getting participants to put aside £1 for the first week, £2 for the second, £3 for third and so fourth, until the end of the year.
Different schemes will work best for different people depending on their circumstances - the idea is to make saving money more manageable.
While it might seem easier to stash small amounts in cash, you should think about whether a savings account would be better suited.
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This is because you won't earn any interest on savings stored as cash.
Soph used her twelve-month deadline to view houses every week and ensured she made the right choice in electing her home.
The Sun sat down with Soph to see how she went from being a saver to a homeowner for The Sun’s My First Home series.
Tell me about your house
It's a three-bedroom semi detached house on the outskirts of Hednesford, Staffordshire.
It has a garage and off street parking in the front garden, which was important for me.
The house is laid out over two floors.
When you walk in the front door there is a hallway with a large living room and a big kitchen.
It also has a utility room for washing machines and a dryer.
Upstairs there are three double bedrooms and a family bathroom
It has an established garden with an astroturf and a shed.
There is a back extension which I plan on turning into a snug
I wanted a property I could redecorate .
My first home is forty years old. The attached garage and back extension provides space so I can create more rooms in the future.
The potential of extra rooms from little effort was a huge selling point for me.
How did you decide on the location?
I spent twelve months looking at houses every week to find the perfect first home to purchase.
My dream home had a list of features that were definite, and features that I could live without. This helped me quickly say no to some properties.
I wanted a house that was twenty to thirty minutes from my family and work but in a quiet area.
This is because I work in the city and have a hectic lifestyle, so I really value my downtime and peace is important to me.
My house is near a nature reserve and my bedroom window overlooks a field of horses.
There are a mix of families and couples living here, which I love.
I have the views I craved and easy access to work.
How much was it?
My house was £250,000 and I put down a 10% deposit of £25,000
I took out a mortgage of £225,000.
I used a broker who was critical in helping me find the best deal.
My broker is an old friend who took me through all steps of the mortgage negotiation and purchase.
My broker was upfront about the ups and downs of the process.
He even kept looking for better mortgage deals after I’d made a decision which showed his commitment.
I chose a two-year fixed interest rate because it allows me consistency in mortgage repayments while I settle into my new home.
I did not want to be locked into a five year term because my broker and I think better mortgage deals will be available by the end of 2026
I choose a 40 year mortgage for my starter house as it means slightly lower monthly repayments.
It also means I can choose to cut the time off the mortgage if interest rates drop.
It’s easier to cut the length of a mortgage rather than add years and it gives me flexibility,
How did you save for it?
I saved up the deposit over twelve months.
I work better under pressure and I used the deadline deposit savings schedule to force myself to get enough money for a down payment within a certain amount of time.
I knew a deadline would make me knuckle down and sacrifice as many bad spending habits as possible.
Like many people, I would start putting money away then plan a holiday and use the funds for that.
I gave myself a deadline and then competed against myself to get the deposit in a set time period.
It’s a brilliant incentivisation and keeps you focused on your deadline target.
I was willing to sacrifice every luxury to get a three bedroom house at 26 years old ,
I gave myself a time limit and living like monk for a year ensured almost every penny I made went toward my deposit
DIRECT DEBIT SAVINGS
Being on a deadline meant I knew I needed to save a minimum of £2,100 a month if I was going to hit my target of £25,000 in a year.
I set up a dedicated savings account and had £1,000 a month go directly from my wages into the account.
The direct debit was critical to rapidly building the base of a deposit without thinking about it.
BOXING CLEVER
I moved back in with my mum who had an empty box room in an effort to shrink my outgoings.
If I wasn't living near a relative I would have rented the smallest and cheapest room in a group house.
I paid my mum £400 a month rent including utilities.
By moving home I cut £800 off my outgoings and the cash I saved went into the bank every month.
NO BUY YEAR
I love fashion and have been spending an average of £500 a month on clothes, shoes and designer bags.
I vowed to buy no new clothes for a year and put the money I usually spent on clothes.
This ensured my percent credit score remained perfect.
After month two, I put the cash I would have spent on clothes into my house deposit fund.
MONK METHOD
The box room I was living in had enough room for a single bed and a lamp.
Living like a monk in a tiny room forces you to realise what you really need and don't need.
I took a capsule wardrobe to my mums home and carefully went through the remaining items.
The process was an eye opener and made me realise now many clothes I had purchased and never worn.
I work up to fourteen hours a day and a friend offered to list all my clothes including designer labels on eBay and Vinted. That made another £2,500 and I was astonished.
COSMETICS CASH
My declutter made me realise I had a huge makeup collection.
I put together a basic kit and gave the rest of the products, many I had never ever tried, to my friend to sell on Vinted.
I didn't buy any new makeup for a year and that saved another £1,000.
SAY NO TO HOLIDAYS
I love holidays and weekends away, but I said “no” to trips away to make my new home a funding priority.
The £4,000 I usually spent on holidays each year instead went to the house deposit.
MOTOR TO A DEPOSIT
I was paying for a car on finance.
I sold the car, repaid the finance company and bought a cheap runabout.
I also made sure on at least three days a week I took the bus or train.
EATING YOUR DEPOSIT
I love eating out and was spending up to £250 a week on food and going out.
I checked my credit card statements and realised I could save money by cutting food, so I set myself a food budget of £30 a week.
I prepared meals once a week and ate what I had in the freezer or my mini cupboard which meant I didn’t waste anything.
I made my own coffee in a flask to take to work in the mornings and I didn’t go to restaurants or cafes for a year.
When I explained I was on a mission to save a house deposit in twelve months, my friends not only understood when I said no to invitations,they cheered me on.
PRESENT SAVINGS
I love being generous for my family’s Christmas and birthday gifts.
Last christmas instead of spending £5,000, I saved it and bought or made small thoughtful gifts.
I made my mum a birthday cake for her birthday and she told me it was one of the best gifts ever.
HOW DID YOU AFFORD TO FURNISH IT?
I had £3,000 in a standard savings account to spend on furniture.
I added any money I had left over each week from my current account to that.
I waited until I got the keys before making any big furniture purchases.
Do you have any advice for first time buyers?
It’s critical you realise you will need sacrifice while saving to buy your first home
It is almost a full-time job so I approached it like I would a business deal.
Working to a deposit deadline worked for me.
It sounds simple but looking at your weekly expenditure and making cutbacks is critical.
First home buyers should also have a clear savings goal for the time they give themselves to get a house deposit together and keep track of it.
Give yourself a small treat like a bottle of wine or an afternoon with friends when you hit significant savings milestones like the first £5,000.
I used the frustration of living in a box room to inspire me to save harder each day.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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