Living in Dublin became super expensive. I still remember my first apartment in the capital of Ireland, about 7 years ago. It was a nice and bright one bedroom apartment, 10 minutes walk from the famous Temple Bar. It costed me 700€/ month that day. Well, these days are gone. If you will look on the property websites, for the 700€ you will get in Dublin at most a double room, if you are lucky. The place we rent at the moment with my Husband is decent, nothing special, but we definitely are not going to stay here for long time.
We are on the way to get our own place. We are getting there, slowly.
The goal for 2019 is to buy our first small house and begin the new journey together and build family 🙂
Here are our 15 tips how to save for mortgage deposit
Take a decision
We took the decision that the end of June is the time, we are going to the bank to ask politely to borrow us some money to get a new home. We are sick and tired of renting and the fact that some day the Landlord can knock to the door and ask us to leave the place make us to save even faster. We took the decision and we are ready. We know what, when and how. Everything starts with the DECISION.
Develop a New Mindset
My Husband is been good on saving. I am a bit worst. I am a Dreamer. I want THIS, THIS AND THAT but …. not anymore. I have developed a new mindset, new rules of saving. I am focused on our Goal and I know with our hard work, dedication we will get there.
Open the Saving Account
We have our joint saving account in AIB. My Husband is transferring money monthly, I am doing this weekly. What I love about our account ( despite the fact that is growing FAST) is that, once the money has been sent we can not take out, unless we both go to the bank ( but this is not gonna happen ).
How much do you pay for rent?
As I mention above, renting in Dublin is crazy expensive. I still do not understand some of my friends: why the hack they are moving out from the home in Dublin to spend hundreds € just on rent? Why would you do this?
My advice: if you are serious about getting your own place or saving money in general: STAY AT HOME AS LONG AS YOU CAN, if you are from Ireland. Save up for the deposit and then move out. If you do not have family here, search for cheap accommodation instead, share the house, share the room, move outside of the city.
Watch your Expenses
I am writing down all my expenses ( which I actually post as well on my website). You need to know how much income is coming into your account every week/ month and how much do you spend!! It is so easy to get lost. I have been there! Maaaany times!
New iPhone? Forget about this!
I have old Huwei and I do not care. My Husband got cheap Alcatel and he does not care as well. WE DO NOT SPEND. We have GOAL in front of our eyes, we know in order to get there we need to stop spending. No iPhone, no new clothes, no toys, no going out for pizza.
I am on the ONE YEAR SPENDING CHALLENGE and I am doing great. I enjoy my life even more and I am still having fun.
Save Save Save
Every euro counts. Every € matters. Save as much as you can.
Take Holiday from Holidays
That’s the Big one, for me. Dave Ramsey said in one of his talk shows: ” Broke People do not go for holiday, Broke people work”. I am the one. My bucket list is long and there are many destinations I would like to go but I always REMEMBER the famous quote:
“If you will live like no one else, later you can live like no one else”.
I will do my Bucket List, eventually.
Go for a diet- Financial Diet
I love food and I used to spend a lot just on buying sweets and junk food. And that can cost you a fortune! Lindt sweets-10€, pizza Domino-20€, Prosecco- minimum 19€, espresso martini in the bar- 15€, delicious burger-10€. If you add all up, you stay with 0!!! No, thank you. Not anymore. I choose quality over quantity and no junk food. I do not buy a lot of stuff now , but if I do it has to be healthy, tasty and with a good price.
Guys, WATCH YOUR GROCERY EXPENSES!
Minimalism a new way to save money
This is very helpful in order to save money. Simplify your life, keep the house tidy, you do not need 10 pair of jeans or shoes. You do not wear them anyway. Since I develop a new mindset of minimalism, I saved a lot. I am not dreaming of new skirt or jacket. I wear what I have, and I still look good. No buying for a year!
Bike to work
No car, no buses, no train, no Luas. I am cycling. I am using city bike at the moment, as mine is broken. No, I am not going to buy the new one, not yet. The city bicycle cost me around 15€ a year, and I am a happy user ( even if often I have to walk 20 min to get a free bicycle. Sacrifices!).
Eat at home
We love good food, especially my Hubby. He is Italian and he is obsessed with food. We do not go to the restaurants, really rarely. The last time we went, to the Italian actually in Malahide, we spent that day around 80€ and the food was horrible! Never again. Cook at home. Take food take away. Eat at work if they provide you food. Take snacks and water with you if you for a walk.
Make as less visits at the shops as possible. Do not make shopping as your hobby. I make my shopping once a week. That is my rule. Yes, it is easy to just come and get some crap but what is the point? Try to do your grocery with one/ two visits per week and stick to it. 1. You will save a lot of money 2. You will not waste food you are already have at home.
Don’t give too much to your family. Do not give at all.
That is my personal rule. I was a giver. I gave too much. I thought it is my duty and responsibility to take care of my Family ( since they are in Poland and struggling with money) but not anymore. I can not give them and take care of them if I have nothing left for myself. I informed everyone at my Family that I am not going to send anymore money and I am not coming to Poland for a while. Result? My Mummy came to Ireland with amazing gifts for me. It was nice!
Don’t give up
Saving is hard. People lough at you. Your friends think you are crazy. You skip the fun part. You do not go for a pint anymore. You are outsider. But the Sun will shine one day and will shine very bright. Good things are coming for those who are ….SAVE
What are your ways to save money ?