ABSTRACT
Raising money for a deposit is seen by many as one of the main barriers to achieve the dream of owning a property, as UK lenders do not offer 100 per cent mortgages. The English Housing Survey (national survey commissioned by the Ministry of Housing, Communities and Local Government) reports that most first-time buyers (85 per cent) used their savings to fund their purchase in 2018–19, and this proportion increased from 76 per cent to 85 per cent between 2017–18 and 2018–19. The best way to avoid over-spending is to budget expenses and track spending. Budgeting can enable the people to take control of their finances and shape their future because it involves thinking ahead and planning their expenditure in advance. Personal finance experts recommend that the people should save at least 10–15 per cent of our income on a regular basis. The most popular method to save money is to reduce spending.
