If you're a first-time buyer, the idea of saving for a deposit can feel overwhelming, especially with rising rents and cost-of-living pressures. But buying your first home doesn’t have to mean cutting out everything fun or surviving on instant noodles. In fact, a more balanced, realistic approach could be the key to getting your own home, without burning out. 

Let’s start with some good news: you don’t necessarily need to save tens of thousands to buy a home. Through Shared Ownership, you can buy a share of a home (usually between 25% and 75%) and pay subsidised rent on the rest. The big advantage? Your deposit is based only on the share you’re buying, not the full market value of the home. 

So instead of needing a 10% – 20% deposit on the full market value, you might only need a deposit of 5-10% of a much smaller share (say 25%), making homeownership more achievable, even on a modest income. 

Use Tools That Work For You

If you're starting to save, look into opening a Lifetime ISA (LISA). It’s a government-backed savings account where you can put away up to £4,000 a year and the government adds a 25% bonus. That’s potentially an extra £1,000 a year towards your deposit, just for saving consistently. 

You can also use budgeting apps like Emma, Snoop or Monzo to help you track spending and set savings goals in a way that works with your lifestyle. 

It's Not All or Nothing 

You’ve probably seen the advice that says you’ll never afford a house if you buy coffee or go on holiday. Let’s be honest, that’s not helpful. You don’t need to eliminate all the things you enjoy from your life to buy a home. Instead, look at realistic swaps: cooking at home a few nights a week, choosing budget-friendly activities, or reviewing subscriptions you don’t use. 

Try things like: 

It’s all about balance. Small, consistent steps often go further than extreme cuts you can’t sustain. 

Block Out The Noise 

It’s easy to feel discouraged when social media is full of “I bought a house at 23” stories. But everyone’s journey is different, and many of those stories leave out key details like family support or windfalls. Focus on your own path, your own pace, and what works for your circumstances. 

You don’t need to do this alone, either. Speak to a financial adviser or explore resources like Own Your Home for support and scheme information. 

Ready to take the first step? Explore Shared Ownership homes at Southern Housing New Homes and see how far your savings could take you, without giving up the things you love.