How I Saved for a House Deposit at 20 (No Rich Parents)

👋 Hey guys - Noah here,

"You have enough saved for a deposit? And you're how old?"

This is the shocked reaction I get from mates when they learn I have enough saved for a house deposit at just 20.

No, my parents aren't rich. No, I didn't win the lottery.

I just made sure to do these four key money moves as soon as I turned 18. And they've completely changed my financial future.

1. Claim Your Child Trust Fund 💰

If you were born between September 2002 and January 2011, the government gave your parents at least £250 to put in a special account for you.

Most people have no idea this money exists.

The average Child Trust Fund is now worth over £2,000 - and you can claim it the moment you turn 18. (This is an estimate, not a guarantee)

For me, this was an instant £2,100 boost that kickstarted my savings journey.

Not sure if you have one? Visit the HMRC website and fill out their free form to check.

2. Open Lifetime ISA 📈

This was a game-changer for me.

A Lifetime ISA is simply an account where you can invest up to £4,000 each year for a house deposit without paying tax on your profits. Tax treatment can differ from individual to individual, do own research

The government will match 20% of all your deposits into this account up to the limit of £1000 each year. Plus, you get interest from the bank!

Remember: the sooner you start, the more time your money has to grow.

3. Use the 50/30/20 Budget Method 🧮

This simple budgeting framework changed how I think about money:

Not suitable for everyone's financial situation 

* 50% for needs (rent, bills, food)

* 30% for wants (eating out, clothes, entertainment)

* 20% for saving and investing

Before using this method, I had no idea where my money was going. Now I always know exactly how much I can spend while still growing my savings.

The key is sticking to it - which is much easier with a budgeting app that connects to your bank accounts and tracks everything automatically.

4. Start a Side Hustle 💼

This was the secret weapon that turbo-charged my savings.

I started reselling trainers, old iPhones and gaming consoles online. It began as just an hour a day, but now brings in about £500 extra each month.

That's £6,000 a year going straight into my investments and savings.

The beauty of reselling is that you can start with almost no money - especially if you use my eBay Partnership Method (where you help others sell their unwanted items for a cut of the profit).

Start Building Your Future Today 🏡

These four steps helped me save enough for a house deposit in just over two years - something my friends thought was impossible without family help.

If you're serious about getting started with investing, I highly recommend InvestEngine. Their platform makes investing in index funds super simple, even for beginners.

Right now, you could earn up to £100 for your portfolio when you invest from £100! That's an instant boost to your investment journey.

Get started with InvestEngine here ⬅️

Capital at risk. Must stay invested for at least 12 months, T&Cs apply. I may earn a commission if you sign up using the links.

Let me know if you try any of these steps!

All the best,

Noah