A WOMAN has revealed her genius strategy for saving up enough money for a house deposit – and she’s telling everyone exactly how they can do it too.
A budgeting influencer who goes by the user name ‘She’s on a budget’ shared her personal saving challenge, which guarantees she’ll have enough money saved to put down a deposit on her own home.
The strategy is based on cash stuffing, which is when you save money in cash by putting it into envelopes.
The budgeting influencer uses a “smart tracker” for this specific saving challenge. This is a piece of paper that has 250 boxes, numbered one to 250.
She also has 250 corresponding envelopes, each labeled with a number.
Each week, she will pick out an envelope, see the number printed on it, and put that amount of money inside, and put that money towards her final goal.
She has said, however, that if her budget allows, she’ll pick more than one envelope per week, speeding up the overall progress towards her goal.
She said: “I have numbered my tracker one to 250 and if I manage to put that amount into each specific envelope, however long it takes me, I will finally achieve my goal of saving £31,375.
“My plan is to draw an envelope, or at least one envelope per week, sometimes it might be two envelopes, sometimes it might be four, it just depends on how my budget is set.
“By the end of my savings challenge, I will have crossed off all the boxes, and the total sum that will be in those envelopes will be the amount at the bottom here.”
The clip racked up 14,000 likes and commenters couldn’t wait to start the challenge themselves.
“This is such a great idea and easily achievable!! Thanks for showing us this”, wrote one commenter.
Another said: “This is genius! Omg!”
The savvy saver began her online budgeting journey by challenging herself to pay off her debts, which amounted to over £12,000.
Now, she has amassed 45,000 followers on Tiktok, as well as over 5,000 on YouTube and over 5,000 on Instagram.
For more money saving tips, check out how you can save £100 per week without any effort with these simple changes.
And this woman saved £8k in a year using simple tricks – it’s so easy and has made Christmas cheaper – here’s how you can too.