Saving for a 5% Deposit on a £300k Home

Alright, let’s talk about that dream of owning a home. For Gazza (you probably know him from your local pub) and Stacey (you probably know her from your Sunday pilates class), it’s a £300,000 slice of property heaven. But the question is - how long will it actually take them to save a 5% deposit?

 

Gazza and Stacey’s Current Situation

Combined, they earn £64,000 a year. They’ve managed to put aside £7,000 already and are saving £250 combined a month. Sounds like a decent start, but here’s the cold, hard math:

• Deposit Needed (5% of £300,000): £15,000

• Current Savings: £7,000

• Remaining Deposit Needed: £8,000

• Monthly Savings Rate: £250

• Months to get there: £8,000/£250 = 32 (months)

At this pace, it’ll take them about 2 years and 6 months to hit that target. Not too bad, right? But let’s be real - a lot can happen in nearly 3 years, and property prices don’t exactly wait around for you to catch up.

 

Get to the 5% Quicker

Here’s where the Klink App comes in. With the new Spending Insights feature, Gazza and Stacey could get a clearer picture of where their money is going, spot those unnecessary expenses, and cut back without the guesswork. A few small tweaks could make a huge difference:

• Saving an extra £50 a month: Get to the 5% a whopping 6 months faster.

• Saving an extra £150 a month: Knock off an entire year!

Using the Klink App, Gazza and Stacey are able to easily see those hidden savings, keeping them on track. You’d be surprised how quickly a few coffee runs, takeaway nights, or impulse ASOS hauls add up.

 

Why It Matters

When you know exactly how long it’ll take to save for your deposit, you can set real, meaningful goals - and maybe even get to that front door a little faster. It’s about building that momentum and staying motivated.

Ready to speed things up? Download the Klink App and let’s make that homeowner dream a reality.