At s1homes, we want to ensure everyone has the chance to take their first step onto the property ladder and experience the excitement and joy of owning their first home.

Moving back in with parents may be an option for some, but there are many reasons why this option isn’t available for everyone. So, we’ve put together some tips on how to set aside savings, whilst staying in your rented property.

Review and reduce your current outgoings

The first step is to organise and review your current spending, making a list of all your outgoings and regular bills. You’d be surprised at how many of us don’t actually know where our money goes each month. A simple list will suffice, writing down every bill. This will give you a clear indication of exactly how much you’re paying each month and where it is going. Next, highlight any that you can live without, like that streaming site or beauty subscription. Whilst it might feel painful initially to get rid of these, keep reminding yourself that it’s only in the short term. Then highlight any bills that you could maybe reduce by speaking to your current provider or even switching, like your energy or insurance. If any of these are coming up for renewal, take the time to shop around to get the best deal. Even if you can shave off £5 or £10 a month, it all adds up if you can do this across all of your providers. Check which level of coverage you are on too; you might find that by dropping down a level you still have adequate cover but for less. Remember you can always add it back on in the future.

READ MORE: Glasgow property: What you need to know before moving to the country

Make your home more energy efficient

Do you find that you’re spending a lot on your energy bills? Older properties can cost a lot of money to heat, especially during winter months, so think about little things you can do to warm up your property. Firstly, if there are real concerns speak to your landlord. There may be drafts coming through from old windows or the loft above. Whilst there are small things you can do to help; larger issues should be dealt with by your landlord. Try thicker curtains to stop drafts from windows and draft excluders under your doors. Avoid blasting your heating when you need it and turning it off when you’re out. Keep it on a constant low throughout the day to ensure that heat is still coming through.

Try taking a spending holiday

It’s easy to fall into the traps of emotional spending, especially when you’re bored at home or feeling a bit down. But this can lead to unnecessary spending and can put a dent in your savings. If you can, try setting yourself a challenge of a ‘no spend’ month, meaning aside from bills and essentials like food, you don’t spend any money that whole month. You’d be surprised at what you can afford to set aside. We don’t want you to punish yourself though, so one month every so often will be enough to help.

Holiday at home

Speaking of taking holidays, the biggest thing that can eat up your savings each year is booking a holiday. Now we’re not telling you not take any holidays, you still need a break and time to have fun, but why not try a ‘staycation’? Look into renting a holiday home in the UK for a few nights or even a couple of long weekends. You can save money on flights and accommodation by staying nearby, and not have to worry about finding your passport!

READ MORE: Glasgow property: Being realistic with your property goals

Downsize your property

Moving might not be the best option as it incurs some initial outgoings like moving costs and deposits, but it’s worth investigating whether you can save on your rental bills by moving to a different area or downsizing. Are you in a 2 bedroom at the moment but the second room is wasted? Could you put up with a smaller space if it’s just for the short term? Could you save money on travel costs to work if it means moving a little closer but to an older property? If moving isn’t realistic, speak to your current landlord and see if they would be willing to reduce your payments. If they know they could lose a loyal, long term let then they might be up for negotiating.

Is it time to make your next move? Search thousands of Scottish properties to buy or rent at s1homes.com