🎯 1. Know Your Target Deposit
Most Irish lenders require a 10% deposit for first-time buyers. For example, a €300,000 home needs €30,000 saved. Some supports can reduce this.
📅 2. Set a Realistic Savings Goal
Work backwards from your target deposit. Choose your timeline and divide:
Example: €30,000 ÷ 36 months = €833/month.
🏦 3. Open a Separate Deposit Account
Keep your savings separate. Use high-interest savings accounts, credit union options, or regular savers. Automate it from your salary if possible.
✂️ 4. Trim Monthly Spending
- Cancel unused subscriptions
- Cut back on takeaways
- Use public transport over driving
- Switch utility providers for better rates
💼 5. Boost Your Income
- Take up freelance/side gigs
- Sell things you don’t use
🏛️ 6. Use Government Schemes
- Help to Buy (HTB): Claim income tax/DIRT refunds (up to €30,000 or 10%)
- First Home Scheme (FHS): Shared equity scheme reducing what you need upfront but you still need a 10% deposit
📈 7. Track Your Progress
Each month, check in: Are you on target? Can you top it up? Any unexpected expenses?
✅ Conclusion
Saving a deposit takes discipline, but with the right strategy and support, your first home is closer than you think. Stick with it — you’ve got this!