How to Save Money for a Deposit When Renting In Cardiff

Are you dreaming of buying your own home in Cardiff, maybe even in Fairwater or one of the surrounding areas? Getting on the property ladder is a major milestone, and taking control of your finances to save for a deposit is the first step toward that dream.

Whether it’s a four-bedroom family home with a garden in Fairwater or a cosy flat closer to the city centre, the journey starts with a realistic savings plan. The idea of putting down a deposit can feel daunting—especially when you hear you might need around 15% of the property value. But with focus, planning, and the right guidance, it’s entirely achievable.

At RedKey Lettings and Management, we work closely with local landlords and buyers in Cardiff, helping them navigate the property market while ensuring that their investments and purchases are financially sustainable.

Here’s how you can start saving for that all-important deposit.

7 Ways to Save Money for a Deposit

1. Speak to a Mortgage Advisor
The first step is to understand exactly how much you need to save. A professional mortgage advisor can help you calculate the deposit required, factoring in your target property and location. Once you know the figure, you can plan your savings more effectively.

2. Consider Renting Cheaper in Cardiff
If you’re currently renting, moving to a property with lower rent—even temporarily—can free up a significant amount each month for your deposit fund. While it might mean adjusting your current lifestyle, the long-term goal of owning a property in Fairwater or nearby areas makes it worthwhile.

3. Move Back Home (Temporarily!)
Returning to live with family may feel like a step backwards, but it can dramatically boost your savings. Every pound saved on rent can go directly into your deposit fund, helping you reach your target faster.

4. Reassess Car Costs
Do you really need a car right now? Could public transport, cycling, or a smaller vehicle work temporarily? Cutting transport costs can be a surprisingly effective way to save.

5. Reduce Household Bills
Small savings add up. Switch energy providers, check council tax exemptions, and optimise utility usage. According to Which?, even minor adjustments to household bills can free up hundreds of pounds annually.

6. Cut Down on Everyday Spending
Evaluate your lifestyle: gym memberships, eating out, coffees, clothing, and cosmetics can quietly drain your savings. For example, swapping a £50-a-month gym membership for home workouts could save £600 a year.

7. Track Your Spending
Using a banking app to monitor spending and track deposits helps keep you accountable. Visualising your progress can motivate you to stick to your plan.

3 Ways to Boost Your Deposit Faster

1. Freelancing or Tutoring
Leverage your skills to earn extra income. Whether it’s tutoring students or freelancing online, every extra pound can significantly impact your deposit savings.

2. Sell Unused Items
Look around your home—books, clothes, gadgets—and consider selling what you don’t use. Online marketplaces make this easy and can generate extra funds for your deposit.

3. Ask for a Pay Rise
If you’ve been performing well at work, a pay rise could be within reach. Present your case professionally, focusing on your contributions to the business. Even a modest increase can accelerate your deposit savings.

The Bank of Mum and Dad

If you’re still struggling, family assistance might be an option. While not everyone can access this, it’s worth exploring. Just ensure all legal rights and responsibilities are clear before proceeding.

At RedKey Lettings and Management, we understand the Cardiff property market inside out. Whether you’re a landlord looking to invest in Fairwater and surrounding areas or a buyer ready to take your first step on the property ladder, our local expertise ensures you make informed decisions and maximise your opportunities.

For personalised advice on buying or managing property in Cardiff, call us on 02920 561111 or email hello@redkeylets.co.uk . Our team is always happy to guide you through every stage of the property journey.