Saving £17,000 for a First Home: Four Ways to Do It
Listen to the story
Many people want to buy their first home. But first, they need money for a deposit. A deposit is money you pay at the start. For a first home, people often need about £17,000.
This is a lot of money. So how can people save it? A new report shows four ways to save money for a deposit.
Saving money takes time. People can put a little money aside every month. Small amounts can add up over time.
There are also special savings accounts for people who want to buy a home. These accounts can help people save faster.
Some people get help from family. Family members can give money to help with a deposit.
Making a budget can also help. A budget shows how much money you spend and save. It helps people find extra money to save.
Buying a first home is hard for many young people today. Saving early and making a plan can help people reach their goal.
Vocabulary5 words
- deposit
- money you pay first when buying a home
- savings account
- a bank account where you keep money you are saving
- budget
- a plan for how you spend and save money
- first home
- the first house or flat someone buys
- save
- to keep money instead of spending it
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Quiz
Answer key
1. £17,000 2. A budget 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Many people want to buy their first _____. But first, they need money for a deposit.
For a first home, people often need about £_____.
A new report shows four _____ to save money for a deposit.
People can put a little money aside every _____.
There are also special savings _____ for people who want to buy a home.
Some people get help from _____.
Making a _____ can also help.
A budget shows how much money you spend and _____.
Saving early and making a _____ can help people reach their goal.
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