Give up to save up this Lent

Posted 10 February 2016 by Helen Christie

Ash Wednesday is traditionally a time to give something up and might give prospective homebuyers the chance to save a little bit extra towards their new home...

Lent originated as a mirroring of Jesus fasting in the desert for 40 days and 40 nights, with people fasting or giving something up as preparation for Easter. It could be the perfect opportunity to adjust your lifestyle to help you save for a new home.

Whether you are thinking of giving something up for Lent for religious reasons, or if you want to test your levels of self-discipline, there are more benefits to it than you may initially think.

Giving up indulgences such as chocolate or alcohol is quite common for Lent, but as well as helping your waistline (and your hangovers), it can also help your bank balance. If you’re saving, or thinking of saving for a new home, you’d be surprised at how giving up a few simple things can help you save, and get you on your way to that deposit.

Try giving up buying lunch every day. Taking your own lunch to work could save you a huge amount. Rather than popping out to a cafe or coffee shop, bring in a flask of soup or make a sandwich at home, and put the money you would have spent on lunch into a savings account. The amount may start off looking small, but imagine you spent £4 a day on lunch, that’s £20 per working week, so over the six weeks of Lent, you could save £120.

Did you successfully make it through Dry January and fancy another go at a sober few weeks? Imagine how much you could boost your savings if you transferred £5 into your house savings account each time you would have gone up to the bar!

While it may not be possible for everyone, giving up your car or the use of public transport and swapping it for cycling or walking to work each day will really make a difference to your savings - and your fitness! 

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