I'm a hospitality worker on 27k a year. My dream is to be a lawyer – is this possible on a budget?

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Let's talk money.

Paying yourself first is one of the best ways to get into the habit of saving. To simplify things, every time you receive your paycheck, take a percentage and set up a standing order directly to your savings account. Start with an amount you can easily afford and gradually increase. Every time you get a raise, bonus or any money in addition to your regular salary, direct it to your savings account.

The average first-time buyer deposit is around 5-10% of the purchase price, so you can work out an average amount you need to save. Savings accounts such as LISA are great avenues for FTBs as they offer government-incentivised bonuses, so for every £1,000 you save, you could receive £250 , and you can save up to £4,000 per year. Once you feel ready, it's worth speaking with a mortgage adviser to discuss your options.

 

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