I’m a 20-year-old London student – here’s how I’ve saved £29k to buy a home with my partner

A young couple are hoping to beat Britain’s tough housing market by building a £40,000 house deposit fund before the end of 2027, putting them on course to buy their first home at just 19 and 20 years old.

Luree “Lu” Lento, a 20-year-old student from London South Bank university, and Alex Wakely, a 19-year-old estate agent from Tunbridge Wells have already amassed more than £29,000 in savings after making homeownership their main financial focus.

The pair, who have been together since their teenage years, are aiming to purchase a £300,000 Victorian terrace in a nearby village and say careful budgeting, rather than huge salaries, has been the key to their progress.

Putting aside £1,600 a month made all the difference

via SWNS

By consistently putting aside around £1,600 every month, they’ve managed to save roughly 40 per cent of their combined income and are now less than £11,000 away from their target. Their plan is to use £30,000 as a deposit, while keeping the remaining cash available for legal fees, renovation costs and unexpected expenses once they move in.

Together, Lu and Alex bring home around £54,000 a year, but say their saving success has come from changing everyday habits. Nights at the pub have become rare, shopping sprees are largely off the table and spontaneous purchases are carefully considered before any money is spent.

Lu, who is completing a degree apprenticeship in marketing, said the biggest breakthrough came when she started tracking every pound leaving her bank account.

She explained: “You need to be completely aware of what you’re spending. Things like coffees, subscriptions, lunches out and random purchases seem small individually but can add up to a huge amount over the course of a month.

“Once you know exactly where your money is going, it becomes much easier to work out what you can realistically save.”

Alex, who works as an estate agent, makes around £2,100 per month before commission. He pays £500 in rent while living in accommodation owned by a family friend and estimates his total monthly outgoings at around £1,060.

Meanwhile, Lu lives with her parents and spends approximately £480 each month on expenses, including her car, gym membership and beauty treatments from her monthly income of £1,672.

The result is that both can contribute roughly £800 each month directly into savings, treating those contributions as a non-negotiable expense rather than whatever money happens to be left over.

Alex said this approach is especially important because his income fluctuates with commission: “When your wages aren’t exactly the same every month, it helps to decide in advance what percentage you’re going to save.”

“I aim for around 40 per cent, but if I’ve had a particularly good month I’ll try to increase that to 50 per cent. The key is making savings the priority.”

The couple had to cut down on coffees and lunches out

via SWNS

While many people in their late teens spend freely on clothes, holidays and nights out, Lu says she now weighs up every purchase against the bigger goal of owning a home.

“I love shopping and buying clothes,” she admitted.

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“But now I think about whether I’d rather have that item or put the money towards our future. If buying young is your goal, there are definitely sacrifices involved.”

According to the pair, some of the toughest spending habits to break have been the smallest ones.

Alex said: “It’s the daily purchases that catch people out. Grabbing a coffee, buying lunch while you’re out or picking up snacks doesn’t seem like much at the time, but it adds up surprisingly fast.”

Lu agreed, adding that frequent visits to places like Pret or buying treats on days off can quietly eat away at a savings target. Rather than spending heavily on travel and socialising, the couple say they have become more deliberate with how they use their money.

“We’ve had people tell us we’re too young and should be travelling more, but we’d rather make sacrifices now and enjoy the rewards later.”

Earning while on a degree apprenticeship helped a lot

They also credit their progress to starting early. The couple decided to focus seriously on getting onto the property ladder in January 2025 and have structured their finances around that goal ever since. Before combining their efforts in 2025, both had already developed saving habits individually.

Neither followed the traditional university route, allowing them to begin earning straight away without accumulating student debt.

Lu said: “I’m earning while studying through a degree apprenticeship, and Alex went directly into work. Not having student debt has definitely helped us get ahead financially.”

Through high-interest savings accounts, their money is growing

via SWNS

To maximise their savings, the couple spread their money across several accounts, including Lifetime ISAs, cash ISAs and investment accounts.

Lu currently has £7,704.10 in her Moneybox Lifetime ISA, while Alex has built up £9,046.70. Both have contributed the annual maximum of £4,000 this year, meaning they’ll each receive a £1,000 government bonus.

“The Lifetime ISA has been one of the best tools for us because of the government bonus. We also like keeping some money accessible in a cash ISA while earning interest, and we’re slowly building long-term investments too.”

Despite attracting criticism online from people who believe they should be spending more freely while they’re young, Lu and Alex remain committed to their plan.

“There’s often pressure to spend money to enjoy life but everyone’s priorities are different, and this is what matters to us.”

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Featured images via SWNS