As a result, buyers need to be shrewder when it comes to their savings and banking habits. There are two ways to save your deposit faster; save more, or spend less.

It's that simple.

Here are some ideas to get you started on the path to home ownership:

Work out your budget: The hardest thing about saving is doing it systematically.

You don't mind putting your spare change in a jar each week, but it's very hard to motivate yourself to save for a deposit because it usually means giving up things that you like. The key is to budget sensibly by putting together a realistic savings plan that doesn't compromise your family's lifestyle too much.

Estimate your regular expenses: This includes transport, groceries, lunches, childcare and so on.

Don't forget any debts, including credit cards, car loan or anything else that you have to make repayments on. The toughest part of this is identifying and cutting out unnecessary expenses. Work out what luxuries you enjoy that you can reasonably afford to give up - such as a gym membership.

Manage your debts: There is no doubting the convenience of credit cards when you are running a little short. They're handy to use and are accepted almost everywhere. But do you really need one? If so, how many are you using? Could you replace the credit card with a debit card for purchases? And what about interest-free purchases, personal loans or car loans? Remember you can't save effectively if you are also trying to pay several other debts. So cut down on those credit cards, consolidate your debts, and do everything you can to become debt free.

Sort out your banking: It's a commonly known, though rarely considered fact that most banks charge fees on most of their accounts. The most popular form of saving is to open an at-call deposit account. These are available from most traditional lenders such as banks, building societies and credit unions. The advantage of an at-call account is that your money is available whenever you want it. Avoid putting your money into just any bank account.

It's great to choose an account that pays decent interest, but there are other factors you should consider, such as account keeping fees, transaction costs, when interest is calculated and accessibility.

Make an appointment with Mrs. Mortgage today and get started on the road to your first home.