Richard's five moneysaving tips

We all know it can be gruelling to save that deposit, and as house prices rise, the target amount only seems further out of reach. Instead of frittering away your cash, take note of Richard Fenton's five no-nonsense tips to cut back on your spending and build up that deposit.

Richard's Five Saving Tips

1. Cancel your gym membership.

"Even if you use it, it's way too expensive. You can alweays run in the park for free."

Related on BBC News: Outdoor alternative to the gym 

2. Install a water meter.

"If there are only a few of you in the property, careful use will save you money."

Related on BBC News: Would I pay less on a water meter?

3. Use store-branded products.

"Supermarket branded products are way cheaper than the big brands."

Related on BBC Consumer: Can your smart phone save you money in the shops?

4. Walk or cycle to work

"Do this instead of using public transport or the car. We may be creatures of habit, but tinkering with that routine could save you as much as £50 a month."

Related from BBC Inside Out: Cycling v driving to work

5. Bin the ready meals

"They're convenient, but expensive."

Related on BBC News: Rise of the ready meal

If you follow all these tips, Richard reckons you could save up to £500 a year. Happy saving.