From savings to amazing: what would you do with £644?

Tenants | Thu 28 Jan 21

According to the Office for National Statistics (ONS), the average rent in England is rent is £700 a month. When a typical deposit is around 5 weeks rent, you could be handing over £805 before you even move in – and likely more if you live in London.

When you switch to a Zero Deposit Guarantee, you avoid this big outlay. Instead of giving 5 weeks rent to your landlord, you buy a guarantee from us for the equivalent of one week’s rent. So if your rent’s £700 a month, you only pay £161 upfront.

That leaves you with at least £644* to spend on other things. What would you do with an extra £644?

Start an F-Off Fund

Meet the Rainy Day Fund’s strong, sassy sibling. The F-Off Fund is a stash of money reserved to back you up and give you financial freedom when you need it most. Hate your job? Relationship hit the rocks? Nightmare housemates? Hopefully not. But this emergency pot of money gives you the security and reassurance you need to get out of difficult situations if they arise.

Put it towards a big holiday

Trips abroad may not be on the cards right now. But we all deserve a big holiday after the last 12 months. £644 could get you a luxury holiday close to home, an all-inclusive spa weekend, or a plane ticket to the other side of the world once we can fly again.

Furnish your new home

If you’re moving into an unfurnished property for the first time, £644 is a big chunk towards the furniture and appliances you’ll need to buy. If you’re a bargain hunter, you might even manage to get everything with your savings on sites like Gumtree, Facebook Marketplace or eBay.

Build your own deposit

If you want to buy a place of your own one day, your £644 saving could be your first saving towards your own deposit.

Treat yourself

Whether it’s a designer watch, the latest phone or a piece of original art. You could finally get that Big Thing you’ve always dreamt of, but never been able to justify.

What would you do with £644?

Already switched to our Zero Deposit Guarantee? We’d love to hear how much you saved and what you did with your savings. And if you haven’t switched yet, what would you do with the money you keep? Let us know by emailing help@zerodeposit.com and we might feature you in a future newsletter.

And remember: If you’re moving out of a property and want to get your deposit back, or if you have a Zero Deposit Guarantee and want to avoid claims – our end-of-tenancy hub is packed with essential tips, advice and guides to help you hang on to your savings.

*based on a calculation by the ONS of the average rent in England between 1 April 2019 and 31 March 2020.