I’m 24 but I saved £20k for a house deposit – that’s exactly how I did it… I didn’t even break the bank either

A 24-year-old has shared the exact method she used to save £20,000 in just two years.

Hannah Bevington plans to use her savings to buy her first home and revealed she didn’t even have to “break the bank” to save up.

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On TikTok, Hannah revealed that in February 2022 she opened an LSIA, which is a lifetime ISA.

She said the specific ISA she opened was a shares ISA, which you can invest £333 in per month.

The savvy saver revealed the government will match each deposit with 25%, meaning you’ll receive £83 a month from the government.

“It’s essentially free money,” she said.

In March 2022, Hannah said she deposited £4,000 into the account and received £1,000 (plus 25%) from the government.

After that, every month she added £333 to the account, until she added £13,318, and the government contributed £3,000 more.

This took her to £16,318 in total.

“You’re probably wondering where the rest of the money came from?” she said.

“This came from investing in the stock market.”

She explained that currently her investment has increased by 22.53% and added that technically she is not only making money from her own savings but also from the money that the government has invested.

Hannah said: “I’m having a really good year with my investments, but it’s not always guaranteed that every year will be this good.”

She revealed that she hopes to encourage people of all ages to start investing, as “the sooner you start, the better the gains will be”.

Hannah’s video, posted under the username @hannahbevington, probably left a lot of people impressed as it racked up 420,000 views on the video-sharing platform.

TikTok users rushed to the video’s comments section to share their thoughts on Hannah’s tips.

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Getting on the property ladder may seem like a daunting task, but The Sun’s My First Home feature lets you find out exactly what it takes to finally get the keys to your own home.

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One person said: “Love this!!! Very good”

A second person said: “Good for you, beautiful.”

A third person said: “As soon as I transfer my credit card debt, I plan to invest and will go this route to get started.”

A fourth person added: “You nailed it, Hannah – well done.”

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