Buying your own home has got harder and more expensive as the years have gone on. Whilst buying your own home was a rite of passage for many newly weds it seems that is not the case for today’s generation. Huge deposits are often needed and that coupled with escalating University costs means that owning your own home is a pipe dream for many until they are older. Therefore I was really interested in this piece of research that landed in my inbox yesterday. I looked at the list of ways people are cutting back in order to save for a deposit. Many I could identify with as they are how I live regardless of what i am saving for. I save for holidays using many of these cost cutting options. Some I was surprised to even see on the list. Cutting back on a cleaner – chance would be a fine thing I have never had the luxury of one to cut back on! Shopping in outlet stores is a hobby anyway just look at my latest Nike Clearance Haul for evidence!
The research, which was commissioned by Housing Association Family Mosaic found one in seven got a second job to try and pull together enough for a deposit.
Yesterday a spokesman for Family Mosaic said: ‘’The study shows just how far people are going in pursuit of their dreams of becoming a property owner.
‘’In the current climate, many are struggling to get a deposit together and the list of sacrifices shows how people are cutting down in almost all areas of life in a bid to reach their goal.
‘’It’s clear how we put other areas of life on hold in order to meet these goals and that, even after all of the efforts made, so many still feel they won’t ever manage to afford a place of their own.’’
MOST COMMON SACRIFICES WHEN SAVING FOR A HOUSE DEPOSIT
- Taking lunch to work
- Not having meals out
- Stop having takeaways
- Not going out on the weekend
- Not taking the annual holiday
- Stop drinking alcohol
- Not buying any new clothes
- Switching to cheaper food brands or cheaper grocery stores
- Shopping in discount stores
- Not going to the cinema or theatre
- Having a holiday in Britain instead of abroad
- Giving up luxury treats, food treats, goodies
- Selling some possessions on Gumtree, eBay or at a car boot sale
- Growing your own vegetables
- Not treating partner/ loved ones to expensive gifts or nights out
- Stop buying your morning coffee from your local coffee shop
- Dying / Colouring your own hair instead of at the salon
- Getting your hair cut at a cheaper salon
- Not getting drinks rounds in
- Buying less expensive make up
- Switching to cheaper shampoo
- Stop buying lottery tickets
- Getting public transport instead of using the car
- Cancelling gym subscription
- Downgrading your mobile phone or mobile contract
- Cancelling your magazine subscriptions
- Cutting your own hair
- Giving up manicures / pedicures / massages / waxing
- Downgrading the car
- Making clothes last longer by tailoring them yourself
- Quitting your hobbies
- Cycling to work
- Giving up smoking
- Selling the car
- Car sharing with someone to work
- Work bonus/ Christmas bonus money
- Getting rid of satellite television
- Stopping your gaming or online film subscription
- Cancelling a course, such as cookery class or tennis lessons
- Cancelling the cleaner
Therefore I would like to know which of these you do when saving for a big purchase.
We’ve taken to setting up a standing order from our bank account into a savings that goes out each week, we don’t notice the money going and it soon adds up.
Boo Roo and Tigger Too recently posted…Restoring my calm at The Waterways #BetterPlaces
We do similar to Sarah – if you budget for saving for something specific, and stick to it with a SO – then you are far more likely to hit that all important target if, like you say, even if you have to make changes along the way…
Helen Neale recently posted…Why boredom is good for our kids just like it was for me
We just take out a set amount of cash each Monday that we use for shopping, petrol and going out. We find by taking out what we ‘have’ to spend each week we keep on top of things well – seeing the money helps, its easy to just pop small things on a bank card!
I think the hard thing about saving is when you’re already doing some of those things anyway – we have no cleaner, don’t really drink much, don’t do foreign holidays, buy clothes in charity shops etc etc. I find the easiest way to save is to just write down everything you spend. It focusses the mind and that £2 on a magazine seems so much more when you know you’ve got to “declare it”!
Penny Carr recently posted…Ladybird Tuesday: Learning with Mother Book 4
We are doing most of these anyway as we are trying to go by….really struggling t save but we did manage for a nice holiday for the kids this year.
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We just gave up! OH turns 50 next year and despite having a big chunk we are still so far off being able to afford to buy somewhere big enough for our family that we are stopping being frugal and starting having fun again!
Sonya Cisco recently posted…Oh You Pretty Things – Small Things
We’ve done a lot of these. We did have a big holiday at New Year but we probably won’t have another until we have sorted out the disaster that is our kitchen. We own our house but that’s just the tip of the ice berg, now we have to maintain it. We do still go on the odd night out but they are very rare. The things I have really started doing this year are taking my lunch in – every single day, no coffee, no takeaway, no eating out. I miss all of these things (especially the coffee) but seeing how much we can save each month and imagining a shiny new kitchen is keeping me focussed. We’re a long way from cutting back on the cleaning hours though – I don’t think we will ever be able to afford one of those!
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