It’s no secret that buying a house is currently less manageable than ever before, and so many millennials really struggle to get a foot on the property ladder. Research shows that home ownership is at a thirty-year low, and for so many people, it’s merely a dream.
I once thought that it would never be possible for me, but I’m pleased to say that a year ago, I achieved my goal of buying my first property. It definitely wasn’t easy though, and I had to make many sacrifices along the way.
When I got serious about saving for my deposit, I had to get ruthless with cutting my spending. Here are five areas in which I committed to stop spending money…
Fast food and takeaways
I love a takeaway or a trip to McDonald’s as much as the next person! But when I looked at my bank statements, I realised that my love of convenience was seriously costing me.
Instead of relying on Just Eat every Friday night, I committed to making home-cooked meals. At first it seemed like a lot of work, but in the end, I realised that it was actually much tastier, and much healthier. These days, I eat out on special occasions and I love getting creative in the kitchen.
Expensive clothes and shoes
Fast fashion is a big problem for our wallets and for the environment. So many of us are so accustomed to popping into Primark for an outfit for a night out, and though it may seem cheap at the time, the long term costs can be huge.
When I made it my mission to save for my first home, I started shopping my own wardrobe and concentrated on getting the most possible mileage out of things I already owned. If I really needed something new, then I check out bargain sites such as Bargain Bunny to get a great deal.
If you take the time to have a look through your bank statements for the subscriptions you’re paying out for, you might be shocked. Are you really using Netflix? Is that beauty box a necessity? And how much are you spending on things that you don’t really need?
Don’t put it off for a minute longer. Sit down with a pen and paper, and cancel anything that you’re not sure about. You can make instant savings without even realising it.
Like many women, I love pampering myself. I enjoy getting my hair done, getting my nails done, and trying out new treatments such as massages and eyelash extensions. We all deserve a treat, but think about if you could make some cut backs in this area.
There are so many salon quality products available that you can use in your own home for a fraction of the price. For example, instead of spending £20 every fortnight on getting my nails done, I invested in a home gel kit that cost just £35, and will last me several years.
Saving money can seem like a chore, and it’s something that we often put off. But small tweaks can make a big difference. Most importantly, they can get you closer to achieving that big goal of buying your first property!