Lifestyle: Saving for your first home

It’s getting to that time in my life where some of my friends are starting to get on the property ladder and here I am, still living with my parents at 27 still nowhere near the first rung of that ladder. I’m going to be moving back down to Winchester in September, where I’ll be renting (probably a room in a house share) whilst I study for my Masters degree, but once that’s over and I’ve managed to find myself a decent job, I’ll be back to scrimping and saving all in the hopes of getting together enough for a deposit. If I want to stay down in Winchester, I’d need quite a lot more than I would if I was up here in the Midlands, the house prices are ridiculous down there!

There are plenty of ways in which you can save money, which I have touched upon before but if you’re struggling to find ways to cut back on your spending, you should definitely have a look at the My First Home Calculator which has been set up by My Voucher Codes. This tool will calculate how much you spend per month and then per year on things that are not necessities like takeaway coffees, meals out and gym membership and will then tell you how you can cut back on those things and save yourself some money. I was really shocked to see that I spend around £250 a year on coffees from places like Starbucks and Caffe Nero and even more on meals out and takeaways. According to the calculator, if I cut back on these I could save enough to put down a deposit on a house in the Midlands in 5 years or enough for a house in the South East in 9 nears.

Obviously, it can be hard to save when you’re renting as you have bills to pay but by cutting back on little things like takeaways, you could save more than you’d expect! I would absolutely love one of the old houses in the above photos, but I think that Winchester city centre prices are a bit out of my reach as a first time buyer!

This post was written in collaboration with My Voucher Codes, all words are my own.

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