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The Luxuries You Should Cut Out when Saving for a Deposit on a House

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For most young people the idea of ever being able to save for a deposit on a house seems more like a dream than a reality that’s ever likely to happen. With the average deposit on a  first home now looking at around the £33,000 mark, it’s easy to see why young people are increasingly feeling like they’ll never be able to make it on to the property ladder.

However, there are a few lifestyle changes you can make that include cutting out a few simple everyday luxuries which soon add up and can help you bag that all important first home. Here’s a few to get you feeling inspired:

The Morning Coffee Run

If you’re partial to calling at the local coffee chain on your way to work and getting a steaming cup of coffee to kick start the day, you could be splurging out a lot of money unnecessarily which could help you save towards a deposit on a house. In research carried out by Hatched, they found that over a 1 year period you’ll have bought around 250 coffees, totalling around £680, which is a lot to spend on coffee when you think about it. By bringing a flask of your own, or skipping the coffee run altogether, that’s nearly £700 added to the house fund.

A Summer Holiday

We all love having a summer holiday to look forward to but with them taking out a pretty hefty chunk of our savings, if you’re looking to save up for a deposit this is an area where you could definitely make some considerable savings. Forgoing the average summer holiday can save you around £554.50, which easily adds up especially for those people who go on several holidays per year.

Nights Out

Now if you’re serious about getting a place of your own there’s one weekly expense that you can easily cut out which will help you to make some considerable savings. Weekly nights out with the girls or boys can cost around £50 a time, more if you add on the new outfits bought and money spent on beauty treatments and make-up in preparation. By staying in, either having the girls round to share a bottle of wine or lads round to watch the match at yours rather than going to the pub, you’ll easily be able to make weekly savings that add up to make a huge difference.

So, it looks like looking after the pennies really does mean that the pounds look after themselves, by giving up these little luxuries you could be well on your way to being a first time homeowner in no time.