By making a few simple lifestyle adjustments (such as cutting their alcohol consumption by two pints per week, giving up a latte on the way to work, swapping from bottled to tap water, cutting down on takeaways and cancelling gym membership), first-time buyers could save £147.37 per month.
Furthermore, a smoker who quits a 20 per day habit could more than double this by saving an additional £1930 over the year, bringing total savings to £3698.44.
The “quick-fix” top six:
1 Quit smoking – saved per month: £160.83 – saved per year: £1930
2 Cancel gym membership – saved per month: £42.37 – saved per year: £508.44
3 Cut out morning latte – saved per month: £37.80 – saved per year: £453.60
4 Cut out one takeaway per week – saved per month: £35.96 – saved per year: £431.52
5 Drink two less pints of beer per week – saved per month: £22.56 – saved per year: £270.72
6 Swap a litre of bottled water for tap water – saved per month: – £8.68 – saved per year: £104.16
Total – saved per month: £308.20 – saved per year: £3698.44
Switching energy suppliers, swapping driving for cycling or walking, and taking advantage of the growing trend for online discount vouchers could see first-time buyers shave even more pounds from their outgoings to help boost their deposit savings.
Jaedon Green, head of mortgage development at Halifax said: "Our research shows that spring cleaning your finances can potentially save first-time buyers thousands each year. By identifying a few simple changes to their everyday routine and saving regularly, first-time buyers can make a big boost to their deposit pot."
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