First-time buyers could save £1799 a year to put towards a deposit by simply spring cleaning their finances, according to the Halifax.
New research by the Halifax shows that almost half (48%) of would-be first-time buyers are not confident of being able to raise a deposit for their first home.
Yet many are failing to take advantage of every day savings which can make a big difference to their deposits.
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."
Have your say on this story using the comment section below
Add this page to your favorite Social Bookmarking websites
