Home ownership

What would you be willing to sacrifice to buy your own home?

Millenials face many challenges these days but one major challenge is that of getting on the property ladder. With inflation on the up and wages remaining stagnant, house prices still rising and rents seeming to edge higher every year, saving for a deposit is just one of the major hurdles young would-be home buyers face, let alone passing today’s more stringent affordability checks.

It’s clear, then, that if young adults today are going to achieve their goal of home ownership, then it is likely that that it will require a great deal of sacrifice on their part in order to be able to save for that much-needed deposit. The big question is, do millenials feel that it is worth making a few sacrifices to be able to buy their own home and if so, what sacrifices would they be willing to make?

To help offer some suggestions to young adults as to what areas they might be able to sacrifice in and also how much they might be able to save, the team at MyVoucherCodes recently launched a helpful tool called ‘My First Home Calculator’.

Using the tool, you can input how much money you tend to spend in certain areas such as buying takeaways, eating out at restaurants, forking out for gym memberships and other more neccesary expenditures like utility bills and more. You can then find out how much money you might potentially be able to save towards a deposit for your first home if you were willing to cut back in some of these areas. While the individual savings might only appear to be small at first glance, when you add them all up together and then also multiply them over the course of a year, these small savings really do turn into big savings and you may just feel by the end of it that home ownership is a dream which is more achievable than you might think.

We’ve tried to embed the tool below for you to give it a try (hopefully it’s all working ok) but if you can’t seem to get it working here then you can head on over to www.myfirsthomecalculator.co.uk and try it out there instead.

So, if you still harbour the dream of one day owning your very own home then maybe the tool below can give you some much needed inspiration to make a few changes in your spending habits, in order to turn that dream into a reality.

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