Getting on the property ladder for many young people is just something that is way out of their reach at the moment. With rising rents, travel expenses and general cost of living going up all the time but wages stagnating, it seems impossible for many to get on the first rung of the ladder.
However despite some of the things in the way for millennials, they are fighting back, cutting down and making savings where they can, in an effort to save as much money as possible for a deposit.
New research from My Voucher Codes suggests there are some things young people are willing to give up and cut down on to save. As much as we sometimes we feel we need a holiday, 64.5% of UK residents would stop going on them in order to save money. And convenience food will also be something that goes out of the window for 62.6% who say they would stop going to the pub or ordering takeaway food.
With all the trappings of modern life, a lot of people would give up TV subscriptions and even internet connections to save, just 5% of people said this is just something they could not give up on. Although health is just as important for young people, 41.8% of those surveyed said they would quit their gym membership to save.
Managing Director, Chris Reilly for My Voucher Codes said the results showed that generally speaking, UK dwellers still have a dream to own their own home.
“Giving up trips in general, whether abroad or to the local watering hole, show that people are willing to knuckle down and focus on the pennies they could be saving. Just don’t ask them to give up their small pleasures: namely internet, cigarettes and the occasional glass of wine,” Chris said.
So how can you start to save your way to your first home? Check out where you can save and switch with the My First Home Calculator, from My Voucher Codes.