When it comes to buying your first home saving for your deposit is seen as a massive hurdle to climb, especially if it’s in London!
While every target as big as this does require some level of discipline and sacrifice, many millennials today are pushing back the thoughts of saving for a deposit. Mainly for the reason that they are still trying to enjoy life as research shows that 72% of millennials believe they can’t own a home, without completely sacrificing the things that they enjoy in life.
This combined with only 36% of UK millennials believing that they will improve their finances through promotions and new jobs. (The other 64% are hoping for events including winning the lottery, receiving inheritance and having their debts cleared). Has lead to many avoiding the financial commitment of saving for a deposit.
This really surprised us as many young people are not confident in their financial future at all, but they can still take control!
We are not going to sit here and tell you the basics of saving, like putting some money away as it enters your account rather than waiting to the end of the month, because you should already know that ;)
What we are going to do is show two facts we found on UK millennials. Getting you to rethink about how you spend your money on leisure activities.
Millennials spend on average 50% of their disposable income on going out and other non-essential items
On average millennials spend a total of 6 days a month going out. This includes cinema, live events, eating out and other forms of leisure.
The older generation has thrown comments at us millennials saying that we want to have avocado toast more than saving for a deposit! This left us to think do we really want to enjoy life more than we want to own our own home and is every single moment worth the spend? Like we said earlier every achievement in life requires some level of sacrifice, but you can always find a healthy balance! So don’t deny yourself of too much and make sure to always put a little away for your future :)