Realtors List Six Expenses Millennials Should Cut To Afford A Down Payment On A House
Discipline. Routine. Sacrifice. For most of us on a fixed income, more money isn’t going to magically appear in our accounts just because we’re getting older and we think we deserve to be paid comparable to our friends. It’s going to take a minor change in lifestyle to start seeing gains and a fresh perspective on what is necessary in our lives and what is disposable.
It’s hard, but only at first. If you’re like me, it’s very difficult to say no to a good time. But good habits breed other good habits and gains build on gains. U.K.-based real estate agents and property consultants Strutt & Parker singled out six expenses young couples should axe to help put down a deposit on a new home.
Via Time Money:
According to Strutt & Parker’s list, giving up one night out a week could save a U.K. couple, on average, nearly $8,000 per year. Eliminating takeout meals could save $3,500. Bringing lunch from home — rather than buying sandwiches or salads — could tack on an additional $3,400.
Forgoing an annual vacation, lottery tickets and an annual phone upgrade could save around $900, $1,100 and $200, respectively.
If couples follow this savings path they could save, on average, $84,000 over the course of five years.
As an impulse buyer, one of the saving tips I’ve found helpful is abiding by the 30-day rule, which experts believe to be one of the crucial aspects of personal finance. The idea is to wait 30 days to buy something, and if you still have the urge to purchase, it’s probably worth spending on. Time adds perspective.
[h/t Time Money]