Is Your Latte and Avocado Habit Eating into Your House Fund?

Buying your first house is an exciting process — but it’s not getting any easier. Recent figures from the Office for National Statistics show that today’s young adults own less property and have significantly less savings than twenty-somethings did just one decade ago.

Millennials have been an easy target in recent years, with stereotypes of skinny iced soya caramel frappes and avocado toast spending sprees dominating the media. With a deposit, moving fees and more to pay for, however, buying a house requires careful money management for any generation.

If your savings fund is looking a little empty, you’re not alone. Here are four easy areas to cut back on and help make your dream home a reality.

Coffee    

What’s your coffee of choice? While it’s normal to treat yourself every now and again, you may find that spending £4 a day on grande vanilla lattes seriously adds up over the course of a month.

That’s not to say you need to give up your caffeine fix, however. If the instant stuff just won’t cut it, you can pick up a cafetière and a bag of fresh coffee from most supermarkets for significantly less than the average coffee shop.

Food

We all need to eat, but there are lots of smart steps you can take to make mealtimes cheaper. Skipping your daily lunch deal and making a simple meal plan for the week will help to keep your spending down, while avoiding going food shopping when you’re hungry could be enough to stop you making impulse buys.

If you’re stuck for inspiration, many of the supermarkets offer free recipe cards for cheap, quick and tasty meals that can be picked up in store.

Clothing

Clothing is another area that’s easy to spend a lot of money on without getting much back. Avoid fast fashion habits such as buying a new outfit for every occasion, and choose items that are built to last when you do pick up something new.

You may also be able to sell some of your unwanted items via online marketplace websites such as eBay or Depop, giving you more room in your new home for the items you do want.

The gym

Getting regular exercise is important for maintaining good physical and mental health. That doesn’t mean it needs to cost £50 a month however, so try to avoid paying for gym memberships with added extras that you’ll never use.

If you’re spending a lot on supplements such as protein shakes and vitamins, you may find that you can replace these items in your everyday diet with more eggs, vegetables and pulses.