Owning a home by the age of 25 has become an unachievable dream for many over the last two decades With property prices souring, just one in five 25-year-olds own a property, compared to nearly half two decades ago, according to one recent study. However as the government unveils its Housing White Paper, there are some young people who have managed to go against the trend, without help from the bank of mum and dad.
Why would you Buy a property?
Have you been at Uni or working the last few years since leaving school? Are you sick of living at home with your parents? Have you thought about renting? Or do you want to get on the property ladder quickly and invest your money, which in turn with help you save towards a bigger and better family home in the future.
How can it be done?
By budgeting your monthly income, knowing where every penny goes. You will be able to track how much you can save, know how much you can spend and still factor in those little treats. When shopping, go for cheaper brands, shop around and get the best prices. The most expensive stuff is not necessarily better. By Budgeting you can still go on that holiday, or treat yourself to a weekend away, although you’ve been saving, you are still living and enjoying life. Check receipts and look for the best deals, and be thriftier than most people. Work any extras you can, whether it be an extra shift, an extra hour a day and even bank holidays if your employer allows it. Be tight with your money, don’t spend unless you need to.
Make those Sacrifices!
Small and simple lifestyle changes can make a massive difference. Buy supermarket brands, walk to work instead of driving, cut back on those nights out, think do you really need that takeaway? Be conscious of things, just by making your own lunch for work you could save £25 a week. Save what you know you need to, live on what’s left and if there is anything left over at the end of the month either treat yourself or add it to your savings.
Would that feeling of being a home owner be worth it?
How happy and proud would you feel, being only 1 in 5 people under 25 owning a home. Imagine getting given the keys to your own home for the first time. When things started to come together it will feel like such an achievement. Everything you choose not to do, such as not going to the cinema one night, saving that extra £100 a month with help towards it. Imagine telling your friends you own your home whilst they are still living at home with their parents in a room.
So, Think about it. Could you get onto the Property Ladder before you are 25?
Sit down and work out how much you can save a month, then make some lifestyle changes and see how much more you could save.