Posted by Tamara Millard
In order to either confirm or dispel myths about millennials and home ownership, we surveyed 22 millennials about their financial situation. This is part 2 of the series. To read part 1, click here. To read further articles in the series, click here.
When asked what they sacrificed in order to save for their deposit, some responses were:
“’I’ve always been quite frugal, so mainly didn’t eat out a lot, I don’t buy new clothes very often. Have found cheaper hobbies such as walking, riding and hiking. Kept my very cheap old car and maintained it myself instead of buying a new one.”
“Instead of opting to eat at restaurants we stayed at home for meals.”
“The big one was eating at home as much as we can”
“Eating at home, buying things we needed not wanted”
“We didn’t eat out as much as other friends – we still don’t!!"
Abstaining from eating out was one of the most common sacrifices made. Perhaps there is something to the controversial notion that if millennials simply stopped buying their avocado on toast, they could save for a home deposit?
Our savvy home-owner millennials were quite happy to share some saving tips with us:
This sounds hard, however our millennials still have fun!
Stay tuned for details on how much their mortgage repayments are, and if they are struggling to make them...
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