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Couple with takeaway

Takeaways out, house deposits in for nation's young savers

More young people are now binning the luxuries in order to save for the bigger items.  A survey has revealed a house deposit to be the biggest motivator (35%), followed by a holiday (21%).

To reach their savings goal, 18-30 year olds are willing to give up takeaways and nights out, before they would gym memberships or subscription TV services, according to the survey by HSBC.

Also, they are saving more than any other age group, putting aside a quarter of their income each month.

Swapping takeaways and pints for the bigger ticket items you want is a good habit to get into.  What small changes could you make for potentially big returns?

Set your savings goal

It’s usually easier to save money when you have a goal in mind. What do you want to achieve? Whether it’s a family holiday or a new house, write your goal down and how much you will need in order to afford it.

Also think about how long do you have before you want to buy it? Once you know this, you can also work out how much you need to put aside each month. Then, it’s time to act! Set up a standing order from your current account to your savings. Do this on payday and it will feel less painful to be without.

What are you willing to cut back on?

Take a look at your outgoings and incomings. Take the time to properly look at your bank statement. Are debits to your local takeaway going out with alarming regularity? Or is there a subscription for something you don’t even remember the last time you used?

Once you’ve established a pattern, work out how much you would be likely to spend per month, and how much you would be likely to spend a year. You may be surprised.

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