Cracking new research from homemoving service provider, reallymoving, has calculated how many Easter Eggs a typical first-time-buyer would need to give up in order to raise the average 10% deposit of £21,996.
According to the figures, the magic number is 37,872 and was worked out using the firms first-time-buyer deposit savings generator, which has been given a temporary Easter makeover.
The online tool enables first time buyers to enter the deposit they need, to reveal the number of Easter eggs they would need to give up in order to save that amount. The prospect of giving up 37,872 eggs, which if eaten would contain over 3.5m calories (enough to fuel a swim from San Francisco to Australia), illustrates the savings mountain first time buyers need to climb.
While lots of small lifestyle changes can add up, giving up Easter eggs isn’t going to make much difference and instead of depriving themselves of all luxuries, first-time-buyers should focus on making meaningful changes in order to grow their long-term nest egg.
To support first time buyers in reviewing their spending habits, reallymoving has published a series of guides offering genuinely helpful advice, such as managing living with parents as a young adult, tips on earning extra cash and links to the best savings rates available on Lifetime and Help to Buy ISAs, which give first-time-buyers government bonuses on their savings. The guides include: Starting Saving for a Deposit for those just starting out; Sacrificing to Save for those who are working towards their goal; and Supersizing your Savings for those who have the end in sight.
Rob Houghton, reallymoving CEO said, “Saving for a deposit is without doubt the greatest challenge people face when buying a first home and rather than denying themselves all of life’s luxuries, such as chocolate eggs this Easter, first-time-buyers should remain focused on the bigger picture.
“Making meaningful changes such as moving back in with parents, saving a fixed amount each month into a help-to-buy ISA or downloading a money saving app, can really help monitor spending and saving.
“Our first-time-buyer deposit savings generator is a fun tool designed to help first-time-buyers challenge any suggestion that saving for a deposit is easy, alongside a range of free resources to help them achieve their goal.”
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