Saving in pursuit of one day buying a home can feel like an endless misery – especially when you’re already paying extortionate amounts of rent.
Knowing there’s an end point might be helpful.
Also helpful: knowing if you’re completely off track when it comes to saving up.
Are you being realistic about your budget? Are you putting away enough money for the future? Is buying property just not an achievable goal at your current salary?
Our calculator is a handy place to start answering these questions.
Just slide the tool to how much you’ll need for your deposit (it’s often around 10% of the total cost of the house), then enter in how much you’re actually moving to a dedicated savings account, whether that’s daily, weekly, or monthly.
You’ll then reveal how many years it would take to reach your savings goal, at your current budgeting.
We warn you, the number might be a bit bleak. But it’s better to know now, right?
Plus, the results could give you a nudge to up the monthly amount you stash away.
Have a play below and see how realistic your property dreams really are.
Note: If the calculator isn’t appearing, try opening the article URL in a new tab on your desktop or phone.
How long will it take you to save up enough for a house deposit?
How much you’d you like to save£
FYI, the average time it takes for a first-time buyer to save up for a house deposit is 3.6 years, apparently.
We apologise if your dreams have been crushed.
If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.
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