Ditch To Be Rich: New online tool helps first time buyers save quicker for house deposits

IF you’re hoping to buy a new home, or have children trying to get onto the property ladder, a new online tool could be here to help. 

The Ditch to be Rich calculator tells users how long it would take them to save up for their deposit, and how much quicker it would be if they ditched some of their ‘bad’ spending habits.

Saving for a house deposit can often be the most difficult part of buying a home, with some research suggesting that it could take first time buyers between eight and ten years to stash enough cash for a 20% deposit.

Premier window furnishings company Thomas Sanderson have launched the tool to help first time buyers shave years off their saving time.

The calculator asks users to input their target deposit amount, plus details about their saving and spending habits.

It then calculates how long it would currently take to save the deposit amount, and how much quicker it would be if they were to cut their spending.

For example, users who currently save £200 a month but buy five coffees, four alcoholic drinks and one takeaway a week, don’t smoke and spend £50 a week on leisure and entertainment could reduce their time spent saving for a £20,000 deposit from 8 years and four months to just two years and 10 months.

Richard Petrie, marketing director for Thomas Sanderson said:

“Saving for anything can be a hard task, and in this current climate it may feel like you’ll be saving forever to make up your deposit.

“With this tool you can easily see what you can cut back on in order to save more efficiently, and how faster you can reach your target by making these cuts.”

Find out more here.