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Saving money towards buying your first home can seem daunting, but the My First Home Calculator, brought to you by My Voucher Codes, can help. The calculator looks at your monthly outgoings and suggests areas you can cut out and cut down to save money. You will see the pounds add up in your savings account spurring you on towards a deposit for your first home.

Many young people find it extremely difficult to get onto the property ladder, especially if they are privately renting. If moving back in with parents or family is not an option, there are other areas you can look at to cut out or cut down, to try and save a little extra money. Using the calculator you can see, based on your savings made from cutting out certain things and down in other areas, how long it would take to save for a deposit for your first home. You can see how much you need to save for a 10% deposit for each region.

The money saving tool looks at 12 expensive outgoings that you can cut out or down to boost your savings:

  1. Takeaway drinks; can you skip the coffee to go and cut this out of your spending?
  2. Takeaways; skip expensive takeaways and make fresh versions at home to save.
  3. Meals out; they might be a nice treat but making a slap up meal at home will be cheaper.
  4. Drinking alcohol in pubs or bars; it’s great to socialise, but it can also be pretty expensive.
  5. Drinking alcohol at home; you save money instead of going out, but why not go teetotal?
  6. Smoking; you know this is bad, get help to quit and save your health and your cash.
  7. Gym membership; try working out at home instead, online tutorials can help.
  8. Clothes shopping; unless something needs replacing, curb your shopping habits.
  9. Mobile phone contracts; shop around for the best deals, pay for what you use only.
  10. TV, internet and phone packages; shop around to get the best deals.
  11. Gas and electricity; you can save up to £300 by switching supplier.
  12. Car insurance; don’t renew with your current insurer, shop around for the best deal.

If you’re desperate to stop spending all your money on renting and effectively paying someone else’s mortgage, then use the My First Home Calculator to find out where you can make enough savings to save for your deposit.