Author Topic: Millennial told she can actually save for a house by cutting down on flat whites  (Read 2306 times)

shelivesthedream

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https://www.theguardian.com/money/2018/jan/29/can-you-really-save-for-a-deposit-by-ditching-coffee-and-avocado-toast-i-tried-to-find-out

This was actually a more interesting article than most written on the subject, mainly because Martin Lewis’s advice (the MoneySavingExpert man) doesn’t pull any punches. No “Oh dear, poor millennials, life is so hard for you”. Instead it’s more “You could own a house if you wanted, but talk is cheap and your actions suggest you don’t want to”. Slightly disappointed by the “Oops! Silly me! I accidentally spent £20 on G&Ts! How did that happen?? *bimbo face*” tone of her spending diary, but overall a good and worthwhile article. And at the end she buys a cafetiere!

Quite tempted to try and remember to email her in six months asking how she’s doing 😊

Linda_Norway

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That was a good financial adviser who made her see the light.

Serendip

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An interesting read..so much money spent on food!

This is the first month we have tracked our food purchases together (my partner wasn't on board about this for a long time).
I was shocked that my numbers were around $500/his around $650, so combined $1150. This included groceries, eating out and any alcohol.

A friend at work decided to do the same thing when I told her about the app I used..she is now currently at $850 for the January and her partner around the same. She was surprised mine was so low (and I was thinking it is so high!) Tracking makes such a difference.

WhiteTrashCash

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Yeah, I always tell people that they can save a ridiculous amount of money by not getting Starbucks, eating out, or going to bars and they scoff at me. It's absolutely true. And it will help a person lose weight too.

Dabnasty

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Yeah, I always tell people that they can save a ridiculous amount of money by not getting Starbucks, eating out, or going to bars and they scoff at me. It's absolutely true. And it will help a person lose weight too.

This is one of the hardest parts of being mustachian.

Normal person: "How do you have enough money to buy a house?"
Mustachian: "I didn't spend all my money on eating out for lunch."
Normal person: "hmmm. No, I'm pretty sure houses cost more than lunches. You probably got a big inheritance or something" *Walks away whistling*

DS

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Yeah, I always tell people that they can save a ridiculous amount of money by not getting Starbucks, eating out, or going to bars and they scoff at me. It's absolutely true. And it will help a person lose weight too.

This is one of the hardest parts of being mustachian.

Normal person: "How do you have enough money to buy a house?"
Mustachian: "I didn't spend all my money on eating out for lunch."
Normal person: "hmmm. No, I'm pretty sure houses cost more than lunches. You probably got a big inheritance or something" *Walks away whistling*

Haha I hear one guy say that all the time, joking about how he can't buy a house due to avocado toast. He buys an XL Dunkin coffee every morning, and I frequently see him going for Starbucks in the afternoon.

bacchi

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Yeah, I always tell people that they can save a ridiculous amount of money by not getting Starbucks, eating out, or going to bars and they scoff at me. It's absolutely true. And it will help a person lose weight too.

This is one of the hardest parts of being mustachian.

Normal person: "How do you have enough money to buy a house?"
Mustachian: "I didn't spend all my money on eating out for lunch."
Normal person: "hmmm. No, I'm pretty sure houses cost more than lunches. You probably got a big inheritance or something" *Walks away whistling*

Haha I hear one guy say that all the time, joking about how he can't buy a house due to avocado toast. He buys an XL Dunkin coffee every morning, and I frequently see him going for Starbucks in the afternoon.

My former cow-orkers would go out to eat 3x/day. They'd come in with a meal, go out to lunch, and then meet up after work for sushi at some fancypants restaurant. It was probably $50/day.

Yes, they'd then complain about not being able to afford a house. I was all, "Yo, morons, you're spending about $800/month on eating out. That's about a $165k mortgage. Add in your $1000 rent and you're there." They didn't want to hear it.


shelivesthedream

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I did hear a comedy song a little while ago about how they can't afford to buy a house because they bought a single £300k avocado instead. It was pretty funny, but sad to feed this idea that the "little things" don't add up.

Linda_Norway

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I have three millennial colleagues, all still in their twenties. Two of them are guys who have graduated from university 1,5 year ago. Both have been able to buy a house. One of them walks in shoes that are 10! years old. They both wear old originally blue t-shirts that have become grey after many years of washing. One of them is looking for a roommate to share his new apartment with.
I also have a more spendypants female colleague, who spends quite a bit on clothes, handbags and has a car loan for an fancy audi car. But even she managed to save up her own share for an apartment that she recently bought. She now has a house with a mortgage with  the same amount of what she used to rent for, but for a bigger house, in the same neighbourhood.

In my job they do a financial screening of everyone who is hired. I think you don't get hired if you have high CC debt. That might explain why we have a lot of financially sensible people working here. Although many of them are more spendypants then I am and the guy described above.

nereo

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After rent, heating, electricity, groceries, internet, mobile phone and public transport costs, I am left with a bit over £1,000 each month. Of that, I save about £100 every month. The rest goes on, mostly, coffee, food [out], alcohol and travel.

Yikes.  her budget for coffee, eating out, alcohol and travel is about on par with our budget for 'everything'.
FWIW £900 = $1,275 USD
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jooniFLORisploo

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I came here to post the same link, checked first to see if someone already had :)
GREAT article!

Blonde Lawyer

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I'm allergic to avocados.  I hear a lot of jokes about that being the reason we own our house.

nereo

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I'm allergic to avocados.  I hear a lot of jokes about that being the reason we own our house.
well.... I've seen avacado toast for $8-10 at some spots.  30ish days in a month, so I *suppose* if one were to eat it 2x/day it could add up to most of a mortgage payment...
:-P
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obstinate

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I'm allergic to avocados.  I hear a lot of jokes about that being the reason we own our house.
well.... I've seen avacado toast for $8-10 at some spots.  30ish days in a month, so I *suppose* if one were to eat it 2x/day it could add up to most of a mortgage payment...
:-P
Can buy avos for $1.25/ea in downtown Manhattan. Just eating avo toast twice a day wouldn't be enough; you'd also have to refuse to learn to make it yourself.

marty998

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I'm allergic to avocados.  I hear a lot of jokes about that being the reason we own our house.
well.... I've seen avacado toast for $8-10 at some spots.  30ish days in a month, so I *suppose* if one were to eat it 2x/day it could add up to most of a mortgage payment...
:-P
Can buy avos for $1.25/ea in downtown Manhattan. Just eating avo toast twice a day wouldn't be enough; you'd also have to refuse to learn to make it yourself.

$15 for avo toast around the corner from my workplace. Add a dollar or two if you want it on sourdough.


mustachepungoeshere

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I'm allergic to avocados.  I hear a lot of jokes about that being the reason we own our house.
well.... I've seen avacado toast for $8-10 at some spots.  30ish days in a month, so I *suppose* if one were to eat it 2x/day it could add up to most of a mortgage payment...
:-P
Can buy avos for $1.25/ea in downtown Manhattan. Just eating avo toast twice a day wouldn't be enough; you'd also have to refuse to learn to make it yourself.

$15 for avo toast around the corner from my workplace. Add a dollar or two if you want it on sourdough.

A woman at work pays $8 for Vegemite toast every day.

Toddlers can make Vegemite toast but apparently my 40-something colleague can't.

Mesmoiselle

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Avocado toast?

....I mean, is it actually as literal as it sounds? toast with probably only half an avocado being smooched on it?
I'm a travel Ultrasound Technician. And if I don't manage to burn out, I can FI in 5 years. I am DROWNING IN LUXURY. Learning to swim instead of drown.

nereo

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Avocado toast?

....I mean, is it actually as literal as it sounds? toast with probably only half an avocado being smooched on it?
Yes.

made right, it is delicious. Made at home it can be great snack for ~$2. At trendy cafés it can run you $10 or more...
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Plugging Along

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Avocado toast?

....I mean, is it actually as literal as it sounds? toast with probably only half an avocado being smooched on it?
Yes.

made right, it is delicious. Made at home it can be great snack for ~$2. At trendy cafés it can run you $10 or more...

I was really worried about advocado toast for my kids.   My kids LOVE avocado toast.   They actually came up with it around the time these articles came out.  They often make it themselves for breakfast or a snack.

I was actually worried they would get in a bad habit of buying it when they are older.  We saw it on a restaurant menu for $14.  My kids were horrified that any one would pay that much.   So at least tha is good. 


nereo

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Avocado toast?

....I mean, is it actually as literal as it sounds? toast with probably only half an avocado being smooched on it?
Yes.

made right, it is delicious. Made at home it can be great snack for ~$2. At trendy cafés it can run you $10 or more...

I was really worried about advocado toast for my kids.   My kids LOVE avocado toast.   They actually came up with it around the time these articles came out.  They often make it themselves for breakfast or a snack.

I was actually worried they would get in a bad habit of buying it when they are older.  We saw it on a restaurant menu for $14.  My kids were horrified that any one would pay that much.   So at least tha is good.

Use it as a teaching opportunity.  Coffee, avacado-toast, artisan bread and about a million other things can be made at home very inexpensively.  Or it can be bought in a store for a 6x markup and leave you poorer and dumber. 
"Do not confuse complexity with superiority"