Letter: Give up luxuries to save for a home
A J Plant states saving for a home is not as straightforward as you think?–??rubbish!
The savings habit disappeared in the 1970s when Government, Thatcher, Howe and Lawson relaxed hire purchase rules and 100 per cent finance for goods. Later, 100 per cent mortgages were the norm as banks and building societies became irresponsible and now we all pay the price.
Saving means going without, not spending money on frivolous items.
If you wish to buy your first home, go without holidays, nights out, sports events, luxury clothes and expensive cars and live at home with parents instead of rushing into the first flat which becomes vacant when you commence employment.
It can be done. It is easier than 50 years ago when lending was restricted according to earnings of the husband and a partner's income ignored.
How do I know? Quite simply, we did it in 1963. No holidays for seven years after we married, one night out a week before we married at a dance for 50p, alcohol ignored – how boring A J Plant will say, maybe, but if you want something it can be achieved.
The sooner it is realised one cannot have everything one desires at the time one desires it the better, and maybe society will be the better for it too.
A J Plant asks how long it would take for a couple, both working I assume, to save £4,000, if they look carefully at their joint expenditure and lifestyle, I suggest one year!
J Mayne
Bridgnorth
