BUYING your first home on your own may seem an impossible goal in the current climate. But Soph Adams, 26, managed to buy her £250,000 first home in Hereford by sacrificing everything and moving back into a box room with her mum to save money. 3 Soph Adams bought her first home at 26 for £250,000 using a deadline savings plan 3 The three-bed semi detached home needed some moderinising 3 Soph lived a minimal lifestyle and stopped going on hols to save the cash Soph, who works in property development, hated that she was paying rent and wanted to be a homeowner by the time she turned 30.
When she turned 25, she decided to give up luxuries like holidays and expensive clothes and get real about home ownership. Many people find it difficult to save for a deposit over time, so Soph knew if she gave herself a firm deadline to save for her first home purchase she’d perform better. So, she decided to swap renting a posh apartment for moving back into a box room at her mum's for one year - after which she wanted to have her whole deposit saved.
This allowed her to set tough monthly savings goals and celebrate when she met them. Soph also adopted the "monk" or "minimal living" method for the year, giving almost all luxuries in order to put all her cash towards her deposit. Moving in with a parent is not a luxury everyone has and Soph feels very grateful to have had somewhere to sleep while she squirrelled away her savings.
But giving up spending any money and sticking to a strict sav.
