Summary of “Can you really save for a deposit by ditching coffee and avocado toast? I tried to find out​”

I find the argument that I could afford a house simply by going without luxuries for a few years hard to swallow when the average deposit for first-time buyers is £32,899.
On one point he is firm, however: while it is possible to be approved for a mortgage with a deposit of only 5%, to be able to truly afford a property I need at least 10%, ideally 20%. “But that’s a very difficult amount to save when you’re already paying rent,” he says.
He wants me to understand “Opportunity cost”: the long-term loss that results from spending your money on option A rather than option B – in my case, spending £4.50 on lunch, rather than my future first-home deposit.
“But if you spend 625 quid a year on coffee and then say: ‘I can’t save up for a deposit on a house,’ you’re starting to lose a bit of the moral argument.”
“The second thing,” he says, “Is that this is not the spending diary of someone who is looking to save money.” To be fair, he adds, I had said as much when we first spoke.
Scanning my spending diary, he says it would be “Very possible” for me to save from £400 to as much as £700 of my disposable income each month by cutting back on coffees, lunches out, rounds at the pub and holidays.
Saving between £4,800 and £8,400 each year – hopefully more, if my salary increases in the future or I find someone to go halves on a house with – I could reach a 10% deposit of £35,000 in between four and eight years, says Lewis.
“I think the classic problem with you,” says Lewis, not unkindly, “Is that you talk about efforts to save money, but I don’t think you’re persuaded in your head of the reason for doing it. If you want to do this, you need to make that decision in your head and start to live your life – as the focused, ambitious person that you are – with one of your ambitions being to save a deposit for a house, so that you actually get a kick out of the fact: ‘I’ve brought in sandwiches to work for two months. I’ve got this much extra money. Boom!’ You need that mentality and you don’t have it.”

The orginal article.