Move over, avocado toast. Sandwiches are the latest “luxury” millennials are being told to toss.
U.K.-based real estate agents and property consultants Strutt & Parker singled out six expenses young couples should drop in order to afford a deposit on a home, the Evening Standard reports. The advice comes just a few months after Australian millionaire Tim Gurner told millennials to stop buying avocado toast if they want to afford a home, attracting widespread criticism online.
According to Strutt & Parker’s list, giving up one night out a week could save a U.K. couple, on average, nearly $8,000 (£6,000) per year. Eliminating takeout meals could save $3,500 (£2,640). Bringing lunch from home — rather than buying sandwiches or salads — could tack on an additional $3,400 (£2,576).
Forgoing an annual vacation, lottery tickets and an annual phone upgrade could save around $900 (£700), $1,100 (£832) and $200 (£154), respectively.
If millennial couples gave up these luxuries, according to Strutt & Parker, they could save – on average – $84,000 (£64,000) over the course of five years. In the U.K., the average mortgage deposit is $123,000 (£94,000) and families often can be counted on to chip in the remainder.
The average home in London goes for $623,000 (£474,704), Business Insider reports, and just 31% of U.K. millennials own property, according to HSBC research. That’s just behind U.S. millennials: by HSBC’s estimates, 35% of Americans in that demographic have purchased a home.
Unsurprisingly, millennials consulted by the Standard were none too pleased with Strutt & Parker’s suggestions. “Just cutting these things out would save money, but does that mean we aren’t allowed to have a life while we save up for a home? I don’t see any other generations having to have done that,” 22-year-old Charlotte Windsor told the newspaper.