Why you can still have 'avo on toast' and save for your future

Why you can still have 'avo on toast' and save for your future

Do you remember Tim Gurner, the 35-year-old millionaire who suggested the reason millennials (like me) are unable to buy homes is because we spend too much of our money on fancy brunches and expensive coffees?

Flora Munro, pictured here (third from right) enjoying "avo on toast" with friends, is saving 

Flora Munro, pictured here (third from right) enjoying "avo on toast" with friends, is saving 

The Australian tycoon said we needed to put our "$22 a pop" 'avo on toast' towards deposits instead.

I wonder what he'd make of news from the BBC recently that rising house prices are leaving even middle-aged workers unable to afford a first home?

Gurner suggests that we should only work and have simple meals. It is hardly surprising that living off Second World War-style rations can save you a bit of money (if you're interested, this blog the1940sexperiment.com will show you how).

But personally I would really like to enjoy my twenties and not spend it cooped up inside bored having baked beans on toast when I could be out enjoying myself with friends.

We millennials seem to have a reputation for irresponsibly splashing cash and we are constantly bombarded with facts and figures telling us to give up this and not do that.

However, people seem to conveniently forget that the main reason fewer under-30s own property these days is the huge chasm between wages and deposits - something our parents' generation didn't have to face.

A typical millennial will earn £8,000 less in their 20s than a Generation X-er, even after adjusting for inflation. This is combined with the average deposit for a first-time buyer setting you back £32,899, or three times more if you're in London.

Thankfully people are beginning to realise the severity of the intergenerational gap, with a report from the Resolution Foundation suggesting young people under 25 should receive a £10,000 payment for buying a home, starting a business or furthering their education.

If we're taking matters into our own hands, I think it's important to remember that everyone is different.

Something might not seem like much of a sacrifice to one person, whereas for another it might sound worse than cutting off their right arm.

In my case, I have never been a big coffee drinker. If I asked some of my friends to give up their morning flat white in order to save an average of £519 a year (according to Metro), their politest reaction would be to laugh in my face, whereas I am perfectly happy using the free coffee machine at work for my morning pick me up.

I think the key is trying to be clever with your money rather than completely cutting things out of your life. If you don't want to give up your daily coffee, then could you choose a cheaper one or bring one in from home?

You could bring in a reusable mug which nowadays should get you at least 20p off with each coffee.

You can try and bring in lunch say three times a week, but you know what, if you had to work late one night or had a heavy night, maybe it is completely fine to buy lunch? We need to stop feeling so guilty for little treats which overall make our lives a lot happier.

It is true that for some millennials owning a property may be or seem an unachievable goal.

However, saving for your future doesn't have to mean buying a house.

I really think it is all about personal preference and not a millionaire's place to tell me what I should do with my hard-earned cash.

As a recent graduate, I am just trying to put some money in my savings each month and focus on that building up to a point where I am prepared for a rainy day.

I hope that in future I can start investing to try saving for a house deposit, though I am aware that investors don't always get back the amounts originally invested and the value of investments and income from them may go down as well as up. It is a risk I am willing to take.

I have also started contributing to my personal pension so that I know that at least I have that ready and growing. 

It is now compulsory for companies to provide a workplace pension (you can read more about this on MoneyLens here).

I know that I won't be buying a house anytime soon, but at the moment I am happy having my yummy avocado on toast with the aim of my savings pot growing slowly but surely.

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