- Nikki Lumsden, a 46-year-old woman, was able to save up for her first home by cutting down on her habits
- The 46-year-old woman reduced her manicures, quit the gym and limited her cigarettes and alcohol intake
- With a joint-ownership scheme that givers 45% equity share, she bought a two-bedroom flat
Savings could just be some people’s way of getting what they have always dreamed of. This is the story of Nikki Lumsden, a 46-year-old lady, who cut down on her expenses to get her first home.
Nikki, an assistant sales manager, was able to save £4 750 (R92k) in 18 months to get her £205 000 (R3.9m) two-bedroom flat in Kent in 2019.
She ditched smoking and alcohol to save up that much. Before then, she was in the habit of smoking 20 cigettes a day, which cost £10 daily and £300 (R5 800) every month.
Cutting down on her habit allowed her to save what she could have spent every day. She also quit gym and pricey manicures to get an extra £70 (R1 300) a month.
Reducing the way she goes out also helped to keep £100 (R1 900) in the bank. It should be noted that Nikki got her home through a shared ownership initiative.
Under the scheme, she was able to get 45% ownership with her payment and on the condition that she continues paying a monthly rent of £340 (R6 604.38) to the association.
To totally own the whole home, she would have to increase her ownership share. The lady, however, said that she was not in a hurry to do that.
It should be noted that after she had saved £4 750 and her mum gave her another £4,500 so she could make a down payment for the home.
When asked why she chose to go for shared ownership, she said she would not have been able to afford it otherwise.
To be able to furnish the new house, she had to buy armchairs from Facebook's marketplace and take a sofa from her dad. Fortunately, the new home came with appliances.
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