High School Sweethearts Bought Their First Home at Age 19 by Cutting Out This Relationship Aspect to Save Money

Millie Atherton and Alfie Boardman saved for a new home by using specific methods, including opening a Lifetime ISA (LISA)

NEED TO KNOW

• Millie Atherton and Alfie Boardman saved for a new home by using specific methods, including opening a Lifetime ISA (LISA)
• The couple explained how they saved money and managed to put down a deposit on their dream property
• “My advice to other people is I wouldn’t go with renting, I would look into buying a house. If you get on the property ladder, you’re already winning,” Alfie said

A young couple is opening up about the tricks they used to become new homeowners.

Millie Atherton and Alfie Boardman began thinking about buying their first home together at age 18. Now, the U.K. couple has achieved that goal at 19, according to Kennedy News and Media.

The two have been together for five years and bring in a combined monthly income of approximately £2,500 (about $3,307) — with Millie working as a trainee hairdresser, and Alfie working as an IT apprentice.

"We're not big spenders, we don't really go on dates. Occasionally we will, but we don't really go to fancy places," Alfie explained, noting that they spent the most on takeout food, but are "not big on purchasing things."

"I rarely buy clothes," he added.

When Alfie and Millie were trying to save up, they didn't cut down on their takeout expenses and picked up food about two to three times a week.

They would go out to drink and socialize with friends typically twice a month, but cut back their spending slightly.

"When it got closer to the point of actually buying a house, we decided to budget ourselves on a night out because before we would just do what we wanted," he said.

Millie explained that she opened a Lifetime ISA (LISA) and "started saving little bits."

According to the U.K.'s official government website, those who want to purchase a home can open the savings account and put in up to £4,000 (about $5,298) each year until age 50. From there, the government adds a 25% bonus to the savings, up to a maximum of £1,000 (about $1,322) per year.

She was also living with her parents to save on rent and housing expenses.

"I get paid weekly and every week, I put away 50% of my wage. The rest of the money went on food, takeaways and our cars," she said.

By using the 25% government bonus from her LISA and a little help from their parents, Millie and Alfie were able to put down a 10% deposit to buy their first home.

"[Our family] knew how much we loved the house and didn't want us to lose it, we were proud of how much we did manage to save," she said.

They got approved for a mortgage on a £150,000 (about $198,441) two-bedroom, semi-detached house in Seaham, England.

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"We had the 5% deposit ready to go, but when we found out we needed a 10% deposit, we needed some help, so we were very fortunate to have support from family members," Alfie said.

He added, "My advice to other people is I wouldn't go with renting, I would look into buying a house. If you get on the property ladder, you're already winning."

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