Cashpoint

A new online tool has been launched that could help first time buyers shave years off how long it takes to save up their deposit.

The Ditch to be Rich calculator works out the time it will take based on your current savings levels – and how much quicker it would be if you ditched ‘bad’ spending habits.

Provided by window furnishing firm Thomas Sanderson, it’s fun and easy to use. Simply input your target deposit, your monthly savings amount and what you spend on things such as coffee and alcohol at thomas-sanderson.co.uk/resources/ditch-to-be-rich/ and prepare to be amazed. A £20,000 deposit, saving £200 a month, will take eight years and four months. Cutting back each week on five coffees, four alcoholic drinks, one takeaway and £50 on leisure and you’d have it in two years

and 10 months.