January 11, 2017
Emily and Ben have been going out since school. They both live at their parents’ houses, but ideally, they want nothing more than a place of their own.
Like lots of young people, saving for that all-important deposit is easier said than done – but Emily and Ben face an extra challenge.
Emily has been living at home and working for her dad’s company, and she’s been saving up for years, popping a large chunk of her monthly salary into her cash ISA. She’s stashed away close to £20,000 – no mean feat. Ben, however, hasn’t saved a penny.
He also works with his father, but loves to spend his money on making sure he and Emily have a great time together.
When Ben and Emily came to THE LIFEHOUSE.CO, the first thing they did was take our LIFEMIND personality test. Most couples don't take the time to find out what really makes each other tick before they make major life decisions together - this really got them talking!
We then asked them both to separately prioritise what they wanted from life, what they planned to do – and what they were fearful of. When we compared their answers, they were both surprised at how much they agreed on, and how much they didn’t.
Just by doing these simple exercises, they found a new mutual understanding of each other’s viewpoints, and a new ‘language’ to discuss their combined financial life.
We were also able to show Emily and Ben that there were other options available to them which would boost their savings and help them on their way, such as Help To Buy ISAs and shared ownership schemes. It was great to see them realise that there were certain structures in place which could provide assistance - and that they weren't totally alone.
Ben is now following our Save For a Property Deposit Programme and Emily has found the resolve to make her savings work harder. Owning their first house together is still a way off – but their dream is a lot closer than it used to be!
Want to kick-start your future? Find out which financial animal you are with our LIFEMIND test, and discover how to use your strengths to change the way you deal with your finances.
Are you thinking about buying with someone? Have you already taken the plunge? If so, we'd love to hear your stories about your journey, and everything you went through. You can contact us here, or tweet us @TheLifehouseCo.