How to Save Money in the UK for Major Life Milestones

Reaching major financial milestones is no longer just about how much you save, but where and how you live. From housing deposits to weddings and holidays, the same goal can take months in one city and decades in another.

As the cost of living continues to climb, hitting life’s biggest milestones can now take years rather than months. From homeownership to weddings, cars and dream holidays, long-term saving has become the new normal for millions of Brits.

Our analysis reveals how long people across the UK typically need to save for these major goals, comparing solo savers with households sharing bills on a single or dual income. The findings highlight just how dramatically location and household setup can accelerate, or slow down, progress towards life’s biggest moments.

Key Takeaways:

• Housing is where the regional divide is most extreme: first-time buyers in cities like Hull, Stoke-on-Trent and Aberdeen can save a deposit in just over 6 years, compared with 21 years in London, highlighting how property prices far outpace incomes in the capital.

• Saving solo significantly delays progress, adding years to housing and weddings and months to shorter-term goals.

• Location plays a major role in how quickly people can save, with northern English cities consistently ranking among the fastest for reaching financial milestones.

• London is consistently the hardest city to save in, ranking last for buying a home, funding a wedding, taking a dream holiday, and buying a car – with high living costs dramatically extending saving timelines even for couples.

• Aberdeen consistently performs well, appearing in the top three for every milestone thanks to higher average disposable incomes.

• For many Brits, financial progress is less about cutting back and more about where and how they live, highlighting growing regional inequality in affordability.

Buying a Home: Where Saving Is Fastest & Slowest

1. Hull | Average time to save: 6.3 years

• Hull tops the list as the fastest UK city for saving a house deposit. A solo buyer would need around 6.3 years, while couples could cut this to just 3.1 years.

• With average house prices at £170,350 and disposable income of £1,253 per month, a solo saver putting aside £226 a month would need to build a £17,035 10% deposit, making Hull one of the most accessible cities for first-time buyers.

2. Stoke-on-Trent | Average time to save: 6.3 years

• Joint second is Stoke-on-Trent, where solo buyers also face a 6.3-year saving period, halved to 3.1 years for couples.

• Despite slightly higher house prices of £170,682, stronger monthly disposable income of £1,432 keeps savings timelines competitive.

3. Aberdeen | Average time to save: 6.5 years

• Aberdeen ranks third, with solo buyers needing 6.5 years or 3.3 years for couples.

• Higher disposable income of £1,723 per month offsets higher prices, keeping Aberdeen among the UK’s more achievable cities for homeownership.

Last place: London | Average time to save: 21 years

• With an average house price of £729,318, London buyers need a £72,932 (10%) deposit, taking 21.0 years to save alone or 10.5 years as a couple.

• Brighton follows as the second-slowest city to save for a home, with solo buyers needing 17.3 years, while Reading ranks third-slowest, with single buyers taking 15.1 years, making it the least challenging of the top three.

Saving for a Wedding: Where Saving Is Fastest & Slowest

1. Barnsley | Average time to save: 5.3 years

• Barnsley is the fastest city to save for a wedding. On a single income, couples would need 5.3 years, dropping to 2.6 years with dual incomes.

• Based on an average UK wedding cost of £22,000, single earners saving 20% would reach the goal in 64 months, while dual-income households halve the timeline.

2. Aberdeen | Average time to save: 5.3 years

• Aberdeen ties with Barnsley, with 5.3 years on one income and 2.7 years when both partners contribute.

3. Wigan | Average time to save: 5.7 years

• Wigan ranks third, with 5.7 years for single-income households or 2.8 years for couples saving together.

Last place: London | Average time to save: 12.5 years

• With an average wedding cost of £22,000, Londoners saving 20% of their disposable income need 12.5 years to save alone or 6.3 years as a couple.

• This is followed by Bristol in second place (12.3 years solo / 6.1 years as a couple), while Nottingham ranks third, with individuals taking 9.4 years and couples 4.7 years, making it the quickest of the three to save for a wedding.

Dream Holidays: Where Getaways Come Sooner

1. Barnsley | Average time to save: 10 months

• Barnsley again leads, with solo savers needing 10 months or five months for couples to afford a £3,500 dream holiday.

2. Aberdeen | Average time to save: 10 months

• Aberdeen matches Barnsley, with strong disposable income allowing couples to halve saving time.

3. Wigan | Average time to save: 11 months

• Wigan follows closely, with solo savers reaching holiday goals in 11 months or 5 months as a couple.

Last place: London | Average time to save: 2 years

• With a dream holiday priced at £3,500, Londoners saving 20% of their disposable income need 2 years to save alone or 1 year as a couple.

• This is followed by Bristol in second place (1.9 years solo / 1 year as a couple), while Nottingham ranks third, with individuals taking 1.5 years and couples just 8 months.

Saving for a Car: Fastest Cities to Get on the Road

1. Barnsley | Average time to save: 9 months

• Barnsley is the quickest city to save for a £3,000 car deposit, taking 9 months on one income or just 4 months as a couple.

2. Aberdeen | Average time to save: 9 months

• Aberdeen ties, with similar timelines driven by higher disposable income.

3. Wigan | Average time to save: 9 months

• Wigan rounds out the top three, with solo savers needing around nine months compared to five months for couples.

Last place: London | Average time to save: 1.7 years

• With an average car deposit of £3,000, Londoners saving 20% of their disposable income need 1.7 years to save alone or 9 months as a couple.

• This is followed by Bristol in second place (1.7 years solo / 8 months as a couple), while Nottingham ranks third, with individuals taking 1.3 years and couples just 6 months, making it the quickest of the three to save for a dream car.

Why Credit Files Still Matter

While saving is essential for reaching major life milestones, access to credit often determines how quickly those goals become reality. When buying a home, taking out car finance, or using a personal loan to spread the cost of a wedding, lenders will review the information on your credit report to assess risk and affordability.

Even for those living in cities where saving is faster, a credit score that needs work can slow progress, potentially leading to higher interest rates, limited finance options, or declined applications. On the other hand, a healthy credit profile could help people fast-track milestones by unlocking more competitive borrowing, allowing savings to be used strategically rather than all at once.

At Checkmyfile, you get the most detailed credit report out there, with your information from Experian, Equifax, and TransUnion in one place. See everything a lender could see and identify practical steps to improve your credit health ahead of your next credit application. Start with a 7-day free trial, then it’s £14.99 a month – cancel online anytime.

Methodology

To calculate how long it would take residents in UK cities to save for key life milestones, we first identified the average amount required for each purchase.

For the first home milestone, we analysed average house prices in each city using Rightmove and calculated the value of a 10% deposit. We then used the average monthly savings figure for UK adults (£226, according to NatWest) to estimate how many months it would take, on average, to save for that deposit in each city.

For the car, wedding, and dream holiday milestones, we used a different method. We calculated average disposable income in each city using data on average monthly income (ONS), rent (ONS), utility bills (Numbeo), and food expenditure (NimbleFins). After subtracting these essential costs from income, we estimated the average disposable income per city.

We then assumed residents save 20% of their disposable income each month, based on NatWest data, and used this to calculate the average number of months and years required to reach each milestone.