How much can you save?

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  • dippykitty
    dippykitty Posts: 1,138 Forumite
    jenjade wrote: »
    thanks hostie

    How are you guys saving money? Is it out of your wages? Or are you making extra cash?

    Mostly my earnings (I'm freelance so I don't class mine as wages as it's irregular) but I do surveys and Dooyoo to get a bit of extra cash and vouchers so that I spend less and can free up a bit more for the savings. I tried eBaying and Amazon but my stuff must be very undesirable as it's not shifting! (The Amazon total in my signature is vouchers earned from surveys and Dooyoo).
    ISA savings: £25,139 Other Savings: £1750 (tied up in bond)
  • hostie1985
    hostie1985 Posts: 220 Forumite
    hi jenjade,

    i'm saving from my wages each month. i work for an airline, so i get paid my basic wage which goes in my bank account and my flight pay goes into a different account (which does not get any interest on), every month i have to withdraw my flight pay out and put it into a savings account, i try not to spend my flight pay - forget that it is there really.

    how much is everyone saving before looking for your dream house?

    hostie

    xx
    Saving for a deposit for a place of my own.....
    :jSavings so far £29,450/£40,000:j 73.6% SAVED!!!
    1poll £23.90/£40.00 (claimed 1x£40)
    No Monthly Car Payments left! Paid off on the 5/11/10!
  • jenjade
    jenjade Posts: 8,418
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    i am living in the house i want to buy it is housing association and was valued at £125 but i get a discount so i can buy for £115 but becuase i am single i can't get a morgage for that much on my income i will only get a morgage for £73k so i am working on increasing my income by studying for a degree and saving so i have an even bigger deposit!

    I need £42k!!!! ha ha! It might take me a long time but i will do it one day!
    :j Proud mum to Jade age 10 years and Baby Ellie born Christmas Day:eek: with a broke heart :( Proven to be a little fighter and battling on with her heart condition :j
  • sss555s
    sss555s Posts: 3,175 Forumite
    hostie1985 wrote: »

    how much is everyone saving before looking for your dream house?


    I saved 28% before buying but i bought in 1990.

    The market was in a similar position to what it is now and my house was for sale a year before i bought it for just over 20% more than i paid for it but they changed their mind and took it off the market :confused:

    I'd say it was at least 5 years before the house was worth any more than i paid for it so i see the same going to happen now :cool:


    The good thing about all us savers is that when we have the opportunity and put our minds to it we can save and you never lose that :T
  • tara747
    tara747 Posts: 10,238
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    jenjade wrote: »
    thanks hostie

    How are you guys saving money? Is it out of your wages? Or are you making extra cash?

    Hi jenjade

    I'm just saving from my wages too. I stick to a very strict budget and am trying to save £10,000 in 2009 - on track so far!

    I do try to make money also but haven't got around to eBaying/surveys/clicks etc as they are so time consuming.

    hostie1985 wrote: »
    hi jenjade,

    i'm saving from my wages each month. i work for an airline, so i get paid my basic wage which goes in my bank account and my flight pay goes into a different account (which does not get any interest on), every month i have to withdraw my flight pay out and put it into a savings account, i try not to spend my flight pay - forget that it is there really.

    how much is everyone saving before looking for your dream house?

    hostie

    xx

    I will have £30,000 saved by the end of the year, and am just going to keep saving till I find somewhere good at a decent price - so not yet then! :rotfl: My savings target for 2010 is another £10,000, OH has savings too (less than me tho) so we should be a good position when we buy.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • focus888
    focus888 Posts: 1,483
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    jenjade wrote: »
    i am living in the house i want to buy it is housing association and was valued at £125 but i get a discount so i can buy for £115 but becuase i am single i can't get a morgage for that much on my income i will only get a morgage for £73k so i am working on increasing my income by studying for a degree and saving so i have an even bigger deposit!

    I need £42k!!!! ha ha! It might take me a long time but i will do it one day!

    Just curious jenjade but how old are you? sorry if you think thats rude of me for asking. Im 26 and only just started thinking about saving for a deposit. Im not on a high income and am planning to get a mortgage by myself so im in exactly similar position as you. However im aiming for a property for about £200k :eek:
  • tara747
    tara747 Posts: 10,238
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    focus888 wrote: »
    Just curious jenjade but how old are you? sorry if you think thats rude of me for asking. Im 26 and only just started thinking about saving for a deposit. Im not on a high income and am planning to get a mortgage by myself so im in exactly similar position as you. However im aiming for a property for about £200k :eek:

    Sorry if I'm also being rude :o but can you tell us what your savings target is, and also your salary? OH and I wouldn't buy a house that expensive and we earn over £60k between us and have almost £40k in savings.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • 5monkey
    5monkey Posts: 57 Forumite
    I would like to have about £25000 for my deposit, still long time to go....
    :j
  • focus888
    focus888 Posts: 1,483
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    tara747 wrote: »
    Sorry if I'm also being rude :o but can you tell us what your savings target is, and also your salary? OH and I wouldn't buy a house that expensive and we earn over £60k between us and have almost £40k in savings.

    Not rude at all :) I only make £21k :o and i am aiming to save about £50k or more for my deposit. I dont plan to buy for another five years. Its a long time of saving but im hoping to get a better paid job in the future. Ive just enrolled in a course that will increase my chances of earning more. I dont know where you live so dont know how much the properties are going for there but im in london and the flats are around £150k plus, im just on the outskirts of london so at a stretch there are places that are selling a 2 bedroom house for around £200k. When i get a mortgage i want it to be one for a place that last me for a very long time. So i dont mind saving up for a bigger deposit and waiting for when im best able to afford the mortgage.
  • Well, the kind of property I'm looking to buy are in the region of 150k-170k, so I'm looking to save about 45K between us. About a year and a half ago these were about 200k!! Glad i didn't buy then...
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