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The 'We're saving for a deposit' thread

Hi all

Thought I'd start one of these as it seems a lot on this board are in this position and I couldn't find such a thread. Sorry if there is one - please point me in the direction of it someone!

Not sure of the best way to do this, but thought it would be good to have a thread where we can state our goals, log our savings and encourage one another.

So, I'll start -

Hi I'm Roxie and I'm saving for a house deposit (titter)

We currently have a 50% shared ownership 3 bed semi that has (at the minute!) 20K equity in our share.

We want a whole house (lol) with 4 beds, an ensuite, a garage and utility. Basically, more living space all round.

We currently have nearly £11K in saving and are aiming to save £700 a month - although this has gone to pot recently as we've been doing abit of sprucing up in our current house. £700 is generally quite realistic IF we stick to budget. Thats just the problem I'm afraid! I chart my progress in my sig below.

Current savings portfolio

£6500 - ISA 1
£800 - ISA 2
£2000 - 10% reg saver (£200 month to be transfered to ISA on term)
£1250 - 10% regular saver (£250 a month to be transfered to ISA on term)
£100 premium bonds

total - £10650

Monthly I save like this -
£250 regular saver
£200 regular saver
£250 6% saving account - this is what I dip into if needs be.

We're planning to have another baby and will have to move when said baby is 4/5 as our 3rd bedroom is teeny. We're aiming to have 50K saved by then, which seems realistic. As we're planning another baby I'm basing my figures on just one income as I dont plan to be working until little one starts school.

My only worry is that the market will rise much more between now and then, rendering our deposit saving pointless.

Does anyone thin it would be worthwhile sharing SOA's as on the DFW board so point out to each other where any possible cutbacks could be made in order to save?

So that's me - anyone else care to join in?
MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!:j
£10 a day challenge Aug £408.50, Sept £90
Weekly.
155/200
"It's not always rainbows and butterflies, It's compromise that moves us along."
«134567517

Comments

  • skap7309
    skap7309 Posts: 874 Forumite
    Count me in.......i'll be member number 2.

    See sig below.
  • RoxieW
    RoxieW Posts: 3,016 Forumite
    Hi skap - care to share anymore about yourself, monthly savings, how you invest your savings so far, the 'dream' house you're saving for?

    Everyone, feel free to share as much or as little as you like, of course. Just thought it would be good to get ideas from others, see what products others are using for savings etc.
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!:j
    £10 a day challenge Aug £408.50, Sept £90
    Weekly.
    155/200
    "It's not always rainbows and butterflies, It's compromise that moves us along."
  • oldMcDonald
    oldMcDonald Posts: 1,945 Forumite
    Ooh, make me member number 3 :D

    We are hoping to buy in the summer / autumn of 2011 (date is set to combine amount we can save and a fall in house prices by 10% (although we would prefer more but are being conservative :D)

    We are looking for a 3 bedroom & 2 reception (for a 4th bedroom) bungalow (or a house with a ground floor bathroom as we have a disabled child).

    Planning on having a minimum of 75% deposit.
  • seraphina
    seraphina Posts: 1,145
    First Anniversary Combo Breaker
    Forumite
    Another one here!

    I never thought I'd get so excited about *not* spending money - it's so nice having savings that I'll be quite gutted to have to spend them, even if it is on a house:rotfl:
  • chelseablue
    chelseablue Posts: 3,289
    Name Dropper First Post First Anniversary
    Forumite
    Another one here!

    Currently have just over £45K (jointly with bf, wish it was all mine! :rotfl: )

    The target is £60K, which we 'should' have in June.

    Ideally looking for 3 bedroom house so we dont have to move for years!
  • sooz
    sooz Posts: 4,560 Forumite
    Congratulations on the savings, but perhaps you could join this thread on page 2?
  • RoxieW
    RoxieW Posts: 3,016 Forumite
    Hi sooz - that thread was the inspiration but i think its more of a discussion thread and there's a lot being said about house prices etc. Don't know about everyone else but I think a dedicated thread were we can log savings and spur each other on would be better then joining a discussion thread.
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!:j
    £10 a day challenge Aug £408.50, Sept £90
    Weekly.
    155/200
    "It's not always rainbows and butterflies, It's compromise that moves us along."
  • RoxieW
    RoxieW Posts: 3,016 Forumite
    Hi chelseablue, old macdonald and seraphina - Welcome!

    Seraphina - I know what you mean - it is really nice to watch savings grow. Although at the minute I've been spending more than saving. We had been thinking about moving recently but I think house prices/the decision to have another baby and not wanting to stretch oursleves financially have seen us taking the decision to stay put for the foreseeable. Therefore, we've been spending on 'falling back in love' with our current home - ie new carpet, painting, decorating etc. It looks much better now but unfortunately we haven't managed to magic up an extra bedroom and garage :mad:
    although - I filled 4 charity bags with 'carp' so must hav created abit more space lol!

    How are people saving? Are you feeding a set amount into regular savers or does it vary month on month?
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!:j
    £10 a day challenge Aug £408.50, Sept £90
    Weekly.
    155/200
    "It's not always rainbows and butterflies, It's compromise that moves us along."
  • neas
    neas Posts: 3,801 Forumite
    Make me Member number 5.

    See Sig
  • VFR-Rider
    VFR-Rider Posts: 119 Forumite
    I'll play, not going into totals as some people have issues with this (and to be honest I don't know that I want everyone to know!!)
    So:
    Mini cash ISA (Icesave 6.10%) = Maxed 2007 (3600 sitting in current account waiting for April 6th)
    Abbey Regular Saver (7.25%) = £250 a month (just opened & 250 is maximum a month)
    Halifax Regular Saver (7.00%) = £250 a month (just opened & 250 is maximum a month)
    Yorkshire Regular Saver (6.85%) = £500 a month (in process of opening, 500 is maximum a month)
    ICICI HiSave (6.15%) = ~£125 a month this is my "anything else" pot.

    I am a higher rate tax payer, I'm 27 and my current "pot" is about 25% what I am aiming for...
    saving, saving, saving!
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