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  • FIRST POST
    RoxieW
    The 'We're saving for a deposit' thread
    • #1
    • 10th Mar 08, 10:03 AM
    The 'We're saving for a deposit' thread 10th Mar 08 at 10:03 AM
    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?
    Last edited by RoxieW; 10-03-2008 at 10:22 AM.
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!
    £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."
Page 240
    • Swash
    • By Swash 26th Sep 16, 4:14 PM
    • 105 Posts
    • 233 Thanks
    Swash
    £19000 now saved. Nearly there!
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: £623.57
    • tara747
    • By tara747 28th Sep 16, 11:47 AM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    September update!


    It's a big one. I had a really lucky windfall this month so I'm declaring £5,133 for September, £11,582 so far in 2016 and £106,789 overall!


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
    • chelseablue
    • By chelseablue 28th Sep 16, 11:49 AM
    • 2,008 Posts
    • 2,467 Thanks
    chelseablue
    Wow Tara that's amazing, did you win the lottery?


    Where abouts do you live? You might be able to buy a house outright
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • tara747
    • By tara747 28th Sep 16, 12:13 PM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    Wow Tara that's amazing, did you win the lottery?


    Where abouts do you live? You might be able to buy a house outright
    Originally posted by chelseablue


    Haha, I wish! I've been saving for a few years now The windfall this month was a competition win, I could have either a holiday (to somewhere I didn't fancy going) or £4,000 in cash. I chose the cash!


    I probably could buy a house outright in some areas here, but I'm holding off for a while to see how things go after Article 50...
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
    • Lolly88
    • By Lolly88 28th Sep 16, 3:01 PM
    • 162 Posts
    • 597 Thanks
    Lolly88
    Wow what competition was that? I've never won a competition in my life, I would love to win £4000 cash.
    House Fund - £23,468.46
    Save 7k in 2017 #6: £468.46/£7,000
    Save 12k in 2016: £14,750/£12000 - Save 6k in 2015: £8250/£6000
    • tara747
    • By tara747 28th Sep 16, 4:01 PM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    Wow what competition was that? I've never won a competition in my life, I would love to win £4000 cash.
    Originally posted by Lolly88


    It was a competition run by a local company, can't say who as I like to be anon on MSE and you never know who might be reading


    I nearly fainted when I found out that I'd won! I wanted the cash rather than the trip when I entered. I'm sooooo chuffed
    Last edited by tara747; 28-09-2016 at 4:50 PM.
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
    • indianabones
    • By indianabones 30th Sep 16, 10:04 AM
    • 134 Posts
    • 151 Thanks
    indianabones
    This week I told my colleagues I was ready to move.

    I have saved just over 85k in 5 years. I have got married and had a baby in that time. I've had my wife's visa and naturalisation costs to deal with as well (over 3k easily). We also had a very expensive fortnight in Canada in May 2014.

    It's simple guys. We don't drink alcohol (religious reasons), I limit our outings and we're very careful with out shopping

    I have to say that the number 1 reason I've managed to save so much is my parents. They have a 2nd home and we've been living there all that time. If I were living in rent I'd expect my saving to come down from 85k to something like 40-50k.
    • compbren
    • By compbren 3rd Oct 16, 11:03 PM
    • 130 Posts
    • 197 Thanks
    compbren
    September Update

    Current total is £35,200

    Like Tara, I had an extra boost last month which has bumped things up very nicely. The last two months have been very hard with having holidays and stuff but hopefully I can really crack on for the remainder of the year.

    Just noticed tonight that my car has a big oil leak, so that's going to cost goodness knows what. Really pleased with how far I'm coming along! I haven't really done much MB for a while, so I'm not including that in my total, however, I need to start picking it up more so now as anything I make from that is going on a new car.
    House Deposit: £28,000 and still saving!
    • bobobski
    • By bobobski 13th Oct 16, 11:45 AM
    • 640 Posts
    • 1,452 Thanks
    bobobski
    Small update from me: I'm still very much at the beginning of my savings, but by the end of the month (provided I get paid!) I'll have £10,000 which will be my first big milestone!

    My ultimate target is approximately £80,000, of which £5,000 will be emergency fund and £15,000 will be "ancillary" moving costs (including SDLT, solicitors' fees, searches, furniture etc). Even then I think that'll be a bit tight but I'd like to leave it a bit before increasing my target again!

    I'm so, so grateful for this website and these forums - I literally could not (and did not) do it without them
    #18: Save 12k in 2017: £4,968.86 / £12,000 (41.4%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £15,722.77 / £60,000 (26.2%) | Emergency fund by 31/12/2020: £988.51 / £5,000 (19.77%)
    • tara747
    • By tara747 27th Oct 16, 12:10 PM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    October payday update!


    I saved £1,034 in October, which brings me to £12,616 so far in 2016 (target achieved 2 months early! ) and £107,823 overall.


    Wonder if I'll hit £110,000 by the end of the year
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
    • tara747
    • By tara747 28th Nov 16, 12:32 PM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    November payday update!


    I only managed to save £138 this month, due to booking long haul flights for next year


    That brings me to £12,754 so far in 2916, and £107,961 overall.


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
    • pollyannaL
    • By pollyannaL 7th Dec 16, 11:08 PM
    • 76 Posts
    • 50 Thanks
    pollyannaL
    Hi all - new to thread.
    Desperate to buy mid 2017. Have £50k saved but this will be deposit, furniture, fees. Have 4% HTB too. I keep saving and then sneaking money back into current account to use! not good.

    How much are people putting aside for furniture/ fees?

    My perfect house is a victorian property, so may be a long wait to find the dream home.

    GOODLUCK
    • NeedToPayTax
    • By NeedToPayTax 16th Dec 16, 5:03 PM
    • 14 Posts
    • 4 Thanks
    NeedToPayTax
    people saving more a month than i get paid feelsbadman
    • gemnomnom
    • By gemnomnom 17th Dec 16, 5:55 PM
    • 178 Posts
    • 280 Thanks
    gemnomnom
    Hi all,

    Looking to buy, have just reached £15,000!
    • FlacosFloozie
    • By FlacosFloozie 18th Dec 16, 5:49 PM
    • 584 Posts
    • 2,530 Thanks
    FlacosFloozie
    So, I've been off MSE for a bit but reached our target and have bought a new build. Still have a few months before its finished so continuing to save for carpets
    Save 12K in 2016 #147 £2032.26/9,000 22% Emergency Fund £501.50
    Mortgage £159,995 Ends May 2038 Overpaid £0 in 2017 Holiday Fund £0

    Debt Fr
    ee 31.07.14

    • Lolly88
    • By Lolly88 30th Dec 16, 11:25 AM
    • 162 Posts
    • 597 Thanks
    Lolly88
    I've decided to increase my target from £25,500 to £35,000 which will be 30k deposit and 5k for fees. This is because I want to buy a property at the top end of my affordability and I will be moving to a new area in the new year where houses are slightly more expensive.

    I've saved £23,000 so far and very proud I've done this in 2 years. I've never had this much money in my life and never dreamed it would be possible. If I save 12k over the next year like I plan to then I will have reached my 35k target and this time next year I can start seriously looking at houses to buy! This time next year I will come back to this thread and quote this very post and update positively or negatively whether I've reached my target and if I have put the wheels in motion to buy. It feels too good to be true and I don't believe it will happen but we will see.
    House Fund - £23,468.46
    Save 7k in 2017 #6: £468.46/£7,000
    Save 12k in 2016: £14,750/£12000 - Save 6k in 2015: £8250/£6000
    • tara747
    • By tara747 3rd Jan 17, 11:31 AM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    Final 2016 update!


    I saved £1,161 in December... £13,915 overall in 2016... and my new savings total is £109,122.


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
    • compbren
    • By compbren 28th Jan 17, 3:11 PM
    • 130 Posts
    • 197 Thanks
    compbren
    Oops, not posted on here for a couple of months so here's a little update:

    Savings (January 17) £38,033

    I've started to include my Matched Betting profit into the total now, even though I've only made £1,200 profit despite doing it for over a year . After seeing some MB's year end profit totals, I really need to pull my finger out and start commiting myself a lot more to it.

    I'm almost certain that I'm going to have to buy a new car at some point this year, have had to fork out over £400 for my current one over the last couple of months. So some of my savings will go towards that.

    Still have no set target or time line on when I want to buy but I'd like it to be this year or next. I guess sooner is better. The housing development that I was interested in last year are about to release their final houses on that site so I'm keeping my eyes open for when that happens.

    Two and a half years ago I made a 5 year plan to save £40,000 and I'm proud that I've almost hit that target two and a half years before the deadline, I should reach that by the end of March.

    Will report back next month (hopefully), keep posting people, this thread isn't as active as it used to be .
    House Deposit: £28,000 and still saving!
    • KScarlet
    • By KScarlet 30th Jan 17, 11:22 PM
    • 423 Posts
    • 3,119 Thanks
    KScarlet
    Hope no one minds me joining? We are desperately trying to save a deposit, we pay out a silly amount on rent so are struggling to save much at the moment. We both have H2B ISAs and pay in all of our spare cash. We are trying to find a cheaper rental to enable us to save more. Our only option is a 5% deposit, I am setting a goal of £10k. Any more is a bonus!

    We aim to save 225 per month, hoping to increase this to 300 which is max really with current situation

    My H2B 1895
    His H2B 2400

    Deposit fund 4295/ 10000 saved so far
    Last edited by KScarlet; 31-01-2017 at 9:39 AM. Reason: typo!
    Trying to save for a deposit
    4000/ 10000 saved so far..
    • tara747
    • By tara747 3rd Feb 17, 12:58 PM
    • 10,013 Posts
    • 26,517 Thanks
    tara747
    Oops, not posted on here for a couple of months so here's a little update:

    Savings (January 17) £38,033

    I've started to include my Matched Betting profit into the total now, even though I've only made £1,200 profit despite doing it for over a year . After seeing some MB's year end profit totals, I really need to pull my finger out and start commiting myself a lot more to it.

    I'm almost certain that I'm going to have to buy a new car at some point this year, have had to fork out over £400 for my current one over the last couple of months. So some of my savings will go towards that.

    Still have no set target or time line on when I want to buy but I'd like it to be this year or next. I guess sooner is better. The housing development that I was interested in last year are about to release their final houses on that site so I'm keeping my eyes open for when that happens.

    Two and a half years ago I made a 5 year plan to save £40,000 and I'm proud that I've almost hit that target two and a half years before the deadline, I should reach that by the end of March.

    Will report back next month (hopefully), keep posting people, this thread isn't as active as it used to be .
    Originally posted by compbren

    Well done, amazing progress


    Hope no one minds me joining? We are desperately trying to save a deposit, we pay out a silly amount on rent so are struggling to save much at the moment. We both have H2B ISAs and pay in all of our spare cash. We are trying to find a cheaper rental to enable us to save more. Our only option is a 5% deposit, I am setting a goal of £10k. Any more is a bonus!

    We aim to save 225 per month, hoping to increase this to 300 which is max really with current situation

    My H2B 1895
    His H2B 2400

    Deposit fund 4295/ 10000 saved so far
    Originally posted by KScarlet

    Welcome to the thread!
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £1,972.02
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