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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!!!37; 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 !!!163;11K in saving and are aiming to save !!!163;700 a month - although this has gone to pot recently as we've been doing abit of sprucing up in our current house. !!!163;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

    !!!163;6500 - ISA 1
    !!!163;800 - ISA 2
    !!!163;2000 - 10% reg saver (!!!163;200 month to be transfered to ISA on term)
    !!!163;1250 - 10% regular saver (!!!163;250 a month to be transfered to ISA on term)
    !!!163;100 premium bonds

    total - !!!163;10650

    Monthly I save like this -
    !!!163;250 regular saver
    !!!163;200 regular saver
    !!!163;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 245
    • datlex
    • By datlex 3rd Feb 18, 2:22 PM
    • 1,548 Posts
    • 1,385 Thanks
    datlex
    Well, my PPI refund came into on Friday and has been added to savings, so I have to date: £8292 I am happy to use. Of the £8292, so far £1400 is in a HTB Isa, 1st of each month I am adding in £200. So on 1st March I will have the £1600 minimum to get the £400 minimum bonus. Obviously each month is a potential extra £50 in the pot. I also am putting money into a monthly saver account. I have £2250 in there at present, money is added each month on 26th. It will pay interest after the 12 months is up (end April). The interest is at 5% so should add an extra £81 to savings.
    I would be looking at a 5% deposit and keeping the £3000 for emergencies. (part of my £8292 is in a Tesco account and earns 3% interest-which I use towards Christmas presents).
    I've been playing around with spreadsheets, supposing various scenarios with my finances depending on mortgage payments to check affordability.
    I went to see a property today that is on for £105,000. It is very nice and I know the lady has done a lot of work on it. It's the first property I have actually viewed but I am very tempted to put in an offer. Trying to work out what is a reasonable offer that gives me room to negotiate if necessary. I have AIPs in place. However I am not sure how realistic those are.
    • Daybyday
    • By Daybyday 3rd Feb 18, 7:03 PM
    • 7 Posts
    • 17 Thanks
    Daybyday
    Thanks for your reply Tara! I think I was having a bad day that day and worrying if my budget is too restrictive. I have thought about it and I don't think it is.

    You are right about the change in perspective. I have 4000 in savings so I'm technically the richest I've ever been! I'll try those books you suggested! Thanks
    • tara747
    • By tara747 5th Feb 18, 1:33 PM
    • 10,125 Posts
    • 26,706 Thanks
    tara747
    Hi! Your savings and persistence are really impressive tara

    I listen to Dave Ramsey when in the car or cleaning the house and he really motivates me to not be stupid with money or as he calls it "have Phd in D.U.M.B."
    Originally posted by WodaSodowa
    Thank you, WodaSodowa

    I haven't listened to DR but I know people who do, and they say that it works wonders!


    Well, my PPI refund came into on Friday and has been added to savings, so I have to date: £8292 I am happy to use. Of the £8292, so far £1400 is in a HTB Isa, 1st of each month I am adding in £200. So on 1st March I will have the £1600 minimum to get the £400 minimum bonus. Obviously each month is a potential extra £50 in the pot. I also am putting money into a monthly saver account. I have £2250 in there at present, money is added each month on 26th. It will pay interest after the 12 months is up (end April). The interest is at 5% so should add an extra £81 to savings.
    I would be looking at a 5% deposit and keeping the £3000 for emergencies. (part of my £8292 is in a Tesco account and earns 3% interest-which I use towards Christmas presents).
    I've been playing around with spreadsheets, supposing various scenarios with my finances depending on mortgage payments to check affordability.
    I went to see a property today that is on for £105,000. It is very nice and I know the lady has done a lot of work on it. It's the first property I have actually viewed but I am very tempted to put in an offer. Trying to work out what is a reasonable offer that gives me room to negotiate if necessary. I have AIPs in place. However I am not sure how realistic those are.
    Originally posted by datlex
    Good luck if you decide to put in an offer!


    Thanks for your reply Tara! I think I was having a bad day that day and worrying if my budget is too restrictive. I have thought about it and I don't think it is.

    You are right about the change in perspective. I have 4000 in savings so I'm technically the richest I've ever been! I'll try those books you suggested! Thanks
    Originally posted by Daybyday
    You're welcome That's the spirit - think about the options you have when you have savings, and the confidence it gives you.

    Let me know what you think of the blogs.
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • brunettebimbo
    • By brunettebimbo 5th Feb 18, 1:37 PM
    • 22 Posts
    • 14 Thanks
    brunettebimbo
    Hi everyone,

    Iíve been a member of MSE for 9 years but have very rarely posted over the years.

    My life tipped upside down last year. I left my husband in April (together 11 years and married nearly 7) after being so ridiculously unhappy for so long.

    Whilst we were together I had next to no money, we had a 8k loan which we thankfully paid off and then a 10k loan which I managed to pay off this November 2017. Whilst we were together I was left with next to no money of my own so I began spending on a credit card. Iíve transferred it to an interest free card and Iíve gradually been bringing the balance down and havenít spent on it for 6 months! Iím down to £1200 now so will hopefully have paid that off this year! Apart from my credit card I am debt free.

    Iím turning 30 this month and I am determined to turn my life around for both myself and my 2 young sons. Iíve rented since the age of 18 and never been able to save. Since leaving my husband I am in charge of money and Iím budgeting really well! I managed to save £300 in january which has upped my savings to £3010!!! (This just shocked me counting it up, I didnít realise Iíd hit the 3k mark!!! Eeeeeeeek)

    Iím also working on my credit account. Experian Iím at 969, ClearScore 489 and Noddle 595 so Iím getting there! Iíve recently financially dissociated myself from my husband (awful credit rating and debt) so hoping over the next few months Iíll see that improve too!!

    I look forward to learning some hints and tips from you all !!!128522;
    • tara747
    • By tara747 7th Feb 18, 11:04 AM
    • 10,125 Posts
    • 26,706 Thanks
    tara747
    Hi everyone,

    Iíve been a member of MSE for 9 years but have very rarely posted over the years.

    My life tipped upside down last year. I left my husband in April (together 11 years and married nearly 7) after being so ridiculously unhappy for so long.

    Whilst we were together I had next to no money, we had a 8k loan which we thankfully paid off and then a 10k loan which I managed to pay off this November 2017. Whilst we were together I was left with next to no money of my own so I began spending on a credit card. Iíve transferred it to an interest free card and Iíve gradually been bringing the balance down and havenít spent on it for 6 months! Iím down to £1200 now so will hopefully have paid that off this year! Apart from my credit card I am debt free.

    Iím turning 30 this month and I am determined to turn my life around for both myself and my 2 young sons. Iíve rented since the age of 18 and never been able to save. Since leaving my husband I am in charge of money and Iím budgeting really well! I managed to save £300 in january which has upped my savings to £3010!!! (This just shocked me counting it up, I didnít realise Iíd hit the 3k mark!!! Eeeeeeeek)

    Iím also working on my credit account. Experian Iím at 969, ClearScore 489 and Noddle 595 so Iím getting there! Iíve recently financially dissociated myself from my husband (awful credit rating and debt) so hoping over the next few months Iíll see that improve too!!

    I look forward to learning some hints and tips from you all !!!128522;
    Originally posted by brunettebimbo
    Wow, you've been through a lot - well done on getting your life back on track and making such positive changes xxx
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • juniordoc
    • By juniordoc 11th Feb 18, 5:30 PM
    • 315 Posts
    • 258 Thanks
    juniordoc
    Well done brunette, sounds like you are back on track.
    I am earning some savvy free cash this weekend by switching current accounts. Both Natwest and Halifax currently offering £125 to switch so should get a nice little bonus in a few weeks.
    Happy savings everyone!
    • Daybyday
    • By Daybyday 12th Feb 18, 9:26 AM
    • 7 Posts
    • 17 Thanks
    Daybyday
    Hello and we'll done brunette bimbo! Sounds like you have been through a lot and are starting to come out the other side of it!

    I've had a sort of good month so far. Managed to switch to HSBC so will get the free £150 for switching next month. I've cleared my £700 overdraft and I've still got enough to last me until payday!

    Tara I Google dave Ramsey - I preferred him to the other two suggestions you gave me so thank you for that. I'm a lot more positive now!
    • tara747
    • By tara747 12th Feb 18, 10:44 AM
    • 10,125 Posts
    • 26,706 Thanks
    tara747
    Hello and we'll done brunette bimbo! Sounds like you have been through a lot and are starting to come out the other side of it!

    I've had a sort of good month so far. Managed to switch to HSBC so will get the free £150 for switching next month. I've cleared my £700 overdraft and I've still got enough to last me until payday!

    Tara I Google dave Ramsey - I preferred him to the other two suggestions you gave me so thank you for that. I'm a lot more positive now!
    Originally posted by Daybyday
    That's great, Daybyday - I'm really pleased for you He's a good motivator.

    Well done on the switching cashback and clearing your overdraft! Onwards and upwards
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • a_silver_lining
    • By a_silver_lining 12th Feb 18, 12:44 PM
    • 129 Posts
    • 465 Thanks
    a_silver_lining
    Hi everyone! I've always kept an eye on this thread and think if memory is correct that I posted here many years ago when I was saving for my flat. You are all doing a great job I remember the thrill of saving and dreaming and looking forward to joining you.

    I'm now working on saving what I can to move again!

    I bought a one bedroom flat in Dec 2014 for 156k with a 45k deposit I had saved and a 10k loan from family. I have a 5 years fixed mortgage and so about two years left until I could potentially move. I love my flat and the fact that it is mine, but hate the location, being overlooked and hearing my neighbours. I've moved past this hate as much as I can, but it does feel like a temporary stop gap, or a bit like I'm renting and know I will move on. I decided to move as near to the city as I could afford and in retrospect I would have bought further out for more longevity and perhaps a home I loved more.

    Anyway when I bought my partner and I had been together a year, it's now been over four and we are both starting to save together for the next move. We don't know when or where that will be but we imagine it will be over 2 years as we have had career changes and so need to build up our wages and also decide if we are moving out of area to pursue work.

    I was lent 10k towards my deposit and have so far paid 2800 back to this. I am upping my repayments to £100pm. I would like to repay this before moving. I have also set myself 10k savings to sell and move with as well as to bump up my deposit.

    Last summer a neighbour sold their identical flat for 195k. My mortgage will be 90k when I sell and so as long as I have repaid my loan and saved money to move we will have a nice deposit.

    With my £100 repayment and £550 savings per month I only have about £270pm to live off, which I feel may be a bit ambitious! Will try though. Dreaming of a detached bungalow, with a garden with room to keep bees and not be overlooked.

    Will check in when I hit some milestones
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    2018: 2569/10k saved! --- Family Loan repaid 2800/10K repaid.

    #38 1% Challenge: £356.98/ £2018, now at 17%!
    • Daybyday
    • By Daybyday 12th Feb 18, 7:08 PM
    • 7 Posts
    • 17 Thanks
    Daybyday
    Welcome back sliver lining! A bungalow sounds lovely!

    I look forward to hearing your updates. It really does spur me on hearing other people's journeys!
    • Trixie29
    • By Trixie29 13th Feb 18, 10:06 PM
    • 1 Posts
    • 0 Thanks
    Trixie29
    Hi guys!

    Been reading this thread for a little while now...you are all doing so well and it!!!8217;s so inspirational seeing people achieve their targets!

    I currently have £4200 in HTB ISA and £880 in savings. Im taking my savings far more seriously this year and I!!!8217;m hopeful to save £500-£600 most months plus the £200 HTB ISA contribution.

    The thought of no holidays and generally less fun while my friends are off enjoying themselves is hard but hopefully I have the motivation. I!!!8217;m buying on my own which is quite daunting. I have got an AIP just to see how much I could borrow etc and it was slightly more than I expected and they would be happy for me to do 5% deposit (not sure that I want to do that though) so the ball is rolling I just need to do the hard part now and save more!
    • a_silver_lining
    • By a_silver_lining 14th Feb 18, 7:11 PM
    • 129 Posts
    • 465 Thanks
    a_silver_lining
    Welcome back sliver lining! A bungalow sounds lovely!

    I look forward to hearing your updates. It really does spur me on hearing other people's journeys!
    Originally posted by Daybyday
    Thanks DaybyDay I went through real ups and downs saving to buy and MSE always helped to motivate me. I am glad to be joining you here.

    I got a bit spend happy when I bought and went on a few big, long awaited holidays, chucked a random 1k at the mortgage to overpay when I got a bit excited and spent about 5k to replace a rotting front door, replacing mouldy carpet and redoing the kitchen... as well as all the other unexpected expenses of owning.

    I honestly would not undo buying a property though and I can hand on heart say that I would advise others to do so. My mortgage is £350 less then us renting, plus over 5 years almost 10k will be paid off my mortgage. Add on increase in house prices it was the best financial decision I have made. Although I could not predict how much the property would increase in value, or how much it will in the future, I think the pain of saving was worth it.

    So anyone loosing motivation, just think about how you can let your hair down once you are on the property ladder
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    2018: 2569/10k saved! --- Family Loan repaid 2800/10K repaid.

    #38 1% Challenge: £356.98/ £2018, now at 17%!
    • a_silver_lining
    • By a_silver_lining 14th Feb 18, 7:15 PM
    • 129 Posts
    • 465 Thanks
    a_silver_lining
    Hi guys!

    Been reading this thread for a little while now...you are all doing so well and it!!!8217;s so inspirational seeing people achieve their targets!

    I currently have £4200 in HTB ISA and £880 in savings. Im taking my savings far more seriously this year and I!!!8217;m hopeful to save £500-£600 most months plus the £200 HTB ISA contribution.

    The thought of no holidays and generally less fun while my friends are off enjoying themselves is hard but hopefully I have the motivation. I!!!8217;m buying on my own which is quite daunting. I have got an AIP just to see how much I could borrow etc and it was slightly more than I expected and they would be happy for me to do 5% deposit (not sure that I want to do that though) so the ball is rolling I just need to do the hard part now and save more!
    Originally posted by Trixie29
    Trixie29, I bought on my own. It was scary and I pulled out of my first possible purchase and lost about 2k due to horrendous issues coming up in the survey, so it was also emotional. But it is so so so worth the short term missing out for long term security. You will have loads of time for holidays once you are in your flat. And housewarming parties!
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    2018: 2569/10k saved! --- Family Loan repaid 2800/10K repaid.

    #38 1% Challenge: £356.98/ £2018, now at 17%!
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