Deposit saving.....

itsnothing

Hi,

Quite new to all of this, think Im in the right thread! Looking at saving for a house deposit, Im only on 15k a year and its only me, still live with parents (18)! Ive managed to save 4k this year and have a total of 5 now.

I was just wondering what hints and tips people have to saving as much as possible?
What has everyone else done to get to buying there house?

Everything appreciated!


Thanks
:T

Chris2685

Well it depends what you are going to try to buy. I am no financial advisor, but on 15k a year I would say you can't really afford anything that costs more than £60k., assuming a 20% deposit (12k)

jay11_2

There's a 'saving for a deposit thread' somewhere here, I'll have a look and post it if I find it.

Well done for looking toward the future!

Here it is http://forums.moneysavingexpert.com/showthread.html?t=789675&highlight=saving+deposit

good luck, jay xx

itsnothing

Well within time wage should hopefully go up, I would like to get at least 20k saved within the next 3 years not going to rush into buying or anything like that!

Thanks for the thread link x

PasturesNew

At your age, you could try to get 2 more jobs. An evening one and a weekend one. And shovel all that money into your deposit. If you pick those two extra jobs carefully, it might even count as a social life too.

If you're lucky enough, you could try to find a job such as waitressing in the sort of place where people tip and tip well. It all adds up.

Make sure your cash is all saved in a tax free savings account (a cash ISA). See Martin's page on which one is best at the moment.

Plan to buy when you're 21-24 minimum, prices depending.

Running_Horse

PasturesNew wrote: »

At your age, you could try to get 2 more jobs. An evening one and a weekend one.

At your age you should be getting laid.