How much can you save?

gelato_cat

I just got a C905 (lovin' it too) which wasn't very MSE, but s0d it, it was my birthday. I should have bought yours off you, at least the money would have stayed in this thread! LOL!

Suze

McSaver wrote: »

I had just remembered that I needed to pay £14.69 off my credit card after I used it to buy a christmas present... so thats gonna change the figures!

Still no payment on the phone.... :mad: :mad:

JimLad

100k for a house deposit? Holey moley that must be an expensive house or a very large deposit. Im looking at 20k for my little flat

Lokolo

Awwww nice little flat.

Annoying though, looking at one bedroom flats for my placement next year, they're all going for about 500-600 a month! Thats more or less half my salary!!!!!!!! Never going to be able to save loads if its all going on rent :mad:

gelato_cat

Both. Depending on how cheeky an offer we can get accepted, we're looking to spend no more than £500k (ideally £400-£450k). We're putting down £300k deposit altogether so are hoping for a mortgage not too much more than £100k which we want to pay off in less than 10 years.

What % are you putting down? During our brief research into mortgages it's become very apparent that the best deals are for those with 40%+ deposits.

Suze

JimLad wrote: »

100k for a house deposit? Holey moley that must be an expensive house or a very large deposit. Im looking at 20k for my little flat

JimLad

Suzey wrote: »

What % are you putting down? During our brief research into mortgages it's become very apparent that the best deals are for those with 40%+ deposits.

Suze

I havent actually totally finalised any finances yet as im not even close to my 20k target.

I am currently living with my parents so i want to get out soon, but i can deal with it for a couple more years whilst i save a deposit.

Even a cheap flat will prolly cost around 90k these days so for a 40% deposit i will have to save 35k its going to take a while as i can save only around 700 per month

gelato_cat

£700 a month is a good amount - it'll take you less than two years to get to your target, by which time hopefully the prices will have come down a bit more

Suze

JimLad wrote: »

I havent actually totally finalised any finances yet as im not even close to my 20k target.

I am currently living with my parents so i want to get out soon, but i can deal with it for a couple more years whilst i save a deposit.

Even a cheap flat will prolly cost around 90k these days so for a 40% deposit i will have to save 35k its going to take a while as i can save only around 700 per month

black_taxi_2

suzey--this house market downturn is great for you----well done for not panicing last couple of years and buying at the top.

your patience has been richly rewarded

LucyTheDwarf

Suzey wrote: »

"Incredible" is relative. When I had £6k at the age of 23 my mates thought that was incredible. I didn't think I had an incredible amount until I reached about £10k, but that was due to a combination of my salary at the time and the fact I had only been working for a couple of years. "Incredible" to me = a big achievement rather than the actual amount itself.

After that, I amazed myself every time I put away another £10k because it seemed to become quicker and quicker - it used to take a year and now it takes less than a year. In November I was amazed that I was posting about having saved £92k which was £21k more than I had 12 months previously - must be a record for me. I have just had a few dribs and drabs into my current account - cashback, compensation, interest from fixed rate accounts and the like - which I need to add into my calculations so I'm not sure how much I have right now, but I think it's about £94k. I'm still hoping to have £100k in April, but I do have a 0% card I need to pay off in March (only about £4k) so that will be challenging.

I think my attitude to saving will be a lot different when we get the house - most of my savings will go towards the deposit and a lot of my salary will go into paying the mortgage. I'll still save, but will probably only keep £10k in readies (for emergencies) and save the rest long-term: my main aim at the moment is to accumulate cash for a deposit, but after buying the house I think I'll have a different focus. If I do go down the route of saving cash it will probably be for specific projects eg home improvements or holidays.

I didn't intend for this post to be so long!!!

Suze

I agree that incredible is relative.. when I first started saving I felt incredible for having savings of £100... But, the more I get the more disappointed I am with it. My net worth should be £10k by March, as I've got £2k on car loan and credit card... I feel like £15k will be nice, as hopefully I'll have cleared my debt then!

McSaver

Suzey wrote: »

I just got a C905 (lovin' it too) which wasn't very MSE, but s0d it, it was my birthday. I should have bought yours off you, at least the money would have stayed in this thread! LOL!

Suze

I am selling the C905 because my current phone the Nokia N95 does basically the same things and I am used to the N95 so it makes sense to shift the C905 and get the cash in the bank!!!

gelato_cat

Yeah, I remember. I just was thinking that it probably would have been easier for me to buy yours! Did you sell it on eBay?

Suze

McSaver wrote: »

I am selling the C905 because my current phone the Nokia N95 does basically the same things and I am used to the N95 so it makes sense to shift the C905 and get the cash in the bank!!!