How much can you save?

sss555s

Thought i was in the wrong thread there

Couple of things worth thinking about...


* You will need a minimum 10% deposit to get the best rates from your lender


* Stamp duty which is paid on the whole of the amount...


Up to £175,000 (until 31 December 2009)............... Zero

Over £175,000 to £250,000................................. 1%

Over £250,000 to £500,000................................. 3%

Over £500,000.................................................. 4%


* Buy the best you can as it costs so much to move


* Over the last 20 years lending rates have been between 0.5-16%. I'd base your calculations around 6-8% and be willing to struggle if they go higher.


House prices have kinda stabilised and in some areas even went slightly up. What will keep them "around" this price for the next few years is interest rates will rise!. If you could get a house that was 300k+ 18 months ago for under the 250k stamp duty threshold and possibly consider a long term fixed rate deal and had a high enough deposit then on the scale of things you wouldn't be doing too bad.

:money:

jenjade

focus888 wrote: »

Just curious jenjade but how old are you? sorry if you think thats rude of me for asking. Im 26 and only just started thinking about saving for a deposit. Im not on a high income and am planning to get a mortgage by myself so im in exactly similar position as you. However im aiming for a property for about £200k :eek:

No problem at all sharing my age!

I am 29. I am on quite a low income as i am a single parent and currently only work 18.5 hours a week!

I think realistically i am not going to be able to buy my house for 3 years then i will have a bigger desposit and dd will be at big school so i can work more hours!

saver9713

Hi all

I've been reading over the last month of comments, some of you have saved such huge amounts of money it's really quite daunting - very impressed though! I was awful with money when I was a student so it's only since I've been working that I've come to look after it at all properly.

I've done terribly this month as my (amazing) holiday in Colombia (I recommend!) went way way over budget (due to changing up to nicer hotels & an extra internal flight.) Having now been paid and having now paid off the credit card I'll only be saving £100 this month. My lowest ever figure but this is all I can really manage. Maybe some birthday (26, ancient!) money will roll in towards the end of September to boost this up!

I'm losing focus a bit at the moment as a bit bored of saving all my spare cash and house prices in London are just so impossibly high that even with quite a pot of money it does feel like a total pipe dream. Will prob look for a better paid job some time next year but in the meantime I might cut down on savings a bit and live a bit more...

Still haven't won a penny on my premium bonds either but I'm still a believer!

Hope everyone's doing well and hitting their targets.

dippykitty

The money from the cheque has cleared in my account today so I've transferred £250 to the ISA and £10 to the 'other savings' account. I've managed to save around £450 in total this month (mostly thanks to the cheque repayment though so not quite as good as it sounds!).

Lokolo

This month has been SO SO bad. I have overspent on budget (I didn't want to be a loner all these weekends!) and its my best friends 21st next weekend and I haven't bought him a present yet (I think I might just buy his drinks all night ).

It just means I have rearranged my budget for next month and thus future months, so overall I may put less in my car savings than I expect over next 6 months which is a shame. Hopefully I will be able to cut down later on in the year.

Some other news, I have been told by my mum that I will be getting £5,000 inheritence money from my great grandmas death which is nice. But I won't get this until January. I have been told I have to buy something worthwhile and useful with it, but I may just save it as I don't really need much at the moment. (and doubt I will in Jan, unless my car blows up).

Urgh long post!

dazcouz

Just been paid this month, savings up to £26K

w216uhk

Well been paid for this month but I need some more 5% drip feed savers suggestions anyone I have save a min of one thousend seven hundred and fifty pounds pcm and have around 50K in instant access spread around various Banks not inculding invesments as mine are very volatile.

forsya

Hi all

I am not new to MSE but to this thread, as I used to spend all my time in Debt Free Wannabee, I paid off £15k of debt a few years ago and I have saved £5k since, but I think I could do SO much better and I really need the encouragement and motivation that the DFW site gave me, so I think this is great!

Me and my OH want to save for a deposit for a house, we are both on what I would say lowish/ok salaries, my work is random, I have 2 part time jobs and I am a complimentary therapist also, but only just started, I used to be in a stressful £30k job and decided to change cos I think stress is a killer, so as a result I am now earning less, but I could work more as only working 30 hrs at the moment and I could increase my earnings, just need to get myself sorted as have been settling in new jobs and moving flat so havent had the time.

Anyway I am waffling on...time to get focused and save, I am not sure where to begin! Also I would like a seperate account for big one offs like car or emergencies, or should I just focus on house deposit?

I suppose I should set some goals first : )

Looking forward to saving

Lokolo

forsya wrote: »

Hi all

..................

Anyway I am waffling on...time to get focused and save, I am not sure where to begin! Also I would like a seperate account for big one offs like car or emergencies, or should I just focus on house deposit?

I suppose I should set some goals first : )

Looking forward to saving

Well if you want seperate accounts thats good.

Where are your savings at the moment? Have you used ISA allowances?

You really want to set yourself a target. So with your debt, £15k, you knew how much you had to get rid of, and you worked out when you wanted it all gone by. Now you need to do for savings.

For example, my sig, I want to save the £15,000 by July 2011, so I work out what I need to save to get there and then make sure I try and get there.

dippykitty

forsya wrote: »

Hi all

I am not new to MSE but to this thread, as I used to spend all my time in Debt Free Wannabee, I paid off £15k of debt a few years ago and I have saved £5k since, but I think I could do SO much better and I really need the encouragement and motivation that the DFW site gave me, so I think this is great!

Me and my OH want to save for a deposit for a house, we are both on what I would say lowish/ok salaries, my work is random, I have 2 part time jobs and I am a complimentary therapist also, but only just started, I used to be in a stressful £30k job and decided to change cos I think stress is a killer, so as a result I am now earning less, but I could work more as only working 30 hrs at the moment and I could increase my earnings, just need to get myself sorted as have been settling in new jobs and moving flat so havent had the time.

Anyway I am waffling on...time to get focused and save, I am not sure where to begin! Also I would like a seperate account for big one offs like car or emergencies, or should I just focus on house deposit?

I suppose I should set some goals first : )

Looking forward to saving

Welcome to the thread!

For what it's worth, I mainly put my deposit/emergency savings in my ISA (as my income is very irregular and I don't usually have much more than £3.6k left over to put away so that works fine for me) and then I have a separate account for less regular expenses that I don't want to be dipping into the deposit savings for, and then the current account for everyday expenses.