How much can you save?

minidannii

rictus123 wrote: »

New target il set it high and say £10k saved by 31st of December 2010 and be debt free! So really about £12.5k needs to be taken from my wages to get there! Even if i only got half way, debt free and £5k, still a lot more than iv ever had! Just glad im 18 and got little overheads when i got a bit of debt so i made a mistake but now its not a mistake its a lesson, il do well from this and not got into bad debt again! Get excited when i think about how good i can and WILL be doing in just a few short months!

I didn't realise you were in debt, i hate the fact am overdrawn you feel like your the only one in the world overdrawn

*Vikki*

I am saving £339.51 a month, standing order set up. As I do still like to live for now too!

Indyflower

Hi, I'm 22 and have a 13 month old daughter with my boyfriend. I really want to put down a deposit on a house asap but don't know where to start.

As a percentage, how much should I be aiming for? I mean, if we're looking at a 300k property, should we aim to save £30000, or is it gonna need more than that?

Also, where should I put my money so it can grow as quickly as possible? It's difficult to be frugle with a baby as I don't want her to miss out on treats and experiences, so any tips on budgeting would also be very helpful.

Thanks

Jen

skaps

Indyflower wrote: »

Hi, I'm 22 and have a 13 month old daughter with my boyfriend. I really want to put down a deposit on a house asap but don't know where to start.

As a percentage, how much should I be aiming for? I mean, if we're looking at a 300k property, should we aim to save £30000, or is it gonna need more than that?

Also, where should I put my money so it can grow as quickly as possible? It's difficult to be frugle with a baby as I don't want her to miss out on treats and experiences, so any tips on budgeting would also be very helpful.

Thanks

Jen

I would say that you should search around for mortgages - find an independent mortgage advisor and they can help you think about how much you would be able to afford and how much deposit you would need. That's what i did when i was looking for a house and this helped me to really focus. I cut down on lots of things and had a strict budget for food, clothes, going out etc. Joining some of the different challenges would probably be a good way to start. I put my money into an isa, this way i did not touch it and set up a regular standing order too. Hope that helps email me if you need anymore help and good luck.

Masomnia

Welcome Indyflower

I reckon you'll probably be needing a deposit larger than 10% sadly if you want get a decent deal in this day and age. I think you should aim to save as much as you possibly can, the greater the deposit and the less you borrow, the more you'll save in interest over the years, and it'll really add up. The comment about getting independent adivce is good I think as everyone's situation is unique.

cashbackproblems

Indyflower wrote: »

Hi, I'm 22 and have a 13 month old daughter with my boyfriend. I really want to put down a deposit on a house asap but don't know where to start.

As a percentage, how much should I be aiming for? I mean, if we're looking at a 300k property, should we aim to save £30000, or is it gonna need more than that?

Also, where should I put my money so it can grow as quickly as possible? It's difficult to be frugle with a baby as I don't want her to miss out on treats and experiences, so any tips on budgeting would also be very helpful.

Thanks

Jen

To get 300k you need to be earning a hell of alot and aged 22yr and the kind of person who has kids young im guessing your working at mcdonalds

But seriously add up both your wages and times it by 3.5 and thts roughly how much you will get, try getting a bigger deposit as possible as then you get better rates and less repayments.

minidannii

cashbackproblems wrote: »

To get 300k you need to be earning a hell of alot and aged 22yr and the kind of person who has kids young im guessing your working at mcdonalds

But seriously add up both your wages and times it by 3.5 and thts roughly how much you will get, try getting a bigger deposit as possible as then you get better rates and less repayments.

am sorry but you can't judge someone to work at mcd's cos they have kids.

I know some people who have kids and have well paid jobs, they could have people to look after the kids when at work, or they are stay at home mum's and maybe her boyfriend/husband has a well paid job

rictus123

I agree Danni, dont assume stuff like that, how would you like it.

tinkerbel

I think that was a really horrible comment which is pretty against the forum ideals. I think you do have to be realistic, but you don't have to be rude.

Oh another note, I have opened an isa today so I need to find the money to "pay myself back" so that is what I will be focussing on now I think!

rictus123

What do you mean tinkerbel by the second point in your post?

Iv now got a big (fake)beer can piggy bank at my gfs house, everytime im there im going to put in all my change + at least 1 note. Unless im really tight at the time itl just be change. Wont empty it/open it/count it until its either full or its the end of 2010 which ever comes first! Hoping to make something of it and have it filled by summer! The money will get banked, although im not sure how much money it will manage to hold, its not that big really but im sure it can hold a lot of notes Started it off with a £10 note and only had 30p change in my wallet but hey its a start and do that at least once, sometimes twice a week il be laughing when it comes to collection.