Saving for a house deposit

purty

Hello everyone

I've been following these threads for a while but haven't posted much - I've been getting rid of some irksome credit card debt. Now it's gone, I want to concentrate on saving for a house deposit, I'm so desperate to get on the property ladder now!

I'm aiming for about £15000-20000 in savings, and have a pitiful £500 at the moment.

I was wondering if any of you brilliant people could give me some tips? I've already started taking lunch to work - and been quite astounded by how much I've saved. So any more tips would be brilliant!

Thanks so much!

[Deleted User]

Hi, well done on getting to this point. No specific advice, but you might want to read/join in this thread: https://forums.moneysavingexpert.com/discussion/789675

D9

purty

Thanks for the link! I'll head on over there now

cuthbertlilly

my money saving tips:

- grocery shop @ Lidl/Aldi (fruit and veg, rice, pasta)
- if you got out drinking, go to cheapp pubs, i.e. The Goose (£1.49 cheapest pint)...and walk home - NO taxis!
- get a second income stream - part-time evening/weekend job, e-bay selling, ...anything!
- constantly look for the best savings deals - and sign up to bank account cashback incentives.
- no gym membership - go play football, tennis, etc for free in the park with other people!
- don't buy magazines/papers (read online), pick up free local paper.
- haircut at local college

there are loads more ideas, just imagine you've got to save nearly every single penny and you'll get there...

hazoo

Hello all! This is my first ever post so be gentle!

Basically I am a single 27 y.o on a reasonable salary of £21k and am wanting to start saving for a house deposit and really need some advice on what is realistic to save! I have recently moved into a shared house to save money and really want to be able to get a deposit together so even if I dont meet my Mr Right I can still buy somewhere on my own within the next 5/6 years.

I currently bring in £1370 per month, my monthly outgoings are

rent in a shared house at £420 (inc all bills)
mobile phone £21
contact lenses £16
petrol £80
debt to ex's father £100 per month (ongoing of about 4k but he is happy to stay at £100 pr month)
Car insurance £46 (already paid but just div'd by 12)
Food - £100

£783 total. That's before socialising or shopping!! Leaves £586 so Was hoping to save £400, so you think this is realistic?

Sorry if I have posted in the wrong thread, just getting used to this site!

ska_lover

hi there , I dont think I could cover food/transport and all socialising for a month on £186 to be honest, its going to be a long hard slog over a long period of time to get this money saved, and you have got to live a little whilst doing it. also are you sure you are figuring in all ur bills as i dont see car tax on there

im in the same position as you,trying to save for deposit

hazoo

Hi Ska lover thanks for your reply. Hmm well I factored food and petrol in my costs at £80 on fuel (and this is generous for what i do) and £100 on food. So really the £186 is just for socialising and shopping. Still, that doesnt sound much :doh:

My car tax is £130 for the year thoguh i have just paid that too so dont need to worry for the next year lol.

I have begun writing down everything I spend every day in my diary. Last week the total was £58 excluding my food and petrol which came in on just under budget. Although this did include a trip to the shops *ahem*.

Are you living at home or in your own place? I am considering a second job but the amount I would end up gettign taxed is mad! I have been ebaying some things but am runnign otuof things I no long want/need. I need some money makign ideas!

CharllieSays

I skip lunch during the week. Too busy working to really notice anyway, and have a desk job. Lost a bit of weight at the same time (bonus)! haha Obviously not sensible if you are underweight or have an active job!

hazoo

Wow CharllieSays, I'm not sure I could skip lunch, well done you on the money you're saving and weight loss! I too have a desk job but 9 hours at my desk is too long wihtout food haha! I am good though and pack my own lunch every day so no buying a £3 sandwich come lunchtime!

How much have you got saved so far? How much are you aiming for?

I am in a different position than when I first posted in that I am now in a better paid role, and now have a long term boyfriend and we are very excited to get our first home together! This however means some changes to our lives in the short term to save in the long term!

At the moment I am managing to scrape £500 every month to save which is pretty good, though I am an impatient little soul and want instant deposit NOW lol!

However, I am going to be moving in with my boyfriend and his mum in the near future. This will allow me to save an extra £300 as she does not want much rent and what I do pay will include food too! I am also considering selling my (beloved) car which I have a loan for, and getting a cheap runaround instead. This would mean I would save another £190 a month! :j

I would however be spending more on petrol as it is further to work from their house, but taking this into acount, that is still another potential £450 a month I could save which means I would be saving £950 a month. If I save at this rate then I could have a deposit in 2 years time on my own. Unfortunately my partner has a much less well paid job than myself so can only save about £150 a month, but he will sell his car also and will be qualified in 3 years time if all goes well and on a 22k job so we will be on the ladder.

I am also determined to have a huge clearout of all my unwanted and unused items of clothing and other things to put a little bit extra towards it!

Mind you, with the budget changes announced yesterday, I could possibly get the mortgage on my on before then anyway! Woohooo roll on home ownership!!

How is everybody else doing?x

samehat

hazoo wrote: »

I am in a different position than when I first posted in that I am now in a better paid role, and now have a long term boyfriend and we are very excited to get our first home together!

I am going to be moving in with my boyfriend and his mum in the near future.

All of that in 12 days? You are a quick mover!

hazoo

katherina wrote: »

All of that in 12 days? You are a quick mover!

Haha just looked up the posts and it was a year ago I posted, coincidentally around the same time! :rotfl