Deposits - how do you save?

PinkKiwi

I've just seen on another thread how much deposits people have saved and are aiming for and I'm quite shocked to see how much people are saving :eek:

I think one was at 70'000! :T

I don't mean this to sound offensive or rude really sorry if it comes across this way its just that I've been hoping to start saving for a deposit and I can't even save a couple of hundred pounds. Money is literally in and out of my bank account due to bills etc.

I would love to know how everyone else has saved theirs. Do you have good paid jobs? What cut backs do you make? Do you save in certain accounts?



Thanks in advance!

LAEllis

I know how you feel, i managed to get a couple grand saved but had to spend it all because we ran into a bit of trouble. I think its probably a combination of all three. Decent/ok jobs, joint income, intelligent saving and skimping & scraping to save the pennies.

cashbackproblems

Well you have a joint income of £270 pw so how do you expect to save anything?

Im sure those who have large deposits are on good salaries e.g. 30k+ and/or are buying second/third properties so have the equity in their homes having been paying a mortgage rather than renting, plus some have handouts from parents/inheritance etc

casualwalks

We cut back everything that wasn't essential, which meant getting rid of our TV (save on license and sky). I stoped paying to have my hair cut in jan and managed to scrounge from free hair cuts. Only buy clothes at charity shops. We don't use the car for any distance that is walkable. My partner stopped using the bus to get to work and now cycles. We set a food budget and keep to it (beans on toast if we run low). No holidays (unless through tesco vouchers). Layers rather than heating in the winter.

We've saved £11,000 in 6 months.

hostie1985

I started to save £50 a month - setting up a direct debit so i no thats its gone out of my account. Setting myself small targets (ie £250, £500 etc). It does get easier as you go month by month. Hope saving goes well.

I earn £14,000 a year (minus flight pay and commission) so if i can do it, then you can to!

Hostie1985

kiki*_2

casualwalks wrote: »

We cut back everything that wasn't essential, which meant getting rid of our TV (save on license and sky). I stoped paying to have my hair cut in jan and managed to scrounge from free hair cuts. Only buy clothes at charity shops. We don't use the car for any distance that is walkable. My partner stopped using the bus to get to work and now cycles. We set a food budget and keep to it (beans on toast if we run low). No holidays (unless through tesco vouchers). Layers rather than heating in the winter.

We've saved £11,000 in 6 months.

Just my opinion but I don't think I'd want to live like that! I'd rather take a little longer to save.

PinkKiwi

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PinkKiwi

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bodmil

I saved loads by working abroad where my company paid my living costs on top of a good wage. Now I'm just entering the real world of renting, bills and taxed I'm still determined to earn a decent crust. Life is expensive and I always hope to have a job to match it.

The best thing I did was to start a spreadsheet of my finances of what comes in and how much goes out. Not in too much detail but enough to know where I should be and how far I am from that figure. Seeing how quickly money grows when you put your head down is a great motivator.

PinkKiwi

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bodmil

:hello: Ok bye.