Move back in with parents to save deposit??

Charlton_King

jules888 wrote: »

Think you must be overspending !

Make that in spades.

Anyone bringing in that amount should have no excuses whatsoever for not being able to save at least £5-8k per year.

The number of times I hear people wailing about 'not being able to afford a deposit'...

... and then it it turns out they have actually chosen to spend their savings on three nights at the pub every week plus a couple of sleasyjet foreign holidays... there's nothing 'holier than thou' about recognising that...

buttscratcher

Charlton_King wrote: »

Make that in spades.

Anyone bringing in that amount should have no excuses whatsoever for not being able to save at least £5-8k per year.

The number of times I hear people wailing about 'not being able to afford a deposit'...

... and then it it turns out they have actually chosen to spend their savings on three nights at the pub every week plus a couple of sleasyjet foreign holidays... there's nothing 'holier than thou' about recognising that...

sorry if i did'nt make it clear but there are 2 children in my family so its £35000 for four of us- what should be achievable by frugal living considering this

Also, I'm still waiting for people that are doing this to chime in with their current/past experiences rather than focussing on how we could do it whilst private renting as opposed to how much quicker it would be living rent free in our parents home!!

carslet

i know of 2 couples that have done this. but you sound like of of the couples who was overspending, and never saved much more, they were on 35k between them, and just went out more or bought more nice things and treats, other couple on less made a real go of it, and also paid off any debts they had, was the best thing they ever did they told me, never have got the house they wanted without doing it,

if you can do and stick to it, i would do it.

serious_saver

We are on slightly more than you income wise and have managed to save a lot more than that in the last year so I agree that you should be looking at ways to cut back other areas of your spending. That being said, we don’t have children and I daresay that is where the big difference lies.

After university both my OH and I moved back with our respective parents. Certainly for me it was an opportunity to save a substantial amount of money in a very short time.

The thing you really need to be careful of is that you don’t let your self get used to having extra disposable cash. It’s too easy to think “well I’ll just save bit less this month to pay for this or that as a treat.” If you fall into that trap then you’ll end up stuck.

It’s also really important to think about how difficult it might be for your parents. They have got used to having space to themselves and they might not be so happy to have you there. My parents didn’t realise that they had got used to the peace and quiet until I moved back in and they found it very disruptive having someone else around, despite having invited me back.

It might be a good idea to have a time scale in mind. Fix a date by which you plan to move out and say to yourself “I will be gone by this date what ever amount I have saved.” It will give you motivation to save as much as you can in the time period and the end will be in sight for your parents and family.

Idiophreak

buttscratcher wrote: »

sorry if i did'nt make it clear but there are 2 children in my family so its £35000 for four of us- what should be achievable by frugal living considering this

5-8k. Charlton King said already - no excuses.

buttscratcher

really appreciate the replies and yes, there are things I cold cut back- I do love custom pc's so the urge to upgrade my pc is always there but does pale into insignificance when I think I'm talking about building for our kids future by having a foot on the property ladder- not so much for the value but to know we have a roof over our head which we can call our own.

I'm sick of having paid many thousands in rent over the past years with not even a brick to show for it!

Time to buck up and change :j

Charlton_King

buttscratcher wrote: »

sorry if i did'nt make it clear but there are 2 children in my family so its £35000 for four of us- what should be achievable by frugal living considering this

Also, I'm still waiting for people that are doing this to chime in with their current/past experiences rather than focussing on how we could do it whilst private renting as opposed to how much quicker it would be living rent free in our parents home!!

Of course that makes a difference. Removing the rent aspect should certainly then give you £13kpa savings.

Living cheek by jowl en famille can be trying but it all depends how much you 'want it'. If you set an objective of £40k after three years and discuss this as a firm and determined plan with your parents it should be achievable. Having 'light at the end of the tunnel' is a motivation.

buttscratcher

Charlton_King wrote: »

Of course that makes a difference. Removing the rent aspect should certainly then give you £13kpa savings.

Living cheek by jowl en famille can be trying but it all depends how much you 'want it'. If you set an objective of £40k after three years and discuss this as a firm and determined plan with your parents it should be achievable. Having 'light at the end of the tunnel' is a motivation.

really appreciate your views- its good to hear from others that its doable as we have convnced ourselves but were questioning our sanity with regards to giving up our private space to share with parents. However I feel we should be grateful that they are happy to allow us to infringe on their home-life for our benefit

Angry_Bear

I second (or third) the advice to visit the Debt Free Wannabee board - even though you don't have any debt they're incredible with advice on where you can cut back and how to manage on a shoestring

Windsorcastle

Am I missing the point? Are you suggesting that you are going to live RENT FREE with your family at your parents' home? Why should 2 adults who are earning expect to live with their children at their parents' home FOR NOTHING??? Do you really think your parents should put you all up in their house for free? Are they going to feed and clothe you as well? I'm amazed that everyone seems to think this is OK. If your parents are happy to go along with it, more fool them - have you actually asked them about this plan?

Call me old-fashioned, but I think people who are old enough to start a family should be able to stand on their own two feet and not expect to sponge off their parents.