Saving for a deposit when you live alone....

LavenderBoy

Hey Everyone

I am sure this will have been discussed before so I do apoligise for any overlap.

Basically I am looking for a way to save for a deposit whilst trying to run my current house on my own, I know there will be away but I am very impatient and wondered if anyone had any tips

I live alone and rent privately currently.

My Monthly income is approx. £1400-1500 after tax.

That includes bonus's & overtime so some months it can be slightly lower others higher.

I have recently tried to cut back on every little thing but still doesnt seem like I am getting anywhere.

I am looking at houses around 95-100K, Therefore would like to save a deposit of around £10,000 if possible.

My tenancy ends in September and the choice is wether to move back in with family and be able to save or keep renting and try to continue to save slowly but surely

Has anyone ever been in this position before?

Thanks !

staffie1

A statement of affairs would probably be a good start, so that we can look at your outgoings and see if there are any opportunities for savings. You're going to have to save hard to raise a deposit - but like you say, where there's a will, there's a way.

ACG

Thats a vary vague and open question.

You know what your income/expenses are. Only you know what you can cut back on.

On £1500 a month, id be inclined to move back to the parents for say 10 months. Living at home i was able to pretty much cope on £100 a week.

Your never going to be able to save anywhere near that amount whilst your renting no matter how much you cut back.

hcb42

I would move back in too, or the deposit seems improbable when paying rent and bills as well.

Yorkie1

You will get better interest rates if you aim for a 15% deposit rather than the minimum 10%.

Don't forget that you will need to budget apx £2-3K for fees, solicitors, etc. And you should have a buffer of spare money because you *will* find stuff that needs fixing / buying as soon as you move in.

If you and your parents can live with each other, I'd move back in there.

Small HMOs) – These include self contained houses and flats shared by between 3 and 6 unrelated people.

Good luck.