Anyone saving to buy a house for cash?

marathonic

Today's report showed a rise of 2% for Q3 2013. I'm not on to gloat or anything, just to ensure that you are keeping aware of the latest statistics so that property price rises don't exceed your savings rate if you're still intending to buy in cash.

jenberry

Hi Tara,

Sorry to resurrect an old thread but wondering how you're getting on with your saving towards a house? I am in a similar position to where you were back when this thread started, and very much share your ethos with regards to not wanting to work until I'm 60+ and also not wanting to commit to a mortgage for 20 odd years. Would be lovely to see how you're doing!

Jen

tara747

jenberry wrote: »

Hi Tara,

Sorry to resurrect an old thread but wondering how you're getting on with your saving towards a house? I am in a similar position to where you were back when this thread started, and very much share your ethos with regards to not wanting to work until I'm 60+ and also not wanting to commit to a mortgage for 20 odd years. Would be lovely to see how you're doing!

Jen

Hi Jen, thanks for your post


I currently have around £110,000 saved (an increase of £38,000 since this thread was started 3 and a bit years ago), pretty pleased with that. I'm hoping to exceed £120,000 this year. :beer:


The referendum has thrown a lot of uncertainty into the mix, so I'm waiting until Art 50 is invoked and negotiations begin - it could have a significant effect on the economy and the housing market.


With so much political upheaval in NI, and no sign that the largest party is going to defend our interests at Westminster, I wouldn't like to be making economic forecasts for NI. Suffice it to say that I don't see any risk in waiting.


How are you getting on yourself? Good for you - it's admirable to aim for financial independence and freedom from debt.

jenberry

tara747 wrote: »

Hi Jen, thanks for your post


I currently have around £110,000 saved (an increase of £38,000 since this thread was started 3 and a bit years ago), pretty pleased with that. I'm hoping to exceed £120,000 this year. :beer:


The referendum has thrown a lot of uncertainty into the mix, so I'm waiting until Art 50 is invoked and negotiations begin - it could have a significant effect on the economy and the housing market.


With so much political upheaval in NI, and no sign that the largest party is going to defend our interests at Westminster, I wouldn't like to be making economic forecasts for NI. Suffice it to say that I don't see any risk in waiting.


How are you getting on yourself? Good for you - it's admirable to aim for financial independence and freedom from debt.

Hi Tara,

WOW!! You're my inspiration! That's such an impressive figure to have saved! I have only just started out so it's good to know about your progress. I have had three jobs in the past three years: the first was so poorly paid that I was wracking up credit card debt every month to get by, the second was better but I was paying off those credit cards and now, having moved to a better job in October 2016, I am debt free and finally in a position to save. My house fund currently stands at around £6k. Not great by any means, but it's progress! Luckily, where I want to buy in Glasgow is a fairly cheap area, so I will most likely get a 1 or 2 bedroom flat for under £100k!

I agree that there is no risk in waiting to see how the new legislation pans out. I don't know much about Art 50 but will definitely look into it. The referendum has indeed thrown a great deal of uncertainty into the mix and it is difficult to remain positive and believe it is all for the best. Either way, you've done such an amazing job with saving and that is definitely to be commended. :T

I have gone from being a bit of a spendaolic, buying new items on ASOS and Amazon on a near-daily basis, to not buying anything but essentials such as food, rent, bills...I got rid of hundreds of items late last year and am embracing Minimalism! I currently live with my landlord so it's not ideal, but it's generally good and includes all bills so puts me in a decent position to save. I'm hoping I'll be able to save about £1k a month by doing extra overtime and selling lots of junk on eBay!

Jen xx

tara747

jenberry wrote: »

Hi Tara,

WOW!! You're my inspiration! That's such an impressive figure to have saved! I have only just started out so it's good to know about your progress. I have had three jobs in the past three years: the first was so poorly paid that I was wracking up credit card debt every month to get by, the second was better but I was paying off those credit cards and now, having moved to a better job in October 2016, I am debt free and finally in a position to save. My house fund currently stands at around £6k. Not great by any means, but it's progress! Luckily, where I want to buy in Glasgow is a fairly cheap area, so I will most likely get a 1 or 2 bedroom flat for under £100k!

I agree that there is no risk in waiting to see how the new legislation pans out. I don't know much about Art 50 but will definitely look into it. The referendum has indeed thrown a great deal of uncertainty into the mix and it is difficult to remain positive and believe it is all for the best. Either way, you've done such an amazing job with saving and that is definitely to be commended. :T

I have gone from being a bit of a spendaolic, buying new items on ASOS and Amazon on a near-daily basis, to not buying anything but essentials such as food, rent, bills...I got rid of hundreds of items late last year and am embracing Minimalism! I currently live with my landlord so it's not ideal, but it's generally good and includes all bills so puts me in a decent position to save. I'm hoping I'll be able to save about £1k a month by doing extra overtime and selling lots of junk on eBay!

Jen xx

Thanks for the kind words Jen


You're doing amazingly well - good for you Going from being in debt to having £6k saved is no small feat. I can sense a lot of enthusiasm and energy from your post, please keep me posted on your progress. There are several savings challenge threads you could join (if you haven't already), to increase your motivation.


Minimalism is great - it's so much easier to be content when you're happy with what you have rather than coveting the latest 'must have', isn't it?


I have no doubt that you will achieve your aim xx