Money saving efforts for FTBs

CantSwingACat · 9 December 2014 at 5:28PM

I feel as though this topic surely must have been covered somewhere else, but I can't seem to find it anywhere! So I hope it is okay to start this thread…?

Just wondering who else is saving for their first home? And what lengths are you going to to save up?

I'm hoping to buy my first house in the next year and I’m on a super-money-saving mission until then. I’m buying it alone and have moved in with my parents in order to save up as quickly as possible. I only started saving in September, but I now officially have £3,400 in the bank and I’m hoping to have £5,000 by the end of January. I’m doing everything I can to save– have pretty much given up on nights out, I’ve resorted to selling loads of my old things, no new clothes allowed until January sales, I’ve quit my gym membership and even Netflix membership!

I’m hoping to save at least £10,000 for a deposit myself (though a bigger deposit would be fab) and my parents have offered to help pay a little towards fees etc. I’m also thinking of buying in Manchester where many properties are between £80-110k… not sure I’ll be able to get enough of a mortgage yet though on my current salary.