Saving for a house (deposit)

Thistle-down

I'm now officially saving for a house deposit, too!

Due to terrible credit and other issues, we will not be considered for a mortgage for at least 8 years unless we have a very large deposit.

I am putting away £10 a week, which is a struggle to afford at the moment, but will put away more as we up our income or make more savings in the budget - we are now using a cash envelope system and anything left over from our £40 a week food budget will go straight into the savings.

Having screensaver pictures of the type of house and area I want to live in helps me focus each day on saving every penny I can - fighting the supermarket crowds at reduction time (something I do not enjoy) suddenly takes on a whole new importance if it means I can add extra money to the house deposit account that week! :beer:

DottyBearP

Thistle-down wrote: »

Having screensaver pictures of the type of house and area I want to live in helps me focus each day on saving every penny I can - fighting the supermarket crowds at reduction time (something I do not enjoy) suddenly takes on a whole new importance if it means I can add extra money to the house deposit account that week! :beer:

I love the screensaver idea! We have a picture on our fridge (which is also where most of our money goes )

I have a part time job in a supermarket putting all of the reduction stickers on the food which also means that I get first pick! A very lucky job!

Smiley87

Just changed my screensaver!

DWhite

Thought it was time to ressurect this thread after I neglected it



I've managed to save just short of £10,000 now for a deposit. I have to admit I've not been anywhere near as careful as I could have been in terms of saving/spending

That said I've got the deposit required for a house in my budget and fees, I'm hoping to get enough spare to get some furniture and white good that I'll need when I do get my own house.
I've got applications going through at the moment for shared ownerships - keeping everything crossed for them.

I know this isn't really Old style - though I'm hoping it may help others who are saving if they can get some inspiration/tips from others.
I'm doing a car boot at the weekend to shift some of DD baby stuff. Double reason - saves me moving it to my new place and gets some extra cash towards the house! I've discovered shopping around to get the best deals, even if it's a few pence it adds up. Ebay/selling pages have helped me to clear some bits and I find it a good place to pick things up cheap (stuff for DD and a food processor recently).

System

DWhite wrote: »

Thought it was time to ressurect this thread after I neglected it



I've managed to save just short of £10,000 now for a deposit. I have to admit I've not been anywhere near as careful as I could have been in terms of saving/spending

That said I've got the deposit required for a house in my budget and fees, I'm hoping to get enough spare to get some furniture and white good that I'll need when I do get my own house.
I've got applications going through at the moment for shared ownerships - keeping everything crossed for them.

I know this isn't really Old style - though I'm hoping it may help others who are saving if they can get some inspiration/tips from others.
I'm doing a car boot at the weekend to shift some of DD baby stuff. Double reason - saves me moving it to my new place and gets some extra cash towards the house! I've discovered shopping around to get the best deals, even if it's a few pence it adds up. Ebay/selling pages have helped me to clear some bits and I find it a good place to pick things up cheap (stuff for DD and a food processor recently).

OMG you saved £10,000. Congratulations!! How did you do it, care to share any tips?? I'm all for finding out others techniques hehe. I'm currently saving too.

DWhite

Sweetcake wrote: »

OMG you saved £10,000. Congratulations!! How did you do it, care to share any tips?? I'm all for finding out others techniques hehe. I'm currently saving too.

I was in the fortunate position to live with family rent free whilst I saved for it. That in itself was the biggest help, I'm sure if I hadn't had that chance I'd have been not even half way to it now.
I have a Help to Buy ISA - that will give me a bonus from the government when I put my deposit in for my mortgage. At the moment that bonus will be £1250-£1500. Definitley go for it!


I pay £600 a month into savings, this is paid as soon as I get paid so I'm never tempted to spend it. I see it as my mortgage payment, I'll be paying it when I have a house so I have to pay it now! If there's anything spare at the end of the month, that goes into the savings too.


There's been bumps on the way, which have taken sizeable chunks out of my savings - mainly car related. That happens I guess :cool:


I think the main thing for me is remembering the advice and tips I've picked up from this site and specifically forum over the years. A lot of the things have become a way of life for me, so I don't think of it.

Things like today, I went shopping and bought some lovely bits from a charity shop for £1.95 each. Both proper labels and both in great condition. Don't be put off by charity shops, they have some great hidden gems!
I take picnics out with me when I have time out with my daughter, saves us a fortune as we spend a lot of time out and about each week.

Christmas last year was home made gift vouchers - laminated and certified to say she could redeem them for days out through the year. Already have the money put aside for them so when we go it's not an extra expense.

I'd love to hear other's tips for how they've saved for a large payment.

System

DWhite wrote: »

I was in the fortunate position to live with family rent free whilst I saved for it. That in itself was the biggest help, I'm sure if I hadn't had that chance I'd have been not even half way to it now.
I have a Help to Buy ISA - that will give me a bonus from the government when I put my deposit in for my mortgage. At the moment that bonus will be £1250-£1500. Definitley go for it!


I pay £600 a month into savings, this is paid as soon as I get paid so I'm never tempted to spend it. I see it as my mortgage payment, I'll be paying it when I have a house so I have to pay it now! If there's anything spare at the end of the month, that goes into the savings too.


There's been bumps on the way, which have taken sizeable chunks out of my savings - mainly car related. That happens I guess :cool:


I think the main thing for me is remembering the advice and tips I've picked up from this site and specifically forum over the years. A lot of the things have become a way of life for me, so I don't think of it.

Things like today, I went shopping and bought some lovely bits from a charity shop for £1.95 each. Both proper labels and both in great condition. Don't be put off by charity shops, they have some great hidden gems!
I take picnics out with me when I have time out with my daughter, saves us a fortune as we spend a lot of time out and about each week.

Christmas last year was home made gift vouchers - laminated and certified to say she could redeem them for days out through the year. Already have the money put aside for them so when we go it's not an extra expense.

I'd love to hear other's tips for how they've saved for a large payment.

Hello lovely! OMG we are in the exact same position hehe (minus that I don't have a child haha). I'm 25, and live at home with my parents too. And I save about £700 a month so I think it will not take me long to get to £10,000, as a good FIRST GOAL. Aiming for £30,000 overall.


I have a LIFETIME ISA so get a 25% of what I've added each month, and I also pay myself/pay my savings when I get paid too, and have standing orders throughout the month to different accounts, and put whatever additional is left to savings too.


Have a car, but that's one of the expenses I have a standing order for, so thinking I won't be caught out!


Aiming to buy hehe or have quite a bit stacked up in a year or maybe 2...


1 year would be better though haha.


I feel once you become money-savvy and have a goal, you kinda want it to happen straight away, but I'm enjoying the ride now, and feeling all proud hehe.

DWhite

Car is packed and ready for the car boot in the morning. It will be a horribly early start but finished by 12pm. Keeping everything crossed that a decent crowed turns up and some of them want to buy some baby stuff!

Thankfully my car has loads of space so I've managed to get loads in there and out of my parents' house. Hopefully won't be bringing too much back with me.
Otherwise I've managed a relatively low spend week off away at my parents' house. Bought myself lunch out a few times in some cafes but spending about £7 isn't too bad. My mum bought me lunch and coffee yesterday in return for me taking her to the next town to a shop.
Charity shop bargains of some Debenhams clothes, £1.95 each and that's actually all I've bought all week really.

Pay day in a week and hoping to get another £600 into savings then.

I also use a skimming account that regularly skims small amounts from my bank into a savings account. I have around £400 in there at the moment and the way it works with its algorithm I don't notice the amounts leaving as they're affordable. Good for saving up for things like Xmas, emergency funds etc.

DWhite

I appreciate this is more of a diary thread, though I thought I'd update it as it's now come to fruition.


I had an offer accepted on a house this week! :T:T


Very exciting times, deposit is £7,400 so I have enough of my deposit left to pay the fees. Then whilst it's all going through i'll be saving as much as I can to furnish the house!



I shall be coming back for ideas for cheap furniture and white goods and trying to make beans on toast more appealing for a while I think


Anyone reading this who is on the way to saving for their house, I thought I'd never see this point. There's been many bumps in the road and I've had many wobbles thinkingI'll never earn enough/have enough deposit etc..
Keep going - one day it will be worth it!