What encouraged you to save for a house deposit?

jonnygee2

Nine months on.......
Both have found houses and have offers accepted
Hopefully by summer they will be independent.

After nine months of work they've saved a deposit?

I mean good on them, but they must surely have combinations of very good starting salaries and a very low cost property areas?

You can probably leave out the budget spreadsheets at this point given their somewhat incredulous progress so far.

It took me about eight years to save my deposit, which totalled about three times my annual takehome income!

hoiyeeanita

My parents brought me up with the mentality that every penny earned if not needing to be spent on the absolute necessities should go straight into a bank account for a rainy day.. if you can't afford to buy something outright (i.e. a car or brand new phone etc.) then save up for longer until you can.
In my opinion, it's mostly down to a combination of self-discipline, personal motivation and budgeting. Obviously, everyone's outlook on life and priorities are different, it may help to have a sit down with them to physically draw out their goals, aspirations and desired achievements by certain milestones.

mick1111

sugarbabe84 wrote: »

Constantly being on the move. I!!!8217;ve rented 8 places in the last 9 years, enough was enough so I started my Help To Buy ISA in 2016.

We were the same: stayed in 11 places in 2 continents since 2011! Opened HTB ISA in 2016, LISA 2017 and expecting to exchange as FTBs next week. Having child number 2 arrive was good motivation to actually own a house!

lookstraightahead

I would get them to focus on their careers and earnings, move where the best work is, rent for a while, realise they need to be independent and then make their own decisions about how much to save.

I don't think keeping them at home where they don't need to progress is a good thing - it just keeps them as children for longer and what is the cut off age?

I had a really good relationship with my parents but by 21 was desperate to live independently. What's happening now is that parents are telling children they can't afford to be independent which is simply not true imo.

Earn more, get your career on track (even if you have to rent) would be my advice.

babyblade41

My then husband and I bought our first house and I was 18 and he was 27.. .. we never had a holiday , we never went out and even got married .. we didn't have credit cards or any loans . Had a child after 3 years of being married.

It's how much you want it and how much you need it with no help from parents.
We moved pretty regularly .
we separated after 12 years and I went onto buy my own house and although we got back together I was mortgage free and so was he . I was 35 and he was 44 .
I never went to Uni so no debts but we both had good jobs at the time although I relinquished my career and started lots of p/t jobs in the evening very soon after having my first born and pretty much worked every spare minute.. we both did