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How to save for a home deposit quicker?

Hi there,

I finished university 3 years ago, now working, and living in an overpriced houseshare in SE London.

The landlord doesn't care about fixing anything on time, or sorting out the damp etc etc.

I would love to own my own place, but it feels like I'm in a constant spinning wheel - I need money to live, pay rent and travel, and whilst I save each month it's just taking too long to save enough for a deposit.

What tips and tricks do you have to help get their quicker?

Thanks,

Annie (exasperated renter)
«1345

Comments

  • GenRent90 wrote: »
    Hi there,

    I finished university 3 years ago, now working, and living in an overpriced houseshare in SE London.

    The landlord doesn't care about fixing anything on time, or sorting out the damp etc etc.

    I would love to own my own place, but it feels like I'm in a constant spinning wheel - I need money to live, pay rent and travel, and whilst I save each month it's just taking too long to save enough for a deposit.

    What tips and tricks do you have to help get their quicker?

    Thanks,

    Annie (exasperated renter)


    Stop that bit will help.

    Plus live a little less!:rotfl:
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 £0/£500
  • lisyloo
    lisyloo Posts: 30,010 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Move somewhere cheaper and I include north of Watford here. Do you need to live in London?


    Seriously if you're only just able to keep your head above water then why are you in London? Perhaps you can tell us what job you are doing. If you're training to be a hedge fund manager then perhaps it's worth it, in which case your answer is simply wait until you're on good money, but if not then you need to question whether you need to live in London where house prices are the highest in the country.
  • lisyloo
    lisyloo Posts: 30,010 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    chunkytfg wrote: »
    Stop that bit will help.


    hmm....not travelling isn't an option for many working in London.
  • spadoosh
    spadoosh Posts: 8,732 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Id imagine youd be in a situation to buy a reasonably sized house within 12 months of living in the North West.

    My house is a 3 bed semi with a very large garden that cost £104k and required a £10.4k deposit. Rents are about the £650 mark for the equivalent house. And im certain that your income would not drop proportionately.

    My mate recently moved back up from london. Hes downsized in value but his house is 3-4 times bigger and his garden about 10 times bigger than his fairly large yard for london. Of course hes taken a hit on his wage but its very clear his standard of living has vastly improved.

    Thats got to be one of the easiest ways of you getting a house.
  • lisyloo wrote: »
    Move somewhere cheaper and I include north of Watford here. Do you need to live in London?


    Seriously if you're only just able to keep your head above water then why are you in London? Perhaps you can tell us what job you are doing. If you're training to be a hedge fund manager then perhaps it's worth it, in which case your answer is simply wait until you're on good money, but if not then you need to question whether you need to live in London where house prices are the highest in the country.

    Agree with this. Even if you do need to work in London, I live in the West Mids and you can get a train from Banbury to London in just under an hour. Not saying move to Banbury but you get my drift, there are other places all over the country that are accessible from London.
  • hazyjo
    hazyjo Posts: 15,474 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Only the obvious really.


    Take a second job/overtime
    Earn more (study / promotion)
    Go out less
    Cheap clothes/shoes on ebay, not actual shops
    The obvious re food - look for cheap options and batch cook
    Use less transport. Walk where poss.
    Move from London
    Cheaper house share
    Cheap replacements for things you buy that are on the pricey side (not sure if male / female - but things like toiletries, makeup, etc)


    How much are you managing to save each month? If not in the hundreds, I agree with lisyloo here - you need to earn more!


    Good luck.
    2024 wins: *must start comping again!*
  • What's your budget? If you can itemize everything you're spending then people will be able to give you suggestions to cut down. You'll also have the clarity you need to decide if certain things are worth having given that they mean it'll take x months/years longer to get to your target.
  • chunkytfg wrote: »
    Stop that bit will help.

    Plus live a little less!:rotfl:

    Sorry, by travel I meant transport. The train to work etc
  • lisyloo
    lisyloo Posts: 30,010 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I live in the West Mids and you can get a train from Banbury to London in just under an hour.


    You need to include door-to-door times here.
    My main home is a 75 train journey to London, but door-to-door including the slow walking bits it's 150 which is double AND that is when the transport runs on time.


    My colleagues who get public transport into London (train/tube) are frequently late, which is why many London jobs don't force you to start until 10 and some people start at 7:30 and others 10.
  • lisyloo
    lisyloo Posts: 30,010 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 January 2019 pm31 1:45PM
    GenRent90 wrote: »
    Sorry, by travel I meant transport. The train to work etc


    Yes we got that :-)
    I think the comment was to live nearer, which London centric people know is probably a ridiculous suggestion (as property is SO much more expensive)


    It would be really helpful if you could tell us a bit about your job/family situation or at least why you feel you need to be working in London.
    Is there something London centric to your job? do you have dependents you can't leave? or are you just sleep walking into just about managing? (don't take offence but until you tell us we can only guess).
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