How to save for a home deposit quicker?

GenRent90

I work in the fashion industry, so few options outside of London.

I have a long term bf, who also lives in London. So not the easiest to up sticks.

CarrieVS

Take a look at your lifestyle expenses and see if you have any expensive habits and whether you'd be willing to cut down on them.

- Do you eat a lot of meat? In my experience, "flexitarian" is a pretty cheap diet: meat is expensive so eating it less often cuts food costs, although being a strict vegetarian and avoiding animal by-products can limit your options to buy the cheapest version of something.

- Do you eat a lot of convenience food and/or junk food? I decided to get into some better eating habits just under a year ago, for the sake of my health, but I was shocked by how much my credit card bill went down. Crisps are delicious and takeaways are very attractive after a long day at work but oh boy, they cost. A good trick is to cook a big pot of something like pasta sauce, and shove most of it in the freezer in portion-sized containers (invest in some tupperware) for days when you don't have time to cook from scratch.

- Are you loyal to brands? Try to only buy brand names if you've tried the own-brand version and found it wanting (sometimes they are.) Top tip: if a supermarket has a mid-range and a basic/budget version of the same thing, check the ingredients list and nutrition information to see if there's actually a difference. I know of some budget lines that are completely identical to the equivalent mid-range product.

- Do you buy a lot of clothes? I think most of us in our modern western society have far more clothes than we need to stay warm, comfortable, and presentable. If you really like to ring the changes often, charity shops can be a good place to pick up something new-to-you for cheap (and get rid of the old too, if they're still in good condition.)

- How much do you spend on socialising? A night out with friends can be really expensive. I'm not suggesting you should become a hermit, but if you're out on the town a lot, think about whether you wouldn't mind cutting back a little. Or drink less alcohol and more soft drinks.

I don't drink, smoke, or eat meat. I have next to no social life and I hate clothes shopping and prefer to wear comfy old clothes that I'm used to. Now that I've gotten the junk food under control, my only vice is swearing and that's free. As a result, I've been saving at least 2/3 of my salary most months - admittedly with Northern prices but also on a Northern salary.

lisyloo

GenRent90 wrote: »

I work in the fashion industry, so few options outside of London.

I have a long term bf, who also lives in London. So not the easiest to up sticks.

So do you realistically expect to be earning a lot more in the short/medium term or is this it?
If this is what it's like then you need to have a long hard think about whether it's worth working in fashion.


Does bfs job have propspect?
Does the relationship have prospects?


If so it may be a case of playing the waiting game.


Could you look at better accomodation in the meantime?


If you are serious about budgetting then put up a statement of affairs i.e. list everything you spend but expect honest comments.


Any reason you can't move in with (or even marry) the bf?

GenRent90

lisyloo wrote: »

So do you realistically expect to be earning a lot more in the short/medium term or is this it?
If this is what it's like then you need to have a long hard think about whether it's worth working in fashion.


Does bfs job have propspect?
Does the relationship have prospects?


If so it may be a case of playing the waiting game.


Could you look at better accomodation in the meantime?


If you are serious about budgetting then put up a statement of affairs i.e. list everything you spend but expect honest comments.


Any reason you can't move in with (or even marry) the bf?

He works in advertising, in a senior role.

Marriage feels a little extreme (and too soon) at this point if I'm honest

Budget:
Rent - £670/m (4 bed houseshare)
Groceries - £100/m
Socialising - £100-150/m
Transport - £60/m
Utilities (gas/elec/internet) - £80/m
Clothing - £25/m (averaged)
Phone bill - £18/m
Subscriptions - £15/m

Rosemary7391

How much do you save per month and how much do you earn? Does that tally with what you've put here?


And what is your target deposit amount?

Slithery

Spend less, earn more.

Cakeguts

Aren't there any jobs in fashion in other parts of the country?


I would also suggest moving to the Manchester area.

spadoosh

GenRent90 wrote: »

I work in the fashion industry, so few options outside of London.

I have a long term bf, who also lives in London. So not the easiest to up sticks.

I think you need to accept that property ownership in your situation is something that will take time and effort then.

Id start by realising the idea of property ownership is less important to you than your job and relationships. As such i would focus more on the benefits of those things than the drawbacks of not owning a property whilst maintaining a clear plan to achieve your aim long term. The fact is you could probably own property very easily, the issue is your priorities arent there. There no problem with that, being aware of that though should help prevent the feeling of exasperation.

lisyloo

Agree with the post above.
You could economise a bit on the budget but not enough to buy property in London.
If you want to work in a London centric profession in the most expensive city in the UK and want to be near the bf then property owning is going to be out of your reach for time being, until something changes significantly (like moving in with the bf or a big career break).


Unfortunately London and property owning is not compatible with low/medium earnings for a singleton.


We rent a bolt-hole in London but that is justified mainly by a six-figure salary but also being a couple i.e. having two salaries for one set of outgoings.

ReadingTim

Adjust income, expenditure, and expectations.