How did you save for you first home?

30andcounting

I saved up £7k and my wife was gifted £15k. We used that to put down £19K on a property worth £168K 5 years ago. Rest used on fees and some essentials. If we hadnt had help from parents we wouldn't of been homeowners at 25.

jbondo

Username3456 wrote: »

Two words...Matched Betting.

Made £50K in 3 years and was more than enough to buy my first house.

Risky as anything, specially if you don't have a clue what you're doing & don't have the funds to invest in the first place.

silverwhistle

I bought in the early 80s so it's difficult to relate to today's conditions. I am single and never had much drive at work so it took me a bit longer than many at that time. No mobile phones in those days, I didn't run a car but bought a cheap motorbike eventually (with the advantage of not needing expensive lessons), didn't have coffees or meals out, didn't spend more on clothes or getting my hair done than I had to (not important to me) and I lived in rented rooms or with parents as appropriate as I moved around a bit with my job.


I did have one vice: an annual skiing holiday, but my gear was budget and I'd book time off in low season and then get a last minute bargain.


When I did get a house it was a solid three bedroom ex-council terrace, and my furniture was hand me downs. These days with Freecycle and the like you can do even better. I had a B&W TV and when that broke down I didn't find the need to replace it as I've always found plenty to do.


Expectations are different these days but the secret is to know where your money is going and start from there.

Waterlily24

We bought our first home in 1968 hubby cashed in an insurance policy for our deposit. We weren't married then and lived with our parents. The house was a doer upper. 1930s semi which hadn't had anything done to it at all.

In those days you didn't need the certificates you need nowadays so a friend who was an electrician rewired it completely, hubby did everything else including plumbing and central heating, new windows and made me a beautiful fitted kitchen from scratch. In those days you couldn't buy a fitted kitchen from the likes of B & Q and Ikea.

When we came to sell it a few years later (job change for hubby) the estate agent said it should be given the Homes and Gardens accolade.

I've still got the estate agents blurb lol.

This was in North West Kent, borders of Surrey and London.

babyblade41

I gave up living for many years.. went without sleep and food on occasions , and kept moving every couple of years once on the ladder.

That was many years ago so different rules apply ..you'd be surprised how much you don't need when it's written down

GBNI

Lived in a caravan on in laws land!

TBagpuss

I lived in a shared house, in a not-very-nice part of town, and was very strict on my budget, so I could save.

In your case, that might include lookng into whether moving to somewhere outside Bath might make finacial sense - you may find that the redction in rent more than offsets the highr travel costs, leaving you m,ore spare for saving. Of course, it may also be less convenient so you have to consier what you want to prioritise.

Personal budgeting also helps - track what you are spending, and where you might be able t oreduce outgoings to boost savings.

Once you have an idea of your budget, set up a standing order to put money into your ISa or other savings as soon as you get paid, so it isn't in your bank account masquerading as money thats available to spend!

Takmon

jkility wrote: »

Risky as anything, specially if you don't have a clue what you're doing & don't have the funds to invest in the first place.

Matched betting isn't risky at all and anyone doing it can easily find alot of information online explaining it all. You can start with less than £100 if you needed too and I'm sure anyone working can get this amount pretty quick.

csgohan4

Takmon wrote: »

Matched betting isn't risky at all and anyone doing it can easily find alot of information online explaining it all. You can start with less than £100 if you needed too and I'm sure anyone working can get this amount pretty quick.

Some lenders do frown upon betting on bank statements,

kinger101

Takmon wrote: »

Matched betting isn't risky at all and anyone doing it can easily find alot of information online explaining it all. You can start with less than £100 if you needed too and I'm sure anyone working can get this amount pretty quick.

It is.

(a) You can make an error by not knowing rules of each bookie in intricate detail. E.g., bookies having different rules for tennis games abandoned part way though.

(b) A bookie can decide they don't like you any more, and cancel your bets.

(c) The bookie can go bust and not pay you.