The 'We're saving for a deposit' thread

Louba

Well done mbga9pgf - that's amazing!
We're at...........£36,600 this month with £26400 to find by March :eek:
We should be able to save a further £9400 by the start of March and will need to realse about £16 - 17k from a buy to let property. Have listed heaps of stuff on Amazon this afternoon - I guess every little helps!!

pop_gun

Palema wrote: »

Payday update!

Another £432.50 added to the house fund :j:j
Have hit my £5K Christmas target so am very happy. :T

I'm also looking to save for a deposit by myself. and just like you i had car troubles (mine broke down TWICE on the M25). in the end i scrapped it. i save £200 more from not having it. it's encouraging to see another person in my position. I only have £2500 saved. my target is £50,000, which i calculated will take me between 6 - 7 years to save on my present wage. glad u hit your first target.

[Deleted User]

I added another £17.50 from babysitting today, I have made my mind up to use the funds or at least some of it towards a new car, but will continue saving for the house. I wil reduce the amount when I buy my car in a few months time.

pop_gun wrote: »

I'm also looking to save for a deposit by myself. and just like you i had car troubles (mine broke down TWICE on the M25). in the end i scrapped it. i save £200 more from not having it. it's encouraging to see another person in my position. I only have £2500 saved. my target is £50,000, which i calculated will take me between 6 - 7 years to save on my present wage. glad u hit your first target.

Hi pop_gun
Glad I'm not the only one saving on my own and having to get a new car!!
Good luck with your savings
X

pop_gun

mbga9pgf wrote: »

rocket, dont worry! despite what commentators are saying, I reckon it will take a long while for House prices to start going back up! So keep saving! every month of savings are like 2 months less for a mortgage (dsepending on the size of your mortgage of course).

late 2011 will be the bottom of the market, another 15%ish to go off the price of a home. I personally am waiting till the indicies hit 125k average house price before I buy.

indicies at 125k means interest rates would have to creep up to 8 or 9%.
i can't see the bank of england doing it especially if the federal reserve in america isn't. this is regardless of whether we have a conservative government in 2010 or not.

mbga9pgf

Ivana_B_Rich wrote: »

Nice work :T:T:T

Cheers guys! Its not been easy, but keep slaving away, it is worth it in the end! Not wanting to sound like a hoorah, with such a big stash, but when you are keeping warm under a duvet in the living room with a hot water bottle for warmth (plus the missus) it really does feel like an achivement! Dont let those consumerist urges get to you! Get into the mindset that you need to store your wealth, not use it, it actually gets quite fun!!! Plus, with what I have put the wife through, I know she really loves me!

mbga9pgf

pop_gun wrote: »

indicies at 125k means interest rates would have to creep up to 8 or 9%.
i can't see the bank of england doing it especially if the federal reserve in america isn't. this is regardless of whether we have a conservative government in 2010 or not.

Pop gun, @rse! Look at what happened in Japan! Their prices fell and rates were at 0% for a decade!! Rates dont need to go up for falls! You just need lots of unemployment and rocketting tax! Sound familiar? If it doesnt, read a broadsheet. Coming to a UK street close to you soon past the 2010 elections!

The bond market sets LIBOR, not the Bank of england, or didnt you know that?

Dinah93

Certainly in the north east prices are continuing to plummet as employment here just keeps on rising. That said we're looking to buy anyway, as we get married in 9 months and can't keep living with my parents!

pop_gun

mbga9pgf wrote: »

Pop gun, @rse! Look at what happened in Japan! Their prices fell and rates were at 0% for a decade!! Rates dont need to go up for falls! You just need lots of unemployment and rocketting tax! Sound familiar? If it doesnt, read a broadsheet. Coming to a UK street close to you soon past the 2010 elections!

The bond market sets LIBOR, not the Bank of england, or didnt you know that?

the labour government gave the bank of england the power to adjust the base rate. the bond market is easily manipulated by foreign and domestic banks, domestic banks are in the grip of the BOE. remember the BOE prints all the pounds in circulation. unemployment and repossessions are at record levels yet house prices haven't fallen significantly. the government's even introduced a law stating repossessions can only take place after the home owner can be shown to have defaulted, continuously for 2 years. most of the repossessions we've seen are from the sub prime market, not the prime.
i ovbiously hope you're right, but all the evidence points to the housing bubble being artificially maintained.

bozbear

Hi All

I have decided it is time that me and hubbie start savng for a deposit next year... I think that if we pay £1300 into our bill account, withdraw £100 - £150 each for petrol spends etc we can achieve the following savings targets:

Jan/ Feb/ March / April - £750 per month (total £3000)
May / June - £1100 per month (Car Hp Finishes april) Total £2200
July / August / September/ October/ November/ December £1500 per month (I go back to work) £9000 total

Total 2010 savings target = £15,700

I have put conservative estimates I think but then on the other hand I have allowed us both £150 spending money per week. But then I wonder if it is possible to save £15000 cause seems alot! Our income expenditure is as follows:

Income per month - £3400 (sometimes more)
Bill Account Expenditure (All except food) £1300 (including £350 HP that completes April)

Excess - £2100

Less £1200 Spends maximum = £900 savings (minimum per month)

does this look realistic?

Lucy

purplevamp

:hello: Hi bozbear - welcome to the thread.

I think £15,000 is an achievable figure. We're managing to save roughly £1,000 each month on my p/t wages and some tax credit. I sell some things on Amazon and ebay, and do surveys and free bingo which does help a great deal. But as my DS1 is (hopefully) going to uni next year, our money will be going down, and his dad won't be giving me anything for maintenance anymore so our monthly savings will probably go down a lot.

That said, we don't starve or walk around in threadbare clothes, and the children are always doing extra curricular activities, which cost, but we just have a sensible budget plan.

Oops, sorry this post has turned out to be about me and all I wanted to say was welcome and good luck :A