The 'We're saving for a deposit' thread

JimLad

Right then i think its time to tighten the belt a bit and accelerate the saving whilst i can.

Think im going to be moving in with my girlfriend this time next year, prolly renting for a year ish to begin with just to be sure of living with each other. I should still be able to save, just not as much at the moment as im living with the folks.

Ive had a good look at my outgoings and i think i have listed all the regular monthly outgoings here...

Rent 150
Fuel 130
Friday Pub Lunch 20
Lotto 4

So thats 304 guranteed every month. I know i could cut out lotto and the pub lunch on fridays. But everyone at work goes and it would be sad to take a packed lunch with me!

Now i know that there are other outgoings throughout the year. Birthdays, car maintenance, xmas etc, so i will factor in £100 a month for that lot. That takes me to 404 a month.

My take home pay after my pension and student loan is £1450.

Is it really possible to save £1000 a month?

u01jet4

JimLad,

Phonebill, gym, food, lunches, coffees, magazines, other nights out, clothes? NOne of these things to add to the list?

tara747

£20 for a pub lunch??? Ye gods! Any chance you could ask them to change to somewhere cheaper and then you can still go?

Alizarin

Sigh ... I knew it was a bad idea to look on Rightmove. I've found the ideal house which I would be looking to buy in about 5 years if I've saved up my £30k deposit by then. Ah well, maybe it'll be back on the market by then! (http://www.vebra.com/property/14746/19792086)

Just out of interest, what is everyone's budget for the property they are saving up for? I'll be a FTB and aiming for under £130k if I can. But I'd imagine we are all aiming for differently priced properties due to location, buying with partners etc?

hostie1985

alizarin - i always look at rightmove, i always find something i like, but know that i can not afford it yet, need to keep saving for a while yet. i'm buying on my own and i live in the south east. for a decent 1 bed flat, im looking at £115k-125k :eek:

I need to save another 10k (at least) ..... maybe next year - or if i find a millionaire in the mean time..... lol.

hostie

xx

u01jet4

I'm hoping to buy with my boyfriend not far from centre of Edinburgh. Hoping that we might be able to get enough of a deposit together for a place up to £170,000 but I have seen a gorgeous place at £140,000! But just like Alizarin I'm hoping maybe it'll be back on the market again by the time I can afford it!! Might go and view it anyway though, even though I'll just get my hopes up that noone else wants it for the next year or two!:o

JimLad

tara747 wrote: »

£20 for a pub lunch??? Ye gods! Any chance you could ask them to change to somewhere cheaper and then you can still go?

Thats £20 for a month, its £5 a week

u01jet4 wrote: »

JimLad,

Phonebill, gym, food, lunches, coffees, magazines, other nights out, clothes? NOne of these things to add to the list?

Phone! Thats one i didnt think of. So thats an extra £30 per month taking me to £434.

I dont have to pay for my lunches 4 days a week as i live with my mum and pinch her bread for sandwiches

The rest of those things can go in with my £100 a month of spending money i have already accounted for.

I really think it might be possible to save around 1000 per month!

rictus123

Jim lad. Council tax? Car insurance? I think you will be able to save alot but not a regular £1000 a month. Maybe if you up your income a bit with overtime etc. Its weird how in the summer after my payrise il be on a simular income to you yet i dont think its a good enough salary to move out on? Is it possible for 2 people to rent,live and get by fine and healthy on £1k a month?

Vixstar

I'm looking at 2 bed + flats between £120000 and £175000 although I would like to keep towards the lower end, but I also want to buy something that will last me a while. My wage will allow me to buy but it all depends what kind of mortgage my deposit will allow me to have.

rictus123

Can i ask what sort of income you have? Deposit? If im getting a flat il be moving at least 5 miles from here. Gf stays 17 miles away, theres new build houses where she lives but think theyre pricey. I dont have a clue about mortgage repayments.