The 'We're saving for a deposit' thread

ferox666

hostie1985 wrote: »

Ferox - £8K is still really good! i'm going to be 25 this year as well and i have been saving for just over a year. i still have 9 months left of my car finance to pay off yet :eek: i dont want to use my savings as i wont be saving much.

I have always tried to save a little bit since I started working just over six years ago but probably only really became serious 3 years ago. Since then I have bought a car (also on partly on finance) which has now cleared. I now try to save £300 - £500 a month (looking for new job which may allow me to increase this). Along with the £8k in savings I have about £1,400 in stocks&shares ISA (investment funds) and £200 premium bonds but don't include these as savings because I don't plan to touch them unless there was an emergency!

I need to buy a new PC soon which will be costing approx £600 and car insurance renewal next month will be another £500 - but I have budgted for these so that after a month or so I should be back up to the £8k mark.

Most people I know have no savings or are actually in debt so do feel "rich" compared to them but...a lot of you guys on these forums are doing so much better, so need to really work hard to boost the savings. Ideally before moving out I'd want £13k (15% deposit on £88k* flat but may go for 10% deposit if this unachievable), £3k for furniture etc and £3-4k emergency fund!

P.S. Well done on reaching your 15k target!!

*I'm in Scotland so this will get me a decent city flat to start with

Squish_21

ferox666 wrote: »

I
Most people I know have no savings or are actually in debt so do feel "rich" compared to them but...a lot of you guys on these forums are doing so much better, so need to really work hard to boost the savings. Ideally before moving out I'd want £13k (15% deposit on £88k* flat but may go for 10% deposit if this unachievable), £3k for furniture etc and £3-4k emergency fund!

Ive factored in a few thousand emergency fund too for when I buy a bigger house. Wouldnt feel safe without it whereas my Bf has only factored in £1k emergency fund so far. His job is very safe though.

dippykitty

Mine is split between an ISA (which I'm in the process of transferring to get a better rate) which has £4k or so in it and the remaining £5k is tied up in a savings bond.

Alizarin

Yay! Today I have reached 10% of my savings target! :j

dippykitty

Alizarin wrote: »

Yay! Today I have reached 10% of my savings target! :j

Congrats! What are you setting the next target as?

Alizarin

dippykitty wrote: »

Congrats! What are you setting the next target as?

Next target is 20% (£6000) - I'll give myself until May 2011 to save this, although Feb 2011 would be better - I'll try my best!

rictus123

ferox666 wrote: »

I have always tried to save a little bit since I started working just over six years ago but probably only really became serious 3 years ago. Since then I have bought a car (also on partly on finance) which has now cleared. I now try to save £300 - £500 a month (looking for new job which may allow me to increase this). Along with the £8k in savings I have about £1,400 in stocks&shares ISA (investment funds) and £200 premium bonds but don't include these as savings because I don't plan to touch them unless there was an emergency!

I need to buy a new PC soon which will be costing approx £600 and car insurance renewal next month will be another £500 - but I have budgted for these so that after a month or so I should be back up to the £8k mark.

Most people I know have no savings or are actually in debt so do feel "rich" compared to them but...a lot of you guys on these forums are doing so much better, so need to really work hard to boost the savings. Ideally before moving out I'd want £13k (15% deposit on £88k* flat but may go for 10% deposit if this unachievable), £3k for furniture etc and £3-4k emergency fund!

P.S. Well done on reaching your 15k target!!

*I'm in Scotland so this will get me a decent city flat to start with

Where about in Scotland? I think im going to go for £7.5k(gf will match it) for a £15k or so deposit..then personally id like at least 7.5k emergency fund - thats just mine, not the gfs then on top of that id think at least £1500 for furniture etc...only things we will have we own now is 2 double beds, a couple of wardrobes and cupboards etc...not much else! My laptop....And really thats it lol. We would need most things. So thats £16.5k there for my share....only £9k will be used to move in though.

wilksy007

wilksy007 wrote: »

The new target is £47k by my 30th Birthday in March next year :eek:

We've made our target now, we have just over £48.5k at the moment.

Started viewings, but there doesn't seem to be alot about.

We're gonna keep saving until we find something, so the next target is either buy a house or have £55k by 1st May.

rictus123

Well theres an area i want to stay in..like 2 streets 5 miles from here. Just found a house online on 1 of them, ideal place for £152k...so i think il need alot more than £16.5k. More like double that.

scottandjen_2

Helloooooo,

Are we too late to join.

Were currently renting and have decided to move back with the parents so we can save. We are looking to put away £1300 a month.

Just wondering what you guys have done in regards to opening accounts? Who have you chosen?

I have been looking at the Satander account but it will only allow you to pay a maximum of £300.00 a month...........

Any information would be great.