The 'We're saving for a deposit' thread

Simon11

I've currently got 84% of my target of £30,000 plus £2,000 for fees I'm hoping to start looking in about 16 months once I complete my last year of uni and have been in a job for a couple of months

However i also wish to go on a few months gap year style holiday and maybe have my eye lazered. I should easily reach my target, but need to get more than this to pay for my things above:) Wish me good luck

Austen23

Hi Everyone

New to the forum and new to the site! Great to see so much support from people on the forum. I'm saving for a deposit for a flat but as I'm planning to live in London I'm going to need quite a few years to get there. I am 22. I am very fortunate at the moment as my parents house has a spare flat at the top where I live with a friend. Due to incredibly kind parents I live rent free as I am trying to save so I can get out from under their feet or in my case above their heads! I have two part-time jobs but as they are in the theatre it is a very small wage. At the moment I have:

ISA Saver- £7,113.17
ISA Investor- £1,896.15
Other savings- £990.94
Total- £10,000.26

Most of that is Child bonds that I cashed in when they matured. I currently put £300 a month into the ISA Investor. This will hopefully be able to go up at some point when I get a better paid job or I will have to become a little more economical with the little salary I do have. It is also not performing very well at the moment so I have mild hopes that as we start to come out of the recession it will begin to make a small profit.

My aim is to get a deposit of £55,000 as if I am saving for so long I want to be able to get a semi-decent mortage rate. At my current rate of saving that's 12 and 1/2 years making me 35. I know that this is the average age for 1st time buyers in London these days but I don't think my parents kindness will last that long and I don't want to waste too much money on London rent rates. Hopefully by that point I will have found someone to buy this flat with but I don't believe in depending on that!

So my optimistic (but hopefully achievable) aim is to raise the additional £45,000 bymy 30th birthday in 2017.
That is an average of £530 per month

These are all pie in the sky figures at the moment as of course it depends when I manage to get a more secure job. It's good thogh to keep an eye on it and aim now rather than have a panic while in my late 20s.

Good luck to everyone who is saving and well done to all those who have achieved their goal and have found their perfect house/flat, it's really encouraging to hear!

weehev

Hi all,

I joined this thread a while ago but not been on in ages, a few months back we found our dream home, unfortunately its more than we were wanting to spend therefore we have increased the target and the time frame for saving! prob be about 3 years before we can afford to move, hopefully one of those dream houses will be on the market when we can afford it!

its great seeing how well everyone is doing!!!

xx

sugarpants_2

Just wondering what are all your living statuses whilst saving? You all seem to be saving soo much per month. We can only put £400 a mth in our Nationwide Savings Account. :mad:

We are renting a 3 bed house which costs 875pcm :mad:

Raggs_2

Not exactly an easy comparison, but, we live on a kibbutz (in Israel), OH is a member, she works full time, gets monthly stipend of about 400 pounds (depending on exchange rates). However, gas is free, laundry is free, accommodation is free, she pays for electricity, food and travel. I pay about 150 pounds a month to the kibbutz, this gives me my share of the flat, and access to these services. It seems cheap, but we're in a tiny (1 bedroom, lounge/kitchen, plus shower/wc) apartment. We also have a dog and cat. I earn about 15-18k a year (again, exchange rates). We try to save about 600 a month, but don't watch every shekel we spend, we just generally live cheaply. Recently we had a big spend on clothing, clippers for the dog (professional ones, for cows) and one or two other things, but apart from that hiccup, are still on track. Life is cheaper here (not a huge amount), but we still aren't at all extravengant in spending.

weehev

im in a bought house, outstanding mortgage of about £88,000 which costs £567 a month.

we're only saving about £200 a month after all bills etc are paid - so will be a wee while before deposit is saved!

however changing our cars, budgeting better and no more holidays should boost the savings a bit

xx

Raggs_2

When you say bought house, you mean it's yours? If so surely you have some equity as well? Plus, if possible, you might be better off using the 200 to overpay the mortgage.

ljaneyr

Hey, I haven't posted in here for a long while as my savings haven't moved in a long while! Anyway I have now paid off my student OD and can start saving again woo! Also my OH has saved his first £1000! His first ever savings, I'm so proud of him! He put it in my bank so he can't spend them :rotfl:

Well done to everyone else, you are all doing so well!

ljaneyr

sugarpants wrote: »

Just wondering what are all your living statuses whilst saving? You all seem to be saving soo much per month. We can only put £400 a mth in our Nationwide Savings Account. :mad:

We are renting a 3 bed house which costs 875pcm :mad:

We have been living with parents since last september. Currently with our own parents but I am moving in with my OH's parents in the next couple of weeks as am literally going mad living with my own!

It is far from an ideal situation and my OH has debts to pay off, while I don't earn a lot so saving is very very slow. However, I will save petrol living there and also get a pay rise in september so hopefully can speed things up a bit.

Don't worry too much, it is very frustrating saving slowly but there are lots of other people in similar situations

Squish_21

Currently living in a mortgaged flat which is up for sale, as we've reached our savings goal and are ready to buy.
Flat isnt shifting but savings are still creeping up!