The 'We're saving for a deposit' thread

Squish_21

Hostie1985 - Good on ya, You've nearly hit your sig Target!

namratasnv

This thread is too good no doubt about money saving and for me, this it is worth to going through all the threads that are based on saving money and moving to new house. Worth to know.

Thanks

Squish_21

112% now saved. The extra will probably get used on the price drop we will need to take on the flat to get it to sell.

Vixstar

No addition for me this month courtesy of a new carpet and a largish credit card bill. Was tempted to put August's left over cash into savings and adversely hit September's leftovers but I won't.

LittleMissAspie

JimLad wrote: »

i was wondering if anyone here rents and has found it to totally diminish their saving ability?

Hi JimLad, I see you've now found somewhere to rent but just wanted to say that my boyfriend and I saved our deposit while renting. We started off in a 2-bed flat but decided to downsize so we could save more for a deposit so we moved to a 1-bed house which was about £80 a month cheaper.

The smaller your place the less the bills too - we've been paying £42 a month for gas and elec combined and our account is in a lot of credit. We have been very frugal these past few years, just paying the basic bills. We barely use our PAYG mobiles, have no TV, cycle to work (so no travel costs whatsoever, which is a big saving) and we don't spend time in pubs or other expensive places. ALWAYS use an offer to go out, like Orange Wednesdays or Tesco vouchers for meals.

We saved £40k in about 3 years and complete on our house next week

slowlyfading

LittleMissAspie - wow, that's a great amount saved in a short time! thanks for posting that!

fairmorn308

hi guys, Am new to this section and thought i would join

I am currently started to save and hoping to have around 18k by feb 2011 to buy a house

hostie1985

Welcome to the thread Fairmorn!

Just a little update from me - i've now saved £20,062.66 and have beaten my target - think I might go to £25,000 - starting to look on some property websites - but nothing that really around.

Hostie

xx

serious_saver

I've been on this forum a while so I'm not sure how I missed this thread!

We did the whole moving back with the parents thing a couple of years ago. It's pretty depressing so we've reached the point where we are going to have to rent for a little while (six months-ish we hope).

We actually hit our original target a while ago when we were on lower pay but as I can't get a mortgage we decided to just keep saving and make the deposit bigger and bank seem to be asking for more anyway. We got into the habit of spending very little and living off a tight budget and now it seems strange to spend money on anything! This month I was able to put £1000 in my deposit fund!!!! Although that's pretty unusual and probably won't happen again for a looooong time. It also helps that our social lives have vanished because of some big projects in work and the very long working hours/over time that go with them.

After nearly 2 years of being freelance I'm going to be made a permenant staff member by my current employer in January (the paperwork is all in but it take a REALLY long time to process) and I can't wait to be in a position to finally apply for a mortgage. We're getting so excited about it that we've actually started enjoying the saving!!!

jodami84

Afternoon all. What a great thread this is and, whilst I havn't read them all, it seems people are doing really well. Keep up the good work.

As for me, my partner and I have been saving properly for just over a year now, I have been in full-time employment for a couple of years but she has only been out of uni a year and we have only had 12 months of both incomes to work with. As we are still staying at her parents we are in an excellent position to work towards a deposit.

As it stands we have

Halifax Isa 3000
Abbey Isa 3700
Icici fixed rate savers 2000
Abbey first-time savers 1800 (300 per month max standing order)
3250 in Halifax joint savers account (may look to move this asap)

we are looking to get around 23/24000 before taking the plunge and are hoping to save at least 1000 per month over the next year or so. Even allowing for Xmas and other hinderances, we shouldn't be hard pressed to do so.