The 'We're saving for a deposit' thread

rictus123

Well done SG27...thats a fantastic amount! Great effort! Im at £604.34...but its my first month and iv got another 2 years or so yet! Another 24 months at this rate is £14,500. Enough seeing as i only need half...

shrewsaver

Taken from my post in the "How Much Can You Save?" thread:

shrewsaver wrote: »

Update for year ending 2010:

Savings Challenge/ Deposit for House - £14,035.87/ £17,500 (end 2010) (2009 - £14,713.73 (98%))
Went down towards the end of the year as I had to use some of the money to pay some things off.
Premium Bonds: £3,000 by end 2010 (100%) (2009 Target £1,500 - 106% achieved)
Stayed at a standstill at 92% for most of the year but have just added £250 to it recently so have achieved my goal in this area.
Shares: £669.97 (Bought £1,485.43)
Not totally updated this one but there is a big difference as I have recently sold some shares and made a nice hefty profit on them.
SIPP: £1,592.11
This is the only area I have really paid quite a bit of money into and have continued to put money into it every month despite all the areas staying still.
S&S ISA: £3,572.42 (Bought £????)
Not done much in this area over the last 12 months although it is looking healthy.
Company Shares: £4,851.82 (Bought 6,970 shares)
These are shares that I have bought in the company I work for and am waiting for the price to rise quite a bit before I sell them, I am also waiting for dividends to start being paid again.

Total up to here is £24,722.19.

Other:
Sharesave: £16,163.44
This is a scheme I started with work middle of last year and am putting the full £250 p/m into it. Am hoping to come out with 23,220 shares so the total above is what it would be worth at the moment. This matures in 2013.
Sharesave: £2,2237.27
These are shares that come out my wages each month and my work contribute a sum to it to. I have about 3,214 shares in this scheme.
Other: £3,088
This is tied up until about 2017 so no access soon.

So including everything in my total would be £46,210.90 but it is very optimistic.

Sorry this is very long but I haven't posted an update for a while and I thought I better get 2010 out of the way.

Goals for 2011:

shrewsaver wrote: »

My Goals for 2011

Savings Challenge/ Deposit for House: £16,000 (£1,964.13 needed to achieve this, £163.68 p/m)
Premium Bonds: £3,500 (£500 needed to achieve this, can only put in a minimum of £50 p/m as regular savings so should get to £3,600)

I am going to look at opening another current account up to transfer the money to and then distribute it into the savings accounts.

Once the above is done I will change the details of my quidco account so the money goes directly into this account too.

Payday was on 20th Jan, anyway £268.68 has been transferred into my "savings" current account where £210 has already been distributed to various accounts. I am looking at where to put the rest of it. So my total stands at £14,245.87

Only £1,754.13 to go to hit my target!!!

However I have just received some passbooks back and my current total is even better than expected. I am now on £15,188.19.

Only £811.81 to go, so that means I would only need to save £73.80 for the next 11 months to hit target so it certainly looks like I am going to hit it this year. WOOHOO!

kacie

I'm hoping to have £3000 by the time I finish my current job in March, after that I'm not sure how much I will be able to save until I get a new job

dichremy

use my small change, DH doesn't. it really annoys me he puts in in a jar and lets it build up. But then, last week he paid in £288 pounds woth of change, so I'm softening a little. I still think my way is most MSE method though.

DanGTiT

Thought I would add our situation to this to hopefully inspire people to keep on saving. Myself and my girlfriend have now been saving like crazy for about two and a half years and are looking to have £32k between us by April this year. This should be enough for 15% as houses are cheap up North. When we started saving my girlfriend had two loans and a large credit card debt, which was paid off with a 0% credit card and some serious hard work repaying the debts. I also paid the other loan off early for her to save on the interest and she repaid me over time. She has also attempted to reclaim PPI from three loans from the past... One was successful, one was declined and we are still waiting to hear from the third. This is all on top of cutting down her phone bill, lift sharing with each other to work and many other cuts in our lifestyles.

So starting out with a debt of around £5k, she will have saved £11k by April and is completely debt free (other than small amount of car finance)! We have been together almost 7 years and had our lightbulb moment when we decided we wanted a house together, and immediately went to our bank and set up regular savings accounts and upgraded our ISA's to make the most of our money, and have been able to put quite a lot away each month since then. My girlfriend is a little star, I'm so proud of the work she has put in to this. Thankfully, I had no debt (other than student loan) so was able to save quite a lot earlier. Our credit ratings are now both excellent and we should be in a great position to buy when we find 'the one'. Anyway, enough rambling, basically it shows that it is possible to save a decent deposit with a lot of hard work and cutting back if you want it badly enough and hopefully it won't be long until we are living in our dream house together. Hopefully this will help people to continue saving, as we definitely have the saving bug now! Thanks to MSE for all of the hints and tips and you guys for the inspiration to keep saving when we just wanted to go and spend it all.

beckythemadcow

DanGTiT wrote: »

... hopefully it won't be long until we are living in our dream house together...

Yey!! Congrats! Your girlfriend must feel amazing too!

I think it's easier to save when you want something so badly, I wouldn't save half as much if it were just for "a rainy day!"

tara747

I have been eBaying like mad lately (see sig) so should be able to add a good chunk to savings this month... roll on the 31st!!! :beer:

Welcome to all the newbies

pupsicola

DanGTiT wrote: »

Thought I would add our situation to this to hopefully inspire people to keep on saving. Myself and my girlfriend have now been saving like crazy for about two and a half years and are looking to have £32k between us by April this year. This should be enough for 15% as houses are cheap up North. When we started saving my girlfriend had two loans and a large credit card debt, which was paid off with a 0% credit card and some serious hard work repaying the debts. I also paid the other loan off early for her to save on the interest and she repaid me over time. She has also attempted to reclaim PPI from three loans from the past... One was successful, one was declined and we are still waiting to hear from the third. This is all on top of cutting down her phone bill, lift sharing with each other to work and many other cuts in our lifestyles.

So starting out with a debt of around £5k, she will have saved £11k by April and is completely debt free (other than small amount of car finance)! We have been together almost 7 years and had our lightbulb moment when we decided we wanted a house together, and immediately went to our bank and set up regular savings accounts and upgraded our ISA's to make the most of our money, and have been able to put quite a lot away each month since then. My girlfriend is a little star, I'm so proud of the work she has put in to this. Thankfully, I had no debt (other than student loan) so was able to save quite a lot earlier. Our credit ratings are now both excellent and we should be in a great position to buy when we find 'the one'. Anyway, enough rambling, basically it shows that it is possible to save a decent deposit with a lot of hard work and cutting back if you want it badly enough and hopefully it won't be long until we are living in our dream house together. Hopefully this will help people to continue saving, as we definitely have the saving bug now! Thanks to MSE for all of the hints and tips and you guys for the inspiration to keep saving when we just wanted to go and spend it all.

Such an inspirational post. You remind me of when I started out years ago. Keep going, there is nothing like the buzz you get when you get the keys to your own place for the first time.

We bought our first place in '99. One of the main attractions, apart from being our ideal home, was the location and great transport links to London. It seemed well underpriced and we felt the value would rocket. By 2006 the house had more than doubled in price. We sold when houses were at there peak.

As we were moving to a new area due to work relocation we rented for a while. Didn't want to rush in and buy. Rented some cheap as chips place and during our tenancy term the market crashed. Result!!!! Finally bought a fab place nearly 2 years ago now and saved a fortune.

Dont be scared of buying somewhere that needs a bit of doing up. You can make alot of money at it. The first thing I look at is the land it sits on and the possibility to extend. Also catchment areas for good schools add loads of value.

Enjoy your house hunting when the time comes.

metaldud

Thought id add myself to the thread here.

Me and my girlfriend have been saving since late April 2010 and managed to so far save £12500, We both earn a low wage but my girlfriend if temp so cannot be considered for the mortgage, with me alone earning £16500 and the deposit it seems after speaking with a local broker we actually can get a mortgage for the kind of homes we are looking at (90000-100000) so this is to everyone that is worrying to prove that even though i earn very little i can still get a mortgage.

Sorry for the format i am rushing as im at work right now.

Babymerlin

hello!

my story. me and DH are in a 3 bed house now, we wanted to downsize and go to a different area, have had our house on the market since June 10....one offer yesterday at a silly price. since putting house on market, the houses have crashed and looks like we are not gonna get anymore (more likely less) than we paid for it, which means we do not have a deposit........so this is where i join.

due to this, we are now saving for a deposit (while paying a mortgage) and have worked out we are able to save £500 per month (thats really saving hard) and will take us 2 years to get a deposit (and EA fees, and stamp duty etc) - so as from 2 days ago we have started saving saving saving!!!!

Plus we are on our 6th IVF as we speak and at £5000 a go you can see where our money has gone. so fingers crossed that this one works for us as other wise it will be an extra year on to the deposit each time we have to got for IVF.:(:(

so save save save!!!! we have cut out going out, ALWAYS take our own sandwiches, have gone down to own brand food, we do not have sky never have as never could afford it, old cars. still lots we can do im sure.....any ideas?