The 'We're saving for a deposit' thread

ManPants

smartcat04 wrote: »

Stu,
As a fellow nurse can I just say I agree completley with what you say about the tax. I realised a long while ago that if I worked anymore than about 4 extras in a month,the amount taken off in tax would mean that I might as well have not worked them. Yes,my tax code is correct as well. Sure its not exclusive to nursing but it is very disheartening when you are trying to save up.

Thank you Judith!

What beggars belief this month is that somehow I ended up working 95.5 hours overtime!! That should have been a nice wallop onto my savings account but will no doubt go down very well with the tax mans account instead!!

As you said, I think that I really should just reduce my overtime shifts to 4 a month and have a better quality of life instead of furnishing the treasury with my drive to earn extra money!!

Maybe I could back to flogging old tat on ebay like I did when I was a student nurse 5 years ago..................best sale ever was a kilt I bought in a charity shop for £1 and sold for £75 - watch out for them!!!

Stupotstu

Welshwoofs

stupotstu wrote: »

What beggars belief this month is that somehow I ended up working 95.5 hours overtime!! That should have been a nice wallop onto my savings account but will no doubt go down very well with the tax mans account instead!!

...think yourself lucky that you work in an area where you get paid for overtime. I work in online media and regularly work 7 days a week with nothing on top of my salary :rolleyes:

ZoeGirl_3

Man, I am just having one of those days

You know the one where you think *&&**(&*(&$%*(&%$*(& this idea, all this saving money is HARD work and STUPID :mad:

I mean there is so much stress out there and I am bringing more on myself trying to do this ...

And I am doing so well, am going to make my end of year goal easily, so I don't know what the problem is.

Its just after 9pm here and after I have finished sorting out my auctions, I am going to go to sleep and hope I wake up in a better frame of mind...

^!£$&

Hey everyone I have found this thread really inspiring so would like to join the party!
I Am currently doing my Post Grad Cert at Uni and living at home but am trying to squirrel away as much of my bursary as possible each month!

Currently have £8800 in my isa and am saving each month should be up to £10,000 by dec!

ManPants

Welshwoofs wrote: »

...think yourself lucky that you work in an area where you get paid for overtime. I work in online media and regularly work 7 days a week with nothing on top of my salary :rolleyes:

Suppose it depends on how much you get to start with but................OMG!

Point taken..............perhaps I shouldn't moan too much!:silenced:

lily76

It's so nice to have such an encouraging thread:A.

I don't have a habit of saving, and do not even know my own bank account numbers when HR people asked for salary transfer--well, there is someone you call him darling or honey.....

Saving for me has been just leaving what has been left over after a whole month's spending in the account. Therefore, with a very modest salary for both me and my DH, we could only save around 10K so far after 3 years which now has decreased to 8000 due to a trip to Italy in July--expensive country where a meal costs you 70EUROS at least for two but meals are very nice though--and you don't find supermarkets around. From now on, I AM SAVING!!!!! Forget about furla, forget about mulberry, forget about even top shop!!!!Well, still want to go to swizerland to have spa before christmas.

The take home pay for us is around 2100/month, and my DH got several K bonus but sometimes they have two bonuses, before XMAS and at the end of March. I work only 20 hours a week--too lazy as we do not have any kid. so my first step is to find a full time JOB and then try to squeeze 800 into saving account each month, is it realistic as I noticed many people here earn quiet high salary? Now we can save naturally around 250 a month. THE rent is 370/month, and we don't own a car. I spend 80/month on train ticket. DH 40 on bus. food is around 500/month. I do not know what other spendings have gone to. Just so hard to save. Need encouragement;)

neverdespairgirl

Hope you woke up in a better mood, Zoe!

ray123

Every £1 saved is actually worth more than £2 (depending on your mortgate rate)!!!!
There is also the LTV which would affect the interest rate of your mortgage and also the number of mortgages available to choose from...

For example - you want a £200k property - you have a 10% deposit - loan required 180k (ltv 90%) - total amount re-paid is £371486.
Total interest paid is £191486.

For a 200k property - you have a 25% deposit - loan required 150k (ltv75%) - total amount re-paid is £302840.
Total interest paid is £152840.

By increasing the initial deposit from 20k to 50k, you would actually save £38600 over 25 years...

This is only an example and should not be taken to be 100% accurate....

MrDT

Wow a fair bit of depressed posts on this thread the past few days... Time to break the habit

I had a few quid extra sat in my current account at the end of last month, so that was shovelled into my house savings. I'm now sat at 116% of my 2008 target I'm hoping to triple my savings before I buy, and that's gonna take a while, but it's no biggie, I got all the time in the world!

The way things are with the economy at the moment I'm just so glad I haven't got a mortgage. The financial world is going mad (or should I say the effects of the past mad few years are manifesting?), and I'm just grateful to be in a fairly good/flexible position, working, renting, saving, just where I want to be thankyouverymuch!

Hopefully when I eventually buy with a large deposit and a small mortgage I won't have to worry too much about economic apocalypse lol!

Hope everyone's doing well, and you're not all miserable!!!

Bone_Idle

MrDT wrote: »

The way things are with the economy at the moment I'm just so glad I haven't got a mortgage. The financial world is going mad (or should I say the effects of the past mad few years are manifesting?), and I'm just grateful to be in a fairly good/flexible position, working, renting, saving, just where I want to be thankyouverymuch!

Hopefully when I eventually buy with a large deposit and a small mortgage I won't have to worry too much about economic apocalypse lol!Hope everyone's doing well, and you're not all miserable!!!

Some of our fund is stashed with Kaupthing Edge :eek: but it appears to have been bought by ING Direct so I think it's ok. Bit nerve-wracking though...