The 'We're saving for a deposit' thread

Simon11

I'd say wait abit longer!

If you move to the 2nd rung of the ladder, you save the time, hassle of selling old house, costs of moving and stamp duty(Your only a FTB once!)

I'm holding on for another 2 yrs to buy my idea flat, in a great area and large flat! Then I can stay there for a good few years!

quintwins

i would also wait abit longer as where ever you move to you could be there for years and you need to acually like your house and it to be what you acually want


i'm feeling very positive i've just shifted some money around in my accounts and popped £300 in my savings, considering i'm buying heating oil aswell this week and my elec bill is due next week i think thats good, i've left £200 in my current account aswell which i might slowly move over in the next 2 weeks or so, ok so i only have £300 in the pot but thats better than it being empty

J_i_m

Payday update!

£550 this month, I might put away another £50 before next pay day, depending on how well behaved I am this month.

Own_Feet

£759 in the deposit fund for me this month. Hope to increase this next month because I'll have reached my target on my car fund (currently running an elderly car, which is fine by me, but it'll need replacing eventually so I've been budgeting for this). :T

Own_Feet

findingmyownway wrote: »

Hi everyone, your thread is very inspiring.

I was wondering though, how much of your disposable income do you save each month? I have been saving approx 2/3rds of mine, but am wondering if it should be more?

I came across something called 'the 60% solution' recently, where you aim to take all of your "committed expenses" (as they put it) out of 60% of your gross income. The remaining 40% is divided, in their system, between retirement planning, long-term saving, short-term expenses and fun money. I don't follow these four categories - have come up with my own -, but the concept appeals to me. It's also the idea of paying yourself first: when your salary hits your bank account, you pay a proportion of it straight back out again to short-term savings, long-term savings, etc.

BrettMorganxD

Hey guys, just a little update from me.

Got all stuff back like CRB and referecnes for one of my two jobs and have now started working .

When my other "main" job comes in I thinkI am going to change my bank details and have the agency put all second income in my savings.

Do savings account accept direct payment

nat21luv

Having a bad week financially.

The car failed its MOT at a council test garage (£55) and to fix the problems will be £60 and then a re-test which will be between £3-£22. On top of that tax is due on the 1st October (£118 for 6 months) and theres a possibility I will be without a car for a few days, something that fills me with terror as I need the car for work/school runs/meetings.

Gulp.

Yorkielass

Own_Feet wrote: »

I came across something called 'the 60% solution' recently, where you aim to take all of your "committed expenses" (as they put it) out of 60% of your gross income. The remaining 40% is divided, in their system, between retirement planning, long-term saving, short-term expenses and fun money. I don't follow these four categories - have come up with my own -, but the concept appeals to me. It's also the idea of paying yourself first: when your salary hits your bank account, you pay a proportion of it straight back out again to short-term savings, long-term savings, etc.

I couldn't tell you our percentages at present as I don't know them but we do the paying yourself first thing, both with money into our ISAs and into holiday, annual spends (car, insurance etc) accounts. Then most of the direct debits have come out by the 8th of the month and at the end of the month what is left in the bank account goes into our emergencies and projects account. That works for us.

bodmil

Pay day, woo! £64,650 currently but I'm moving out of Mum's this weekend so a huge change financially for me! From now on it's rent and bills and taxes but hopefully I can manage to save £750 a month. Not looking forward to paying the first month, plus deposit, plus a new bed, new furniture and other bits and bobs all in one go. It's a bit of a debate whether I buy decent stuff now to start collecting for a house or cheap crap to make do to be replaced later. Either way the total is on the way down!

Keep plodding on all, it'll be worth it in the end and just think, the more we wait the more we save in our accounts and the more we save in house prices falling anyway! :T

quintwins

bodmil wrote: »

Pay day, woo! £64,650 currently but I'm moving out of Mum's this weekend so a huge change financially for me! From now on it's rent and bills and taxes but hopefully I can manage to save £750 a month. Not looking forward to paying the first month, plus deposit, plus a new bed, new furniture and other bits and bobs all in one go. It's a bit of a debate whether I buy decent stuff now to start collecting for a house or cheap crap to make do to be replaced later. Either way the total is on the way down!

Keep plodding on all, it'll be worth it in the end and just think, the more we wait the more we save in our accounts and the more we save in house prices falling anyway! :T

i completely recommend buying good stuff now, when i lived on my own and when we were first married we couldn't afford decent stuff, when we moved to this house our kids furniture collapsed, we we bought from ebay and it was horrible reaoly badly put together, feel apart in the trailer and just not good at all, now we save and buy decent stuff the furniture they have now will do them til they leave home (there 5 we made a point of not buying babyish stuff) so will be well worth it

also don't always assume that new and expensive is the best older stuff tends to have fab build quality so i would be looking around for good 2nd hand stuff just make sure you see it first