The 'We're saving for a deposit' thread

quintwins

iwantahome the way i think of it is i'll be paying what it will cost me to buy/build a house in the next 18 years(including any interest) now i'm only 25 so it's like living rent free from i'm 50 and having a nice gift to leave to my kids, saying that i'll hopefull never belong on the mfw because we wanna build as we go and live on site

i hate the idea of not having a home when i'm older, my mum's landlord is selling her house so she has to move, she's 51, her marriage broke down earlier this year and she has debt and no money management skills, as soon as she has it she spends it she has resigned herself to the fact she will never be financially secure, i worry about her imagine how bad i would be if that was me

tara747

Guys - we ARE overpaying our future mortgages by saving now!

Payday update from me on Monday, whoooop! I love the end of the month tally-up. Hopefully it will be a good one...

MinniMe_2

hello all,

abck witha little update from our savings. - we are moving next month into a cheaper rental to help us save more and I am also getting ready to sell my car - very scary but will help the deposit masively!

We set an initial target of £10K and are now at 29.5%.

My car should get us £10K and we have a lump sum coming from the sale of some things so I am setting the new target at....£75K!!! we should get half way there by then end of the year if things come together but still a very long way to go!!

Jaybo10

Hi there all,

Thought I would finally get involved in this thread after being a serial lurker for the last couple of years...
I am 32 and at the second half of last year decided to finally sort my finances out in order to buy a house. I paid off a loan and overdraft before setting on the long road to house purchase.
Since January myself and my other half have saved £24k. We've done this by moving back home to our parents, and living off my other half's salary only - my total salary goes in to the saving pot.

It has been a massive change in lifestyle and money management for us (me more then the OH) and I have points where I get really frustrated, particularly when friends/ family are going out and we cannot afford to.. but then, when I look at my bank balance it does feel really good to know that what used to be a pipe dream can actually be a reality..

Thanks for all of you who have shared your journey's. Knowing there are other people in similar situations struggling to save enough to buy a house, and getting there, is really encouraging.

I think we have another year, possibly year and a half, to go. So deep breath, and bring on 2012!!!

purplevamp

Welcome to the thread Jaybo, glad to have another lurker come out of the shadows :rotfl:. Well done on saving that much in such a short space of time :T

quintwins

hi jaybo just think all those people who are spending money like it's going out of fashion could be in debt, or even just renting and throwing money away, where as if a few years time you'll acually be paying into your future, you've done very well with savings already hopefully you won't be savings too long and then you can start overpaying if you feel the need that is this site is addictive i didn't even know about overpaying before i started on here now i'm obsessed with all things mse lol

louby_lou

quintwins wrote: »

iwantahome the way i think of it is i'll be paying what it will cost me to buy/build a house in the next 18 years(including any interest) now i'm only 25 so it's like living rent free from i'm 50 and having a nice gift to leave to my kids, saying that i'll hopefull never belong on the mfw because we wanna build as we go and live on site

i hate the idea of not having a home when i'm older, my mum's landlord is selling her house so she has to move, she's 51, her marriage broke down earlier this year and she has debt and no money management skills, as soon as she has it she spends it she has resigned herself to the fact she will never be financially secure, i worry about her imagine how bad i would be if that was me

I'm with you there Quintwins. Just spent the weekend helping my parents sort out their documentation and finances for a move into another rented house. They have so much debt, have very little by way of financial knowledge, and no hope of being homeowners again. I really feel the burden of supporting them both emotionally and financially, while supporting my partner and myself. Id say money worries me more than anything else. It really is a tough time we live in.

quintwins

louby_lou wrote: »

I'm with you there Quintwins. Just spent the weekend helping my parents sort out their documentation and finances for a move into another rented house. They have so much debt, have very little by way of financial knowledge, and no hope of being homeowners again. I really feel the burden of supporting them both emotionally and financially, while supporting my partner and myself. Id say money worries me more than anything else. It really is a tough time we live in.

i know what you mean, however my mum has no intention of buying again, ok she's over 50 so not many brokers will want her and interest rates are likely to be higher but if she didn't feel she was better than a housing easte (where we grew up so it was ok for her back then) and stopped smoking (she managed this for 3 years so i feel she could again) and used just that money to overpay she could own her own house before she retires, i find i'm bailing her out alot on never ending loans but right now she is working and getting tax credit in a year or 2 she won't have that as my brothers will be too old and her income will nearly half and i'm really worried about how she will cope then, she seems to be unable to think outside of the future, for example she is borrowing money off my granny for food and heating, yet she's paid this friday and she's jsut upping and going away for the weekend, and even worse she says she has no idea where she's going and she'll find a b&b when she gets there where as if she planned it she could get a cheap one on groupon, but she won't listen and says she needs a break, to be fair maybe she does but there nothing stopping her shipping my brothers off and having a quiet weekend at home

no update yet for me but this month should put me over the £1k mark

Beckyy

Hello!

Another lurker here. Thought I'd finally post...

My OH and I are saving at the moment. We had a viewing booked for a lovely house this afternoon - would have been ideal, but I got a call last night from the EA saying that it is under offer already. It's only been on the market for a week!

ceh209

I'm about to get my first ever bonus from work - let's call it a 'high' 3 figure sum!

I was going to put it straight into my deposit savings. But we're also given the option of 'sacrificing' it into our pensions - which given the tax/NI savings, I'm now considering doing.

Just wondering what people think? Will also be asking this on the pensions board as I know you lot are biased towards house deposits!