The 'We're saving for a deposit' thread

J_i_m

J_i_m wrote: »

End of month report for me: £400 standing order will probably go through on Monday and I expect to be able to add £100 on top of that. If all goes to plan my total should reach £3350.14 by the end of the month.

Just added that £100 on top of the £400 standing order, I might be able to add some more thanks to my car insurance payments being seemingly over until renewal. However I'm going to Malta on Saturday (please don't shout at me ) so will need some spending monies.

I've been lucky to get a generous stint on night duty this past month so the unsocial pay boost should be fairly good. I hope to be able to put away £600+ next month. I'd like to get my total to £4k by the end of the year.

loveGSDs

not a great savings month again for november due to washing machine packing in :mad:

only managed to put away £300

havent transferred any money from this pay due to xmas, will wait til all presents bought, nites out been etc etc and then see whats left. (ha, who am i kidding!)

OH has also decided to invite his huge family over for xmas dinner, that'l not be cheap! however they've agreed to bring a dish each so thats a bonus

well done everyone on your savings and sorry to hear bout your car crash Becky

xx

Starbrite

Saved £200 this mth hoping to save much more next year and the 8,000 by New years isn't going to happen unless I win the lotto or don't spend a single penny....

So grand total stands at 6,867.50 just 13,132.50 to go until I hit 20k almost there

Choco1208

Hi everyone

Can I join in too.

We have a saving of approx £4000. We have spent a lot recently due to certain responsibilities. However, we want to save as much as we can in the coming year.

In total our income per month is approx £2000 (mine and partners combined).

We are currently staying with a family member, and help out with a couple of bills (approx 500 a month).

We both have normal saving accounts.

Please advise me on what options would be good for us to save money. Shall we open an ISA account?

We would like to buy a house costing approx 100k, FTB. Does that mean we will need to save 20% percent that?

Plus I really need to start researching on mortgages and how we can prepare ourselves from now.

It's so nice that you have a thread where were all aiming toward the same things. It's nice reading everyones posts, and I hope everyone has positive results soon!

beckythemadcow

Choco1208 wrote: »

Hi everyone

Can I join in too.

We have a saving of approx £4000. We have spent a lot recently due to certain responsibilities. However, we want to save as much as we can in the coming year.

In total our income per month is approx £2000 (mine and partners combined).

We are currently staying with a family member, and help out with a couple of bills (approx 500 a month).

We both have normal saving accounts.

Please advise me on what options would be good for us to save money. Shall we open an ISA account?

We would like to buy a house costing approx 100k, FTB. Does that mean we will need to save 20% percent that?

Plus I really need to start researching on mortgages and how we can prepare ourselves from now.

It's so nice that you have a thread where were all aiming toward the same things. It's nice reading everyones posts, and I hope everyone has positive results soon!

Hello & welcome!

I would recommend ISAs for you both (but I'm no expert)- tax free savings and it's a ready made target to try and fill it! Look at whichever Martin recommends as the best rate (I get 3.2 %)

We want to have 20-25% deposit + as it is likely you can get a better mortgage rate, however the government are discussing plans so that may no longer be so important.

If you read back a few pages, there are quite a few people who have bought which is so good to hear to spur you on, it's also great to see some good savings that people have made, especially those on normal incomes - it is possible! I find it really motivating hearing how everyone on here is getting on - as no one in the real world I know seems to care about saving for a house!

Choco1208

beckythemadcow wrote: »

Hello & welcome!

I would recommend ISAs for you both (but I'm no expert)- tax free savings and it's a ready made target to try and fill it! Look at whichever Martin recommends as the best rate (I get 3.2 %)

We want to have 20-25% deposit + as it is likely you can get a better mortgage rate, however the government are discussing plans so that may no longer be so important.

If you read back a few pages, there are quite a few people who have bought which is so good to hear to spur you on, it's also great to see some good savings that people have made, especially those on normal incomes - it is possible! I find it really motivating hearing how everyone on here is getting on - as no one in the real world I know seems to care about saving for a house!

Thank you so much for your reply. I agree it's great we can share our experiences and at the same time encourage each reader.

I'm not too sure about ISA accounts. A friend of mine invests in shares. She does it through a website online, I don't think I have the time for that. I'm also thinking of keeping an eye out for bargains I can purchase and keep aside for our house. But, most important thing is the deposit.

nakiwala123

Choco1208 wrote: »

Thank you so much for your reply. I agree it's great we can share our experiences and at the same time encourage each reader.

I'm not too sure about ISA accounts. A friend of mine invests in shares. She does it through a website online, I don't think I have the time for that. I'm also thinking of keeping an eye out for bargains I can purchase and keep aside for our house. But, most important thing is the deposit.

There are 2 types of ISA. Cash ISA and Shares ISA . You can save up to £5430 into the cash ISA and double that in the shares. It took me 10mins to open my cash ISA. MSE does have a section on ISAs i think it's worth a read. Good luck with your savings and welcome to the thread.

beckythemadcow

Choco1208 wrote: »

I'm not too sure about ISA accounts.

Oops that was silly of me! I only have a cash ISA, so it works just like a savings account- only there is a maximum you can deposit. Just means I don't pay tax on the interest.

tara747

To those who are having unexpected expenses (car/washing machine/whatever) - it is a total bummer and I feel for you, but (trying to cheer you up here) imagine if you had no savings when an emergency occurred :eek:

J_i_m

Been there had that... My car failed it's MOT last year, this was before i'd been able to save a penny. I ended up having to sell treasured camera equipment to fund repairs.