The 'We're saving for a deposit' thread

nicedream_2

Can I join? I got out of debt last month and am trying to keep the motivation going to start saving for a house deposit. I hate renting with a passion so this is the main motivation!

I want to save £20,000 with the idea my OH will create his own savings pot. He's in a bit of debt though at the moment, so I figured I'd start with my own goal as we keep most of our finances seperate anyway.

I'm hoping I can at least do 1% a month which is £200 from my main pay and then aim for 2% from other earnings.

Everyone has such great amounts save - you're all awesome!

quintwins

Hi nice dream well done on getting out of debt and good luck with your savings.

I have £3909 now will have another £190 on Monday, plus another £500 in my current account however I'm going to leave it in there for a week or 2 as hubby is off so just I case, save me going overdrawn, which is free but I know it looks bad.

Jaybo10

nicedream wrote: »

Can I join? I got out of debt last month and am trying to keep the motivation going to start saving for a house deposit. I hate renting with a passion so this is the main motivation!

I want to save £20,000 with the idea my OH will create his own savings pot. He's in a bit of debt though at the moment, so I figured I'd start with my own goal as we keep most of our finances seperate anyway.

I'm hoping I can at least do 1% a month which is £200 from my main pay and then aim for 2% from other earnings.

Everyone has such great amounts save - you're all awesome!

well done nicedream! :T

I'm sure as you see your house deposit pot start to grow it will be all the motivation you need.

good luck

J_i_m

quintwins wrote: »

save me going overdrawn, which is free but I know it looks bad.

I always think about that... And I hate to have to use my overdrafts.. Yet I wonder if since you're basically using credit, as long as you don't do anything drastically stupid if it works to your advantage and boosts your credit rating by actually using it?

quintwins

I have no idea, however when we went to see a mortgage adviser he asked if we'd used our overdraft in the last 6 months as it would effect the interest rate we could get, I don't even want a mortgage so not sure why I'm so against using it now I guess that conversations always stuck with me, really it's not a bad way of thinking I suppose.


At the same time I use my credit card and pay it in full every month, so at least I am helping should I need a loan/mortgage one day.

I was looking at the daily interest thread on mfw yesterday and now I'm even more determined never to have to borrow, am I heck giving the bank £12 a day!!!

SolvingDebtCrisis

Saving for my dream home .... It may take many steps to get there.

Unfortunately I had to spend for 2 new tyres £100 and 3 months of storage rental £157, first month is £0.1p so that is a bonus and refund on nearly a month's rental from previous storage.

So easy to dip into savings but at least not getting bank charges, etc. Banks are paying me interest for a change, for my savings, instead of being overdrawn as used to happen when I was in debt.

Thank you all for sharing your thoughts.

nicedream_2

Thank you for the welcomes, quintwins and Jaybo10.

I've managed to do the 1st £200 this week. I have a second job, which is very flexible freelance. The problem with it being flexible is that it's hard to get motivated, so hopefully a running total will keep me on track!

I don't think i've been so excited about 1% of anything before!!

Hope you had good weekends

[Deleted User]

nicedream wrote: »

Thank you for the welcomes, quintwins and Jaybo10.

I've managed to do the 1st £200 this week. I have a second job, which is very flexible freelance. The problem with it being flexible is that it's hard to get motivated, so hopefully a running total will keep me on track!

I don't think i've been so excited about 1% of anything before!!

Hope you had good weekends

Congrats on getting your 1st 1%....you will soon see this grow.

I find "mini" targets help me a lot to keep motivated and focused. So I have an "overall" target and an "end of year target"

And welcome to the thread,

D9

quintwins

I set myself small monthly targets as I find it motivates me more as well as annual and overall ones.


I'm now at £4099.16

nicedream_2

How long has it taken you to get to £4099.16? Well done!

I'll have a think about monthly and yearly targets once the novelty of saving has worn off. It's such an intimidating amount to save to begin with that this will probably wear off quickly! I could probably work targets into my spreadsheet easily enough

Do you reward yourself when you hit the targets?