The 'We're saving for a deposit' thread

redrabbit29

stupotstu wrote: »

All savings into a deposit definately

I think you're right. I asked a similar question not long ago, but after thinking about it, I think every penny should go to the deposit.

The mortgage you do end up with should be affordable, e.g. not using every single penny from your wages, so you should have enough each month to stash away for a new kitchen, bathroom, sofa, etc...

neverdespairgirl

redrabbit29 wrote: »

- Serviced and MOT'd my car this month which cost £260!
- I'm off next week and will spend some money, but I'm going to set myself a figure and not budget too much as I've been living like a monk for about 2 months and fed up.
- Now paying £22 a month for Sky (my freeview signal broke). Got a good deal on Sky+ though, MSE!

I can't think of thousands of £ a year for TV as good MSE, sorry (-: We have the basic 4 channels here, and never wanted any more.

Cars do eat money - we've just had ours serviced and MOT-ed as well, and it cost £200. Nothing much wrong, fortunately!

neverdespairgirl

brit1234 wrote: »

The shares were a bit of a blow and I knew I should of cashed them in January.:mad: On the bright side in 3-4 years they can be used to pay off some of the mortgage.:o

We all have 20:20 vision in hindsight....

Don't worry about it, in a few years you can, as you say, knock a chunk of your mortgage.

neverdespairgirl

**woody123** wrote: »

I originally hoped to save about 30k and put 20k down on the house with the other 10k on home improvments, furniture, kitchen appliances etc..

but talking to a homeowner the other day he said he would put all the 30k into the house and just buy things as and when i could afford them

SOmewhere between the two, for me. I certainly wouldn't spend thousands on furniture etc, better to go for what you can afford and buy extra as and when. But I think it's a good idea to have a few quid in a rainy day fund for emergencies, always.

MrDT

**woody123** wrote: »

Hi

This question comes from someone who like yourselves is saving for a deposit for a house.

I originally hoped to save about 30k and put 20k down on the house with the other 10k on home improvments, furniture, kitchen appliances etc..

but talking to a homeowner the other day he said he would put all the 30k into the house and just buy things as and when i could afford them and maybe rely on the odd gift or second hand stuff here and there.

So my question to you is do you plan to put all your savings as a deposit or would you keep a little bit of money back?

As per a previous post of mine - you'll need some of your money for up front fees etc, and personally I'd also like to keep some cash available for dire emergencies (i.e. can still pay the mortgage and feed myself if I lose my job etc).

As far as new kitchens, bathrooms, sofas etc go - I'll be saving up for them as time goes by. I like the idea of transforming a house over a few years; having the place perfect within a month or two would be so dull

Tired old hand-me-down sofas and collapsible plastic picnic tables for the "authentic FTB experience" for me thanks

neverdespairgirl

MrDT wrote: »

Tired old hand-me-down sofas and collapsible plastic picnic tables for the "authentic FTB experience" for me thanks

My parents had some massive cushions when they first bought their house, because they couldn't afford a sofa.

They are still in the living room, several houses later, and are great, very comfy for watching TV.

poppysarah

Some as savings and a little for things you might not have - but the vast majority of things can be got for nowt on freecycle these days or by asking around friends and family.
There's no need to have brand new sofas when you move house.

You can do an entire house new for 3k though - cooker, washer, fridge freezer, sofa, beds and chests of drawers, carpets, curtains, bedding, quilts, hoover, microwave, tumbledryer, crocs and pots etc

redrabbit29

neverdespairgirl wrote: »

I can't think of thousands of £ a year for TV as good MSE, sorry (-: We have the basic 4 channels here, and never wanted any more.

It was a big step for us, but I made the decision as our circumstances are quite different. I work shifts, which range from 7am-5pm, 5pm-4am or 9pm-7am. So working early, late and night shifts mean it's quite hard to function sometimes, especially as I am often home later than I should be, e.g. should be home at 5pm, but not home till 8 or 9.

**woody123**

MrDT wrote: »

As per a previous post of mine - you'll need some of your money for up front fees etc, and personally I'd also like to keep some cash available for dire emergencies (i.e. can still pay the mortgage and feed myself if I lose my job etc).

As far as new kitchens, bathrooms, sofas etc go - I'll be saving up for them as time goes by. I like the idea of transforming a house over a few years; having the place perfect within a month or two would be so dull

Tired old hand-me-down sofas and collapsible plastic picnic tables for the "authentic FTB experience" for me thanks

Mixed answers then.

as someone mentioned that keeping back money for up front fees is probably a good idea.

I probably won't even move in straight away.

Thanks for all replies and advice and good luck with the saving.

neas

Everyone has their own level of MSE.

I get freeview, so dont bother with sky.. some get sky cause they love it.... I used to spend 30-40 quiod on internet a month (back when you had 2 mbit NTL cable).... and that was 'worth it' to me... now internet speeds have risen justsigned up for O2 broadband for 2.50 a month via topcashback.. now that was MSE .

I've sorta gone into MSE overdrive lately though.... coupons topcashback and a bit of overtime plus savings are going into 10% regular savigns and the two ISAs are in a fixed rate at 6.15% in Northern Rock (so hopefully should be safe).

Before I didnt care as much, but through coupons, staying in with a couponed bottle of wine with the wife... we are saving about 1k a month at this rate directly into the two Halifax Regular savings accounts. Altho I am concerned we are locking too much money away at once.. so have been working a bit and putting anything extra into a websaver for emergency/wifes new car fund.

had been PTSing to get cars for motorpoint deals but they stopped that so may sell the tesco deals if i can :P... got 500 quid tesco vouchers (should be 1->1.1k).

Weird thing is I've been saving like a commando because my wife and I are going to start trying for a baby soon.. so income will be depleted considerably... and while renting with a child is not ideal its what we will do due to the HPC....

Oh and I'm almost up to my original deposit target now... will set the bar a bit higher .