The 'We're saving for a deposit' thread

eviekins

Little update from me
Now up to £41,370

MiddyMum wrote: »

I hope you dont mind me asking, but for the people who have managed to save 40k plus, how long has it taken? Also, has it been a joint effort with partner?

I can't really remember not saving, so not too sure when I started. I would say this amount has taken about 5 years, but I was still a student for the majority of that time and just working part time then. (All my savings from before that point were spent on my car, so basically started at £0 again about 5 years ago)
The amount I put in my signature is just my savings, but my boyfriend also has savings of approx £12,000.
I'd imagine we will both still be saving for around another 2 years yet, as we are both on low wages and so we need to build as big a deposit as possible as 4x our wages wouldn't be enough. Getting there gradually, but so, so eager to finally purchase our home!

beckythemadcow

MiddyMum wrote: »

I hope you dont mind me asking, but for the people who have managed to save 40k plus, how long has it taken? Also, has it been a joint effort with partner?

Me and the hubby got married in Summer '10, and had a small amount left after the wedding that started the savings. His income has been constant but quite low, mine has fluctuated from 0 to over £2k a month which was working several jobs at once.

We live in a small, cheap flat in an undesirable location and have really come to use Martin's Money Mantra before ever spending money.

Due to the temporary nature of our jobs (at least until next summer) we have no choice but to continue saving.

MiddyMum

So, I am 26 on Saturday and my deposit saving will probably span 6 years. I spent the last few weeks reading all 187 pages of this thread, and I now find myself getting really cross with myself as it has taken until now for the penny to drop about saving, but never mind. Why couldn't I have learnt when I was 18-21? I grew up in a very money savvy household as well..oh well.

I will be training to be a midwife next year, and we get paid a bursary and a non-means tested loan of £2500. I have decided not to take out a loan, so when I finish my degree there will be zero debts whatsoever. I will live on my bursary, and do a part time job. I initially wanted to save only £3000 a year whilst at uni but now I am hoping I could fill my isa each year. Upon graduating, I will earn 24-30k basic depending where in the country I am working. So will save half my wages, and just do overtime. It will be very hard, as it will just be me doing the saving, well I'd hope by then my partner would be a hardcore saver. Although, if not I will be buying solely in my name.

MiddyMum

P.S I have also decided that I would be mad to buy in London, especially since I can work in any hospital in the country. I will most likely buy up north, but who knows by then. I am just going to concentrate on saving for now. The more I look on Rightmove for London flats, the more I feel despondent. £350k for 1 bed flats is just silly. I could get so much for that elsewhere.

J_i_m

My running total has broken the 4k mark after putting away £600 this month... Now upto £4001.33. But I am overdrawn so technically I have less. And as ever there are unplanned costs finding their way out of my current accounts.

Next month I'll be laying down a deposit on a group holiday.. So most of that outlay will come back to me when everyone else gets thier act together, and I do have some night shift duty coming along which will help nicely as well.

MiddyMum

Well done Jim. So far, I have £25 in my house deposit fund. :rotfl:It has taken me all of 3 days to save that though..

nat21luv

I can beat that middy, I have £5!! Still saving for a car that I HAVE to get by end sept, that's when tax,ins and MOT run out. Soon as that's paid for it's a few months of emergency pot saving then November I'm on it! Keep up with this thread with interest, can't wait until I can join in

ChopperST

Hi All,

Thought I'd add myself to this thread. We have just got married and have decided to try and keep the house we live in (mortaged in my name) and rent it out and buy a new property so we have started saving as of this month. Aiming to save £50k

Current portfolio is;

Santander ISA @ 3.2% (both of us)
Myself with a first direct regular saver @8%

Current savings are around £4500 and we are going to try and tighten our belts and save £2000 - £2500 a month...

J_i_m

I've got one of those first direct regular savers as well, the interest is only going to work out at about £123 for the year, but every little bit helps.

ChopperST

J_i_m wrote: »

I've for one of those first direct regular savers as well, the interest is only going to work out at about £123 for the year, but every little bit helps.

As I've already filled my cash ISA allocation it seemed the next most sensible place to go. I really want to go S&S but I need the liquidity of cash plus capital protection over 2-3 years, I don't think I would dare risk an investment making me money in that timescale, however I am thinking of opening an Index Tracker for more longer term investing.