The 'We're saving for a deposit' thread

J_i_m

puppetmaster00 wrote: »

Hey so managed to save £570 this month which brings the total to £4130. I am waiting to hear back from a new job within the next month which is paying a lot better than where I am working at the minute. If I get it I should be able to save a lot more. So only £5870 to go before that £10,000 goal

Good luck in getting the job, if you do get it you could actually consider increasing your target deposit amount which could get you a better deal on your mortgage and/or a nicer place to live

blondy24

Hello,

We are saving for a house deposit hopefully in 2/3 years. Does anyone know if we would qualify as first time buyers? I have always rented, never had my own house, OH has previously owned a house with ex and had a mortgage which stopped a few years ago.

J_i_m

Got a mid month few hundred coming to me tomorrow as monies owed to me from unpaid work overtime. Also working nights this month which should add about £400 to my saving ability. Shall bank it all.

Rondles

Me and my boyfriend have come to the decision that we're going to put off buying a house for a few years. We'd have been able to afford it by the middle of next year once he's done uni, but I've realised it may be difficult to actually get the mortgage as I have no guaranteed hours at work (even though I'll have been getting them for 2 years at that point).

So we've decided we're going to rent from September for a few years instead. We'll still be saving at the rate we are now (as he won't have to pay tuition fees next year as he's had to do this year), and it means we can move out from our parent's houses quicker as well as actually experiencing living with each other for a long period of time! The extra couple of years will let us add to our deposit, him to find a job relating to his degree, and possibly myself getting promoted on to a proper salaried contract (or find a new job should that be what I want to do).

Can anyone point me to somewhere which would have costs to take in to account when renting? We drew up a budget this week, and I think it's pretty thorough, but I'd be worried about missing out something important!

blondy24

Hello Rondles, we currently rent and other main costs associated are council tax, water, electric/gas, contents insurance, tv licence. It is more thorough depending on whether you have tv packages, mobile phone contracts, food budgets, car etc etc. Perhaps post your ideas and people on here can help with ideas if they think it is too high or low. HTH's.

Rondles

Hi Blondie, so far I've got:

Rent: £500-600 pm
Council tax and water charges: £910-1040 py (including the single persons discount due to bf being a student)
Electric/Gas: ??*
Contents Insurance: ??*
TV licence: £12 pm
TV/phone/internet: £35 pm
Mobile phones: £23 pm
Food: £160 pm
Travel: £110 pm
Entertainment: £100 pm
Holidays: £600 py
Christmas/Birthdays/Other Holidays: £1000 py
Other purchases: £100 pm (this will include clothes, toiletries, etc.)

*We were unsure of how much gas/electric/contents insurance would be. My bf lived in a flat with a mate a few years ago, but couldn't really remember how much they were paying, so we've just put £150pm in the spreadsheet for all three together as a rough figure really.

We don't have a car at the moment, but bf is doing driving lessons. I think he'll have passed his test by the time we move out though. I think he was happy to wait until he'd finished uni and be earning more before buying a car for himself.

Putting in the higher figures for rent/council tax and the £150pm for electric/gas, we were able to save £550pm which we're both happy with for the moment. I've also been a bit overgenerous with other things too like Christmas and stuff, as I think it's better to budget too much than too little.

Thanks for the help

J_i_m

J_i_m wrote: »

Got a mid month few hundred coming to me tomorrow as monies owed to me from unpaid work overtime. Also working nights this month which should add about £400 to my saving ability. Shall bank it all.

Managed to bank £350 plus the £123 interest on my FD Regular Saver.

New running total = £8980.13

eviekins

Very happy to be able to say I've now hit another savings milestone - 50k. I've been £50 short of that amount for what feels like ages!
I've changed my sig, I'm on £50,900 currently.
I've still no savings target in mind, but imagine it will be another 2 long years yet before my first house purchase!

[Deleted User]

Everyone is doing so well!

Any update from those who recently made their target goals?

brenda10

Palema wrote: »

Hi everyone
Well Friday is D Day for me! I finally get the keys to my 1st home on my own!!
I would just like to thank everyone for the support and motivation to save for the deposit this thread has helped me keep on track towards my deposit goal.
My one piece of advice to anyone moving for the first time - make sure you have money in your deposit fund to furnish your place! I have had money put aside BUT I never realised how all the little bits add up so far for me £3.5K and counting!! :eek:
P
X

Well Done, daughter started to save for her mortgage downpayment, great to read your blog.
:beer: