The 'We're saving for a deposit' thread

MoneyHungry

I'm currently at £5645. I'm saving in the nationwide save to buy ISA do if I fill it for the next two years, I should be able to get a house no problem!

Wish it would get easier though. Always seem to be unexpected expenses!

mrsdriver

Thanks for the encouragement! The dream of home ownership feels so impossible and far away right now.

Two years ago my husband was made redundant (with no pay out as he hadn't been there long) and didn't get another job for three months. During that time we claimed child tax benefits. However at the end of the tax year they said we owed back £1,800 as we had earned too much over the year overall. I appealed this, but just found out last week that the appeal was turned down and we have to pay back the money.

Also I didn't realise how much credit card debt my husband has run up. He has cut up his credit card now but we really need to pay off all his debt.

I feel like I'm at the bottom of a well with no way out. I feel like I'm not going to have a house before retirement at this rate. What's worse is that I'm so exhausted all I really want is a holiday in the sun but can see no way of that either.

I'm in awe and confused by how people on here manage to save such large amounts. We seem to have nothing left once we've paid bills and rent. I never knew life was going to be this hard. If I had i would have started saving at a young age. If only I knew then what I know now!

Anyway sorry about my moan. I am ill with flu and feeling generally down. Must stop watching home improvement programmes and torturing myself with what I can't have. I'm so full of envy when I see young couples buying their first homes and starting their lives. Will it ever be me???!!! I feel so stuck. Anyway debt free wannanbe is probably a better board for me right now.

brenda10 wrote: »

Well done to you, you can and will do it, slow and steady wins the race. My daughter and boyfriend just graduated from university and moved to London and now have 2 permanent jobs, (each has approx 25K debt from loans for university expenses and living-cheapest debt they could have so it will just be paid off monthly out of their pay) rental in london as every1 knows is expensve, working around welwyn gdn area and they are thinking about saving enough for a downpayment to get the best mortgage deal, not sure where they need to buy re work, but they have started to save small amounts and as I have been through the same process, finally in past 2 yrs after saving(and not wasting money like I used to do) for 6 yrs have the money I owe on mortgage in a high interest saving account martin recommended 2 yrs ago making £134 clear profit after tax each month(will take 6 months to get access to it if my mortgage interest rate rises), I still continue to make monthly payments to mortgage so will have extra money whenmy variable rate mortgage which is 1.5 interest rate increases, my mortgage money is making 4.2%(pay tax of £36 on the £170 monthly interest I make) in building society & small amount in 3.2 % isa for easier access tax free. You can do it and I will help my daughter and her boyfriend to get started when they have decided it is the right time. Good Luck & :TWell done again. Be so proud of yourself!

SLOW AND STEADY WINS THE RACE, took me 6 yrs to pay off 60K

nat21luv

Get yourself on the make £10 a day challenge, there's lots of support there to egg each other on to reach our target each month.

CupcakeQueen13

I hope you don't mind me posting this here - hopefully you guys can give me some advice?

I am 22 y/o and have a fiance (he's 27.) We are currently living in a 1 bed that we are privately renting. We are trying to save a deposit to buy a 2 bed house. Our thought was that if we could save up a big deposit and buy only a small house we could try & overpay on the mortgage to pay more off quicker & then rent out that house & buy what would be our family home.
In this time I would also like to have our wedding -another big expense!
I am only in a temporary job at the moment which pays a little under £300 a week. My other half is in a permanent job earning 26k basic but can get up to 30k if he puts in overtime - which he does most of the time (he's a service engineer which normally involves him working fairly long hours) so the overtime is nearly always there.
I got some compensation money recently which I am hoping to put into a Cash ISA.
Unfortunately my other half is very into his rallying so he has been spending quite a bit getting his rally car up to scratch but I'm hoping once that's done he can put his extra earnings into a savings account.
So basically, what I would like to know is any other tips to saving for a deposit because at the moment I feel like we're getting nowhere! I think we have £2565 in the account so far.

Thanks for any replies/help! xx

J_i_m

Simply to get your priorities right, and to regularly review your expenses to see if you're wasting money on things you don't use much, or need, can you reduce phone bills? Walk instead of drive/transport.

J_i_m

£620 into the coffers this month (probably). Brings my total up to £9604.26.

Next month I'm aiming to be able to stash away between £800-1000. Should certainly smash the 10k barrier that is for sure.

ni1991

Hi everyone, thought I best say hello instead of lurking
Hope everyone enjoys the well deserved Easter break!

BeachCat

Payday update from me:

Managed to save £650 (good commission this month)
Plus saved an additional £30 that I was planning on using that for a friend's birthday night out last week but that got cancelled so decided to save it instead!
Also I got interest of £111.26 paid on my Santander ISA

So a grand total of £791.26 added!

That brings my total to £7634.13. My partner is now on £10600 so between us we're at £18234.13! So 73% of the way

Off to update my signature now. Happy Easter everyone!

Jaybo10

J_i_m wrote: »

Personally for me the motivation isn't house prices going up down or sideways, it's not savings interest rates it's not even the contents of George Osborne's little red briefcase.

My motivation is simply me owning (or beginning the process of owning) my own house. As long as I can afford this, and I hope to within the next couple of years then it really doesn't matter to me if the general trend in prices is up or down.

It's not a money making exercise for me, it's a homemaking one and to that end I need to retain flexibility in the management of my savings as it's no good having an extra point nought something percent interest if I'm then locked out from using my savings when I actually need them.

Exactly my thoughts too Jim!

Jaybo10

Hello all,

I've updated my total and we've now started viewing houses (VERY exciting!).

I've also finally got around to submitting a PPI claim so I will see what comes of that.

Try not to eat too many choccy eggs!

Jaybo