The 'We're saving for a deposit' thread

slig

Hi there, I'm planning on lurking around this thread (probably for a number of years!) so I thought I'd introduce myself. I also think it will help to write my intentions down.

I'm 29 and I currently live in London (though probably won't be buying there). I don't really know what position I'll be in over the next few years, but if things are relatively similar to how they are now in my work (London) and personal life (single), then I would like to buy a 1 or 2 bed flat, maybe in NE Hampshire. The vague budget in my head is £135,000 to £150,000, and I've seen things online that fit my requirements for this price. Obviously many things can change in a few years, but it's good to have a tangible goal in mind!

I want to save a 10% deposit, so £15,000, plus some extra for fees etc. I currently have £1,083 saved, so have a long way to go! However that has been saved by putting the odd £10 or £50 away a month. I've recently been promoted, and I've reverted back to more frugal MSE ways, and so I will from now on be putting a lot more aside each month.

I have a really big holiday coming up which is going to limit how much I can save for the next few months. Travel is my vice and I spend a lot of money on it, but I'm going to really cut back in this area. Luckily I now get to travel occasionally for work, so that should placate my travel bug for a while!

For the next few months I'll be continuing to put a nominal amount in my ISA, but once my trip is out the way I have already set up a standing order for £400 a month, and I will challenge myself to put away as much on top of that as possible. At £400 a month it will take me about three years to save up, so it will be a good motivator for me to save extra so that I bring the date closer.

I look forward to following your stories, and maybe posting myself occasionally.

[Deleted User]

Welcome to all the new people who have joined the thread!

D9

shiningfaery

Hi everyone

I would love to own my own place, currently renting and paying almost 2 times in rent what the mortgage would be so this is my motivation. That and I never feel at home as its not mine.

Havent been in a position to start saving til now so here I go. just gathering tips and looking at interest rates on bank accounts just now so hopefully can build up nice wee sum before year is out.

puppetmaster00

Monthly update !

So managed to save £730 this month taking us to £8180. Almost at that 10K, hoping to hit 9K by the start of November and if not, at least very, very close to it (which might be a little hard - going to Paris next month, need some sending money !).

Onwards and upwards !!

anotheruser

All this saving lark makes me sad
I struggle... but then I am supporting someone who is going through Uni at the moment. Their last year is next year so after that we should be able to save all of their salary as we can live off of mine (just).

LisaJane

Monthly update...

September was a quiet month as my OH and I were both running a half marathon, so it was early nights and no drinking etc...so finances are looking quite healthy at the mo...thinking of actually throwing a bit more into the savings from my current account, but always like to have a wee cushion! Also am planning a weekend in Berlin with friends at the beginning of December, so will need a few pennies for flights this month.

eviekins

Hello fellow deposit savers!

Little update from me!
I've hit a saving milestone of 60k
I'm currently at £60,400 but this could potentially go down a little bit as I may treat myself!!
My partner has also just hit 15k so our total is now up to just over 75k!

Keep up the hard work everyone and welcome newbies!

tara747

Copied from the other thread as usual!

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OK, end of September update from me! Sorry it's late.

I managed to save £1,404 in September, which I'm delighted with. So my new total is £71,531! I'm just about on track. I've saved £9,331 so far this year - an average of £1,036 per month.

I'll be booking a holiday soon, which will mean that I might not quite hit my target, but ya gotta live too!

I'm doing well, considering that I split with my OH recently and am now paying twice what I was on bills. So if I get anywhere near £75,000 by the end of the year I'll be well chuffed.

:beer:

LisaJane

tara747 wrote: »

Copied from the other thread as usual!

---

OK, end of September update from me! Sorry it's late.

I managed to save £1,404 in September, which I'm delighted with. So my new total is £71,531! I'm just about on track. I've saved £9,331 so far this year - an average of £1,036 per month.

I'll be booking a holiday soon, which will mean that I might not quite hit my target, but ya gotta live too!

I'm doing well, considering that I split with my OH recently and am now paying twice what I was on bills. So if I get anywhere near £75,000 by the end of the year I'll be well chuffed.

:beer:

Hi Tara,

I am really impressed by your savings...I am just wondering how you manage it?? What you have saved this month is almost my entire monthly wage! I am trying to save about £500 a month, but would love to save more! Do you have any tips??

tara747

Thanks LisaJane. My salary is fairly decent, so I can afford to save a good amount each month. If you earn about £1,400 net per month, then saving £500 is excellent.

Tips?

REALLY prioritise your spending. Cut back on stuff that doesn't matter so much - even small savings will add up. Don't spend so little that you are miserable - just use your money wisely on the things that matter most to you.

Sell your unwanted stuff. Via eBay or wherever - it really adds up!

Go on the grabbit board - I'm still using up a vast stash of toiletries and household products from glitches 2 years ago! (Tesco DTD, anyone?)