The 'We're saving for a deposit' thread

Simon11

I'm currently putting 5% into my pension, with company putting in an additional 5%.

A pension should always come first, especially if your employer is putting some money in.

tara747

squeeks wrote: »

Seeing all the saving for deposits is great, but I am curious on peoples views on pensions and how/if people are prioritising general saving over retirement saving.

Are you saving for a deposit and putting into a pension? if so, what sort of split are you doing?

I have an occupational pension (public sector, final salary, etc etc).

Yes, I am very lucky.

kerri_dfw

Our plan is to buy property and rent it out to fund our retirement before giving the properties to our children so they don't need to save for a deposit...but we'll see how well we do with the first house first

johannalf88

tara747 wrote: »

I have an occupational pension (public sector, final salary, etc etc).

Yes, I am very lucky.

I'm the same. for as long as it lasts anyway. I have paid into a pension as soon as I started full time work, so it's building. Although I only began work once uni finished so it's only been going 4 years! Have had 2 promotions since then though! I think I pay 6%.

gary83

Ah just remembered I signed upto this thread way back in 2010, set myself a target back then of having £65,000 by the beginning of 2012, with changes in work and perhaps being more disciplined than I expected by January I'd saved £85,000

butterfly72

squeeks wrote: »

Seeing all the saving for deposits is great, but I am curious on peoples views on pensions and how/if people are prioritising general saving over retirement saving.

Are you saving for a deposit and putting into a pension? if so, what sort of split are you doing?

I have a NHS pension and am also buying added years. I have an emergency fund, general savings & investments and horse fund not counted in my deposit. At the mo I'm only putting £300/month into the house fund as I'm enjoying life with the rest lol. The OH doesnt have a FS pension but pays in 22% to a pension.

[Deleted User]

The good news is we've reached our deposit goal, got enough for fees, searches, stamp duty and other moving related costs, an emergency pot and are ready to go.....just can't find a suitable house we like and we can afford. Every house that we have seen so far (8 and counting) has gone to sealed bids, so we don't even know what they've actually sold for - keeping my eyes peeled on Zoopla though!

One we didn't even bother viewing as it was advertised at £245,000 but when I called to book a viewing they told me the current offer was £310,000!!!! needless to say we didn't bother viewing! (two bed, needed lots of work!).

We're viewing another tomorrow which, by the advert and pictures on right move, looks very promising - and if it doesn't go for more than £15,000 over the asking price we might be in for a shout! (if we like it and it goes to sealed bids I have no idea what we will do!?? Really not prepared for that situation). It is a bit further out of town than others we've seen, so I'm hoping that means that it's less in demand and will hopefully mean that landlords (with deep pockets) will be less interested!

We're now saving for a couple of grand to get some white goods and any other additional bits and bobs of furniture that we might need (we have most furniture, but the rented we're in has white goods included), if we still haven't found somewhere after that then we'll just plough more into the deposit funds.

Well done on everyone's monthly targets, onwards and upwards!

D9

LisaJane

I have a local government job, so have been paying into that pension since I started full time work 4 years ago. I think it's about 6% and my employer matches it. OH has a similar arrangement in the architect firm that he works for. I think it's very important to have some sort of provision for your pension. Perhaps once OH and I have a few more years of life under our belts, we will examine this more carefully, and perhaps look to doing something else to boost our pension pot!

He and I have been debating recently between choosing life over saving for a house...or not?? We agreed yesterday to visit friends in Switzerland this February having recently agreed not to do it for the sake of house saving. But we now figure that we should be doing things that make us happy, and that if this means another few months renting, then so be it! There is a niggly part of me tho that thinks we should be making sacrifices to get a nice house in a good area more quickly! But I dunno!! What do others think??

J_i_m

You always have to strike the balance between life and saving that is right for you.

If someone comes along and tells you that you ought to be living on cold beans and toast, not going out at all etc then ignore them because they are being a fool and completely unrealistic.

I am also of the position though that paying into your pension should be automatic, I would not sacrifice my pension contribution to boost even a short term saving plan because it doesn't make sound sense.

koloko

tara747 wrote: »

You're only human. By all means, be envious of those were gifted their deposits - but not of those who have 100% mortgages. :eek: They should be jealous of you.

Well done btw!

Thanks. Why is it so bad being on one of the old 100% mortgages?