The 'We're saving for a deposit' thread

J_i_m

So I'm still stumbling on despite overhanging uncertainties to do with work.

I'm putting £650 away this month, which isn't too shabby considering that income and inflexible outgoing issues contrived to put me deep into overdraft country this month and I only just avoided maxing it out.

Thankfully, I've sorted that out for the meantime and received some back pay owing to me. This has cleared the overdraft and enabled me to put some money away. I'm provisionally up to £16'303.93, I say "provisionally" because I might put some more away before next pay day. I've taken the liberty of doubling my expenses budget for the month ahead because I have a genuine need for a new jacket and pair of shoes (my present ones being in a state of serious disrepair).

I'd like to think it'll be plain sailing from here, but ongoing issues at work remain, there's a high possibility of my being dismissed from my job on grounds of il-health, although both parties are trying to avoid this. Redeployment to a more suitable role to my needs hasn't happened due to a combination of availability, budget and dare I say it; politics.

However, I'm also applying for jobs and getting regular invites to interviews... if only I could get that elusive job offer.

I really hope something positive happens soon, because after all the hard work and self management it's taken to get to my present savings balance, I'd really hate to start living of those savings and ruin my chances of buying a property anytime soon.

Edit:
Going to bung an extra £50 into the pot, found some very good clearance deals with Regatta.

smiley2085

I just wanted to ask a question

Have you opened a specific bank account just for putting in your house deposit/fund? And if so, which one is the best one to have at this time?

Personally, I'm hoping to put away £500 a month and hubby about £250. I'm thinking opening an account will allow me to see exactly how much I've saved.

Goodluck everyone with the savings!

J_i_m

Well, I use a combination of an ISA, regular saver, and general savings account to hold my funds in.

But I believe, if you're so inclined, there are current accounts which would return higher amounts of interest if you don't mind moving money back and forth between different accounts each month.

brenda10

smiley2085 wrote: »

I just wanted to ask a question

Have you opened a specific bank account just for putting in your house deposit/fund? And if so, which one is the best one to have at this time?

Personally, I'm hoping to put away £500 a month and hubby about £250. I'm thinking opening an account will allow me to see exactly how much I've saved.

Goodluck everyone with the savings!

Isas with no strings attached ie easy access with best interest rate, then no tax taken off, you save every penny, otherwise pick best savings accounts interest wise. Good Luck
You can have a Nationwide flex direct each and a joint one earning 5% before tax on each 2,500 amount you save, 1 Year account, with tax out of each account at 20% if you are tax payers, you get approx. £8 per month per account if you have 2,500 in each.
Anyone can open them, then when open you can save in their flexclusive Isa if you have more than £2500 in each account(as no interest paid on anything over that).
You must pay in £1000 each month but that can be transferred in from another account and then each month transfer it out of that N/wide flex direct and back in again within a few minutes, as long as it shows on the statements as going in that is it all sorted.
You do not need direct debits set up to go out so it is easy peasy, pity our year is up but you can still earn 1% interest after the year but then with the 20% tax, move to another better paying account.
Thanks to Martin Lewis for all his help over the years.

Zoology_Dragon

J_i_m wrote: »

So I'm still stumbling on despite overhanging uncertainties to do with work.

I'm putting £650 away this month, which isn't too shabby considering that income and inflexible outgoing issues contrived to put me deep into overdraft country this month and I only just avoided maxing it out.

Thankfully, I've sorted that out for the meantime and received some back pay owing to me. This has cleared the overdraft and enabled me to put some money away. I'm provisionally up to £16'303.93, I say "provisionally" because I might put some more away before next pay day. I've taken the liberty of doubling my expenses budget for the month ahead because I have a genuine need for a new jacket and pair of shoes (my present ones being in a state of serious disrepair).

I'd like to think it'll be plain sailing from here, but ongoing issues at work remain, there's a high possibility of my being dismissed from my job on grounds of il-health, although both parties are trying to avoid this. Redeployment to a more suitable role to my needs hasn't happened due to a combination of availability, budget and dare I say it; politics.

However, I'm also applying for jobs and getting regular invites to interviews... if only I could get that elusive job offer.

I really hope something positive happens soon, because after all the hard work and self management it's taken to get to my present savings balance, I'd really hate to start living of those savings and ruin my chances of buying a property anytime soon.

Edit:
Going to bung an extra £50 into the pot, found some very good clearance deals with Regatta.

I just wanted to wish you luck, you seem to have an awful lot going on at the moment but you're keeping a positive outlook which is great :beer:

Zoology_Dragon

smiley2085 wrote: »

I just wanted to ask a question

Have you opened a specific bank account just for putting in your house deposit/fund? And if so, which one is the best one to have at this time?

Personally, I'm hoping to put away £500 a month and hubby about £250. I'm thinking opening an account will allow me to see exactly how much I've saved.

Goodluck everyone with the savings!

We already own a property that we rent out and have an offset mortgage so all our savings are in there, not making interest as such but offsetting mortgage no. 1 at a higher rate than any savings account/ISA.

dragonfly500

Hi all, I too am trying to save for a deposit. This is a really inspiring thread, congratulations to all who have achieved, or are progressing down the path to owning their own homes!

I am 25, and looking to buy alone. Trying to buy a house in the Home Counties which is a rather momentous task. Realistically I'd probably be after buying a 2 bed flat which currently is around £180K.

Currently I have £16,060 saved up in an ISA. I've been living back home with my parents since graduating, who kindly charge a pittance for rent, bills, food (£70pw). I'm currently a contractor, and getting paid weekly. This is useful for budgeting but obviously not so ideal as I progress nearer to being able to actually buy a property. Anyway, I pay £200 weekly into my ISA although once holidays, car etc. have been taken into account I'd say my realistic target is £9k a year.

I'd like to think therefore that achieving a 15% deposit was in the foreseeable future, but in terms of actually buying a house my biggest challenge is the mortgage size I would be offered versus the actual cost of housing locally, as this will not add up!

johannalf88

Well a little further along, but once we have the deposit we still need to save for stamp duty!

We have now increased the amount we are saving a month, and I am buying a bike to cycle to work, to save another £90 a month! (After the initial investment anyway...)

J_i_m

Zoology_Dragon wrote: »

I just wanted to wish you luck, you seem to have an awful lot going on at the moment but you're keeping a positive outlook which is great :beer:

Thank you so ever so much.

I do my best to stay positive, which is every bit as hard as saving money :rotfl:

I attended over ten job interviews last month, which got slightly expensive due to the traveling expense, and still as yet no new job. But I continue to get invited to interviews, so I hope I get that job soon.

I really don't want to end up unemployed as it would ruin my house/flat buying aspirations, and as privileged as I am to live with the parents... it does get really irritating not having my own place, and having to live under someone elses house rules.

Saving hasn't gone as well this month, I've settled on putting away £300 in the act of starting a new FD Regular Saver. But the good news is that I'm 66.6% (which is a devilishly good number) towards making my overall target. And I'm also less than £3.5k away from my intended deposit figure, it's the fees & expenses I'll be saving for next.

I've made a slight change to my financial arrangements this month, in that I've changed a couple of direct debits/standing orders around.

Before, when I had rented a flat, I used a satellite current account to pay all my utility bills, rent and council tax. Since moving back in with my parents that account has become somewhat redundant with only my mobile phone contract still being debited from that account.

I've decided to make better use of that account, and so have switched my mobile phone direct debit to my main account and revised the standing order to my satellite account to make a monthly budget for my food/toiletries & traveling expenses.

nat21luv

Currently sat at £5724 for a deposit, probably need another £35k plus fees! Its the most Ive ever saved


A long road ahead but hope to end the year at £10k, that's my aim. I saved £850 this month, which is a one off but generally if im super frugal, £500pm is about average. I live alone with my two children so feel Im doing pretty well, just becoming very impatient!


Best of luck with the job hunt jim, hope you get an offer very very soon!