The 'We're saving for a deposit' thread

BritishBibliophile

I'll join in, although I'm going much, much slower than the rest of you.

seasideme I'm on a similar income to yourself, just under £16k a year, and I live in London XD Certainly won't be buying a property here but rent costs don't help. Just keep on chipping away and focus on small goals!

Right, back to the saving. At the moment I automatically put a minimum of £100 away in my ISA on payday. If I've got more overtime in my pay than I was expecting then I chuck a bit more in. The through the rest of the year I follow the "Tilly Tidy" thing I saw mentioned in the MFW diaries, my bank has a minimum money move of £1, so I can't move pennies on their own. Instead I round down my current account to the nearest 5 or 0, so I'll often add anything between £20 and £40 to the ISA during the month purely through this system.

I then also have penny and 5 pence jars, and I collect 20 pence pieces as well, every so often I count them up and all the bags I make go in to the ISA. I've also got my Ciao and £co accounts set up to pay into my easy access saver, and from there I move the money into my ISA. Oh and I published an ebook a few months ago, with more in the works, and the pennies I earn from that get shuffled into the ISA.

The amount I save does go up and down as bit as I'm also slowly trying to set up a business so money goes to that as well, and I have a few hundred in my easy access saver as it's forming a potential deposit if I have to move to a different flat (my landlady is quite elderly, the rent from this place goes to her carehome costs, my housemates think her family will want to sell the flat when the time comes so if I'm still here I'll need to move), so that's cash that's tied up that should go in the ISA.

BUT I generally try to be positive and optimistic. My aim at the moment is to have £5000 in my ISA by December and I'm currently well on-track for that. It's not enough for a deposit, but if I save up £5000 4 times THEN that's a decent amount

fuzzybear01

I'm joining you! Currently have £10617 saved. Looking to bump this up to £20000 by the end of the year. My husband is close to leaving the RAF so I think I'll be applying in my name only (I've saved the majority of the deposit so far).

Have slashed our grocery budget, as we easily spent £6-700 a month earlier this year! Will be doing extra shifts at work and have stopped having personal training :-(

tara747

Here's my end of June tally

I had a very cheap month, so I saved £1,403.

That brings my 2014 total up to £5,346...

...and my overall total up to £79,473. :beer:

Soooo close to £80,000 now!!!!

J_i_m

How I envy you Tara

Things are looking quite positive for me again now

I've been offered a job, I've passed the references, I've been cleared fit to work by occupational health and am just waiting on the CRB/DBS. But I should be starting in approximately two weeks.

I'm now aiming to save about £625 towards my deposit per month, which I might have to trim back a little bit depending on how my cash flow is like once I've started the job as my overall income will be slightly less.

My current total has now exceeded £18k (by £3.95) and I've nearly maxed out my ISA already, although I think the subscription allowance is increased next month anyway.

If things go smoothly I expect to beat my end of year target, which would mean the actual deposit part of my saving plan will be achieved and I'd then be saving for the fees.

And then the tricky part starts, finding a place in budget and getting a mortgage. I have a feeling that a combination of rising prices and further tightening of mortgages is going to push me out of the market.

I think currently my plan is to hit £25k around this time next year and then see a mortgage broker to see what is available, and then take it from there. At least at that point my saving target is met and I'd still be building upon it

tara747

Well done J i m! Congrats on the new job

seasideme

So I'm looking at a 25% deposit on a property of £130k max so I'll need to save big and increase my wage by £6k by 2020, yeah good luck with that lol

BritishBibliophile

Pay day today so did a money shuffle, not as much as I normally move as I desperately need to get some new clothes so I've put money to one side for that. But on the plus side I should be getting some extra in my next pay packet due to various things at work so I'll be able to move more next month (I would wait until next month for shopping but I have a 15% off discount voucher that expires on Sunday and I'm loathed to see it go to waste).

So at the moment my house deposit fund is at a whopping £4550

Zoology_Dragon

Up to £12568 now, it would be more but we're waiting for more than £1600 in expenses from work.

In better news though we've had an offer accepted Our mortgage has been approved and now we're waiting for the survey and valuation. We had almost enough for a 10% deposit on our own but my mum and grandad have helped us out so we have 15% which has given us a much better interest rate. So pleased with our little house, we've borrowed less than half what we potentially could have (1.9 x joint salary), so we should still be able to save and live comfortably.

xmillyx

Total for June... £26,087.66 so increase of £88.81 not great but only just started work, hoping for 300 quid this month

eviekins

Now up to £75,650 Yay!
Unfortunately house prices are rising like crazy here. It really is quite depressing that although I'm doing well with my savings I'm probably worse off every month that goes by.
I also feel nervous about the prospect of buying because I feel that house prices are currently completely nuts and I could make a terrible mistake by possibly jumping in at the wrong time!
How do you guys feel about it?
Evie