The 'We're saving for a deposit' thread

Daybyday

Hi all

I've been reading this thread for a few days so thought I'd say hi.

I've been saving since September 2016 for a deposit. Initially we were going to do part rent part buy but I think now stamp duty has been scrapped for first time buyers we will try to get a 5% deposit for a whole flat lol!

We are aiming for 10k at the moment as 5% of 200k. We are renting at the moment do have bills etc to pay which limits how much we can afford.

At the moment we have:

1800 in husband to be'a help to buy isa and 2100 in my help to buy isa.

We had lots of holidays last year so didn't save as much as we should have.

We are hoping to save 200 a month in each h2bisa and then at least 250 in a 5% savings account which I will open at the end of this month. Giving us a total of 650 savings each month.

My goal by January 2019 is to have 11000 saved.

I'll check in every month at least! It's really encouraging to see everyone's progress:T

MrsR1234

Hubby and I are just starting out on our mortgage savings.

We have 2 children, I work p/time and hubby is s/employed so income can vary.

Not really sure what our goal is or a realistic timescale as what we can save each month may vary.

We are going to open lifetime isa and go from there. Hoping to save £12k and then see a mortgage broker. Will also need to save for everyday occurrences and towards fees so won't be putting every penny away just yet!

juniordoc

Saturday your savings plan sounds great! I found when we were in our final year of saving we were much more focussed, you can't go without any treats for 6 or 7 years but 1 is doable and you can manage to live really frugally.
Welcome MrsR. Have you made any simple steps to saving like switching energy suppliers or cutting out takeaway coffee? Good luck in your savings journey!

Camman123

I've just started saving for a deposit. It seems like an unreachable task right now. I'm guessing this is somewhat normal though?

a_silver_lining

Camman123 wrote: »

I've just started saving for a deposit. It seems like an unreachable task right now. I'm guessing this is somewhat normal though?

Honestly, it seems that way at the start and then gets so much easier. I saved from the age of 18-27 when I bought. I took a break mid way to go to uni, travelled more then savings really allowed, have bad relationships which took a hit to my finances. Obviously I wish I had been more focused and bought earlier, but those were experience and lessons I needed to learn - so I would say don’t worry if you loose focus. Those last few years though I was really focussed and had built up a decent pot by then despite the set backs. When you can see interest being added onto your savings and have hit your first milestone of 10k, 20k etc it is real incentive to save more.

Also, as a now owner I can say it is a fantastic feeling seeing neighbours sell for way more than I bought for and to anticipate having that added to my deposit on my next move. Obviously property prices could take a hit though!

I’ve started saving for my next property move and am getting the same buzz I did last time I saved.

WodaSodowa

Great to see new members joining this thread:hello:

MrsR1234

juniordoc wrote: »

Saturday your savings plan sounds great! I found when we were in our final year of saving we were much more focussed, you can't go without any treats for 6 or 7 years but 1 is doable and you can manage to live really frugally.
Welcome MrsR. Have you made any simple steps to saving like switching energy suppliers or cutting out takeaway coffee? Good luck in your savings journey!

Thank you. I don't drink coffee, but hubby now takes a flask to work & we both have home made lunches. We got rid of sky last year & also fixed our energy, so definitely making savings, just need to actually save that money! Haha!

BritOnABudget

I am feeling on a slight downer today (which is unusual for me as it's payday!)
After LISA savings coming out of my bank today and budgeting for the month it looks like its going to be a skint one again :mad:
However I'm sure it'll all be worthwhile when I can claim the £1k bonus in April!

Daybyday

Sorry you had a bad day Britonabudget! I've not had a great day and spent 3 quid on lunch out at work! But it's still within my budget so I guess that's OK.

It's hard remaining focused and I guess the occasional slip up is to be expected. Hope you are having a better day today!

WodaSodowa

BritOnABudget just think about your bonus
I had a bit of a tough week and it looks like it's going to turn into tough couple of months. Should've really seen that coming as January -April is always a bit of lean period when it comes to work (we're both self-employed). To add to it all we had some work expenses we didn't really see coming so at the minute we're trying to push our business in new direction to have a bit more money coming in. Spent all day yesterday working on it but I feel determined to not let it beat me
Husbands pay is going to be £200 short this week but hopefully we will still manage to put around £300 into savings.