The 'We're saving for a deposit' thread

*little.squirrel*

GoingOn30 wrote: »

How's everyone's savings going this month? I actually find it easier to save when the weather is good since I can keep myself amused sitting outside reading a book rather than spending money, I also seem to eat less in general!
And less on transport too, lots of walking.
Have to remember to take drinks out with me though, my water bottle is my friend!
Anybody getting close to their house deposit goal?

Savings pretty low this month but mainly because DH had lots of work expenses. Some we will get back and some not. Hoping we can do a better job in May! We try not to buy water when we are out too - I really hate buying bottled water!! We were both gifted bottles that keep water cold so they should do us well throughout the summer!

Seeing everyone's savings totals has made me think about how much we actually have to hand, and where it is sitting. I know most of our deposit savings are just sitting in a lame savings account so I should really make that work harder. DH has a HTB ISA that we just opened this year but I don't qualify for one because I already have a mortgage.

So... as of May 2018
HTB ISA - £2000
Deposit Savings (in lame account) - £4589.81
Money still in US bank account waiting to transfer - $2703.79 (about £1985)
Total: £8574.81

Seems like we have a long way to go to £25000! In saying that, there is also money in a US retirement fund that we have to transfer and are planning to use towards the deposit. I *think* its about £8000. Anyway, this is why we are trying really hard to save £6000 this year and next. Hopefully more!

Samjh87

Room for a super slow one!

Background- 31 years old, one 4 year old daughter, separated from husband at the end of last year and determined to get on to the property ladder regardless of how long it takes! Currently have £3125 in a LISA. Savings will only be £100- £300 a month but anything is better than nothing!

I hope this thread gives me the kick up the bum I need to stop spending the ££ here and there and to put all I can in to savings.

datlex

Well I have savings of £12257. Next month it will be £12557. I had an offer accepted on a 2 bed property this week of £90,000. I have an AIP but I have been to a mortgage broker and am going through the process of getting a mortgage with a different company that is £30 a month cheaper. (allowing me to over pay and be no worse off). I will be putting down £9,000. Now obviously it is early days. My only disappointment is my HTB, had I realised it was not a product for under 40s only, I would have put money into it earlier and had a bigger bonus. Unfortunately it is promoted alongside LISA which are for under 40s.

lildoonbuggy

So, my travel budget blew out by £200 this month, and is already massively on track to blow out this month but I'm hoping that will even out as we steer away from summer holiday travel over June and July. Maybe this is just wishful thinking, as April and May always end up being our busiest months for exploring the mainland!

Otherwise, project 'living on one wage' is going well and I was able to put away £2250 of my leftover pay and this months pay. This bought me up to £14,000 savings. My husband (who pays the bulk of our outgoings for rent/ct, bless him) was able to stash away £700 from last months pay bringing him up to £4200.

Grand total: £18200/£45000. I can't believe we have cracked the £18k mark - I am ridiculously pleased and keeping an ever watchful eye on Yolt to help identify more ways to get us there even quicker.

Congrats to everyone for reaching another milestone!

WodaSodowa

lildoonbuggy wrote: »

Hi WodaSodowa, that's a great deal on gym membership, especially including yoga - my local charges £18 per class :eek: was it a special offer? I'm just starting to look at cheap ways of improving fitness. Have been purchasing Groupon deals and spacing them out. Does keep things mixed up.

I go to Pure Gym- it's £20 a month (you go to as many spin classes as you want) plus I pay £2 to yoga teacher every week so it works out about £28. I think that a lot of stuff is a lot cheaper in N. Ireland (including houses :j ).

On the house front a lot has changed. Yesterday we got our AIP and put an offer on the house. A great house came along- has a lot of space and is a lot less than we thought we will have to spend. It was really unexpected- I didn't think we would start looking before July but my OH persuaded me to have a look at it and I'm so glad he did. I will keep you updated, hopefully we will manage to get it and there will be no major problems in the process.

lildoonbuggy

Huge congrats WodaSodowa!! That must be so exciting, especially coming in under budget and ahead of schedule, that's the big dream! Keep in touch about how you get on. I will keep my eye out for cheap yoga deals around London in the meantime

WodaSodowa

Thanks lildoonbuggy Today we had our offer accepted:j So far everything is running smoothly except that I can't find my passport anywhere...luckily I have my European ID card so hopefully that will be accepted by Natwest but in the meantime I will have to shred our entire house and try to find that stupid passport :mad: We don't even have a mortgage yet and I'm already thinking about overpaying it, I love looking at mortgage free wannabe board- I'm sure I'm not the only one dreaming about it

GoingOn30

Great news!
At least with the BoE keeping rates on hold mortgages should stay affordable to sound-to-be buyers for another few months.
Keep saving Wodasodowa, you might just back the next LTV bracket before your mortgage application!

mylastpound

WodaSodowa wrote: »

Today we had our offer accepted:j I love looking at mortgage free wannabe board- I'm sure I'm not the only one dreaming about it

Aww Congrats and i the same. i was on there last night thinking the same lol

Nicosy

lildoonbuggy wrote: »

Otherwise, project 'living on one wage' is going well and I was able to put away £2250 of my leftover pay and this months pay. This bought me up to £14,000 savings. My husband (who pays the bulk of our outgoings for rent/ct, bless him) was able to stash away £700 from last months pay bringing him up to £4200.

Nearly £3k/month is a decent chunk of change to be saving, well done!