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The 'We're saving for a deposit' thread

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  • Betharooni
    Betharooni Posts: 480 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Hope you don’t mind another newbie!

    I’m 32 and currently live with my Mum and older brother in Kent. I’m keen to get properly saving towards buying my own place. I’m aiming to move to the next town over from us, which has better positioned shops and is closer to my other two brothers. I am expecting to move with my Mum and brother but I will be the person on the mortgage (existing house is owned outright by my Mum who is a pensioner, my brother doesn’t really bother saving). The plan would probably be to sell the existing house and split the proceeds as a way to distribute our inheritance while mum can see us enjoy it. However this would probably happen once I’ve bought somewhere so I need to save up a fairly hefty deposit.

    Will be aiming for a 3-4 bed house near the local train station with good parking options (not permit parking) and a downstairs toilet. Am expecting this will be somewhere between £200-300K. I’d like to save at least £40,000 towards deposit, as well as a few thousand for fees, etc. Am currently paying off car finance so will only be saving a small amount each month to start with but will look to be more frugal and save as much as I can.

    I currently have £1812.50 in a Lifetime ISA and £145.42 in a First Home Saver account, that I will be saving towards fees.

    I have spent the last couple of weeks reading through the entire thread and the amounts being raised by everyone are completely amazing-I can’t wait to be able to save as much as some of you and finally have somewhere I can call my own.

    B x
  • Hi all. Not had a particularly good August-current totals are £1875.00 in Lifetime ISA and £155.74 in First Home Saver. Hoping for a better September.

    B x
  • diggingdude
    diggingdude Posts: 2,492 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Betharooni wrote: »
    Hi all. Not had a particularly good August-current totals are £1875.00 in Lifetime ISA and £155.74 in First Home Saver. Hoping for a better September.

    B x
    It all builds up. good luck with it
    An answer isn't spam just because you don't like it......
  • Hi

    Not been a great few months savings-wise but figures still slowly going up. Totals today are £2100.00 in Lifetime ISA (deposit savings) and £231.11 in First Home Saver (fee savings).

    Not expecting more than my basic standing orders for the rest of the year but hoping to build it up a bit faster next year by selling unwanted items and massively reining in my spending. Working on starting to track my spending more closely this month so I can draw up a realistic budget for next year that will help me achieve my saving and spending targets for the year.

    Trying to be mindful of the fact that this will take me a few years but as long as I’m saving something, even if it’s not much, at least it is growing and I’m not spending it instead.

    B x
  • delta13
    delta13 Posts: 322 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Heya, I'm a also a newbie saving for a house deposit so have subscribed for inspiration - you've all done amazing :)

    So far I have saved £12,548 in 2.5 years which is really good for me, but I know I can do better - spent way too much on rubbish I didn't need this year.

    Current totals:
    Regular saver - £5889
    HTB ISA - £6659
    Betharooni wrote: »
    Hi

    Not been a great few months savings-wise but figures still slowly going up. Totals today are £2100.00 in Lifetime ISA (deposit savings) and £231.11 in First Home Saver (fee savings).

    Not expecting more than my basic standing orders for the rest of the year but hoping to build it up a bit faster next year by selling unwanted items and massively reining in my spending. Working on starting to track my spending more closely this month so I can draw up a realistic budget for next year that will help me achieve my saving and spending targets for the year.

    Trying to be mindful of the fact that this will take me a few years but as long as I’m saving something, even if it’s not much, at least it is growing and I’m not spending it instead.

    B x

    Every little bit helps :)
    I always sell unused/ unwanted things on ebay before xmas and I always do alright, everyone's looking for bargains and one woman's trash is another's treasure!

    I created a budget/ spend tracker at the end of October and it really does help, even just psychologically - because I have to write it down eventually, I make a point of being careful with my spending and making sure the number is as small as possible :D
    Save £12k in 2022 = £3705.97/ £7,500 (49%)
    Save £12k in 2021 #76 = £11,857.21/ £10,000 (118%)


  • Hi

    Reporting in with Lifetime ISA balance of £2175.00 and First Home Saver balance of £241.34. As mentioned last month, I am only able to put a minimal amount into these accounts this month, but have asked for money for my deposit savings as a Xmas present, so might get an extra amount in there by the end of this month.

    Working on plans to up savings, not only to both of these accounts, but across all of my accounts for next year. Also planning to make extra payments to my car finance (purchased a couple of years ago before I decided to seriously start saving) so the whole remaining balance is paid off by the end of 2020, which will mean extra money that can be saved towards the deposit.

    Unlikely to update this page further until the New Year, so would like to wish everyone else saving for their house deposit a peaceful Christmas and a successful money-saving 2020!!
  • Hi all

    Myself and my partner are both currently paying into HTB ISA's (have been for 14 months now).
    Our monthly payments have fluctuated in this time but we are now both contributing £200/month (except this month, little treat).
    We currently have :-
    £6000
    between us.
    I have a separate savings account for any fees but recently had to dip into this for my car's MOT (new timing belt, ouch!) Looking to continue contributing £200/month each and hopefully look to buying somewhere in June/July, market depending.
    I've been really impressed with our ability to save, especially my partner, as he has a lot more outgoing than me (expensive car finance, high insurance and road tax).

    Good luck everyone, you're all amazing savers!
    First Time Buyer (Scotland)
    DIP 13/02/2020 ~ Offer Accepted 02/03/2020 ~ Full Application 19/3/2020 ~ Valuation Booked 19/03/2020 ~ Mortgage Offer Issued 20/03/2020 ~ Completed 15/05/2020
  • tara747
    tara747 Posts: 10,238 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 23 December 2019 at 4:56PM
    Hi all

    I’ve been quiet all year, haven’t done my usual monthly updates but here I am with my 2019 total. I’ve managed to save an incredible £25,392 this year - thanks to a lucky and dramatic reductions in my outgoings, plus some decent interest on a savings bond.

    My new overall savings total is £161,957. I’m hoping to hit the £180,000 mark in 2020.

    As my savings have grown, I’ve become conscious that there is so much more to life than money. I know it’s easy to say, but there are things that we can’t buy.

    Wishing you all a peaceful and happy Christmas.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • Hi all,

    My partner and I are now on the process of buying a house. We managed to save £20,000 in two years, so that's £10,000 annually. We are due to exchange next year, I hope everything goes well.

    Happy savings to us all! :)

    Thanks,
    Kat
  • I'm saving for a deposit amongst many other things - visa fees, marriage, a family, and a second-hand car.

    I'm 27 and private rent alone. My boyfriend is younger, at University for the next 1.5 years and is financially dependent on his parents. He has no job or savings. Add to that the fact he is an immigrant on a study visa. As such, I'm not looking to buy a house for a few years as we need to figure out immigration status, if we're even going to live and work here, and for BF to be in work for at least a year first. If he and I don't end up together I would like to buy my first house by the time I'm 30 though, so I'm still making sure I save even if only for myself!

    I currently put £200 towards a deposit into my Help to Buy ISA and did this even when on minimum wage. I currently have £7434.95 there so if my maths is correct I'll have the full £12000 in less than 2 years. I do have other savings but this includes a 3 month emergency fund and money for a second-hand car. Any other future savings is likely to go towards VISA fees and as it's quite expensive we'll have a very small wedding (if one at all). Time will tell as I know life can change drastically in even a year!

    So basically my goal is to continue with the £200 a month HTB savings and continue budgeting to maximize my savings. I have a good wage currently but is dependent on funding which runs out in July 2020 so trying to save as much as possible as I have no idea what my future job/wage looks like.

    Good luck everyone on their goals! :j
    Single woman doing it on my own... First house bought June 2021!
    Mortgage end date: 2041. Goal: Anything less!
    Mortgage currently paid off: 4%
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