The 'We're saving for a deposit' thread

GoingOn30

When are you looking to buy Tara? That's a very healthy deposit! Hopefully a more modest Christmas this year will help some with their deposit saving!

tara747

Hi all!
Just totted up my end of year totals. 
I managed to save £2,256 in December. That makes an incredible £35,728 saved in 2020. Many factors contributed to this. Lockdown and working from home saved us a fortune on travel, socialising and other expenditure; I got a promotion with a 20% pay rise; and I received a small cash inheritance.
My new overall savings total is £197,685. I can't believe I've almost smashed the £200k barrier! It doesn't seem real. 
I'm very thankful to have a secure job, a decent income and a comfortable home, but most of all to have a truly wonderful partner and good health. Those last two things are priceless.
Happy 2021 everyone 

Betharooni

Hi

Lifetime ISA 6,178.07, 90 Day Notice Account £967.89, Coventry BS Reg Saver £500.00, Principality Reg Saver £200.00, total deposit savings £7.845.96
First Home Saver £1.211.42
Furniture & Fittings savings £110.42

Another decent month with more than £1K added to total deposit savings and, until I have to go back to working in the office, I’m expecting similar savings amounts. When compared to this time last year, I only had £2257.50 in my Lifetime ISA and £256.56 in my First Home Saver and I still had over £10K to pay off my car, so I’m really pleased to now be debt free and to have increased my deposit amount by more than £5K. If I am fairly frugal and can hit the savings goals I have, I might be able to increase my deposit savings to about £20K by the end of the year, while still saving in the rest of my saving pots and growing my emergency fund. I’m quite excited by what I may be able to achieve in the next 12 months.

I’m really impressed with what everyone else has achieved and hope you all had a nice holiday season, under the circumstances.

B x

Betharooni

Hi

Lifetime ISA £6,613.45, 90 Day Notice Account £1,044.03, Coventry BS Reg Saver £1,000.00, Principality Reg Saver £450.00, total deposit savings £9,107.48
First Home Saver £1,262.70
Furniture & Fittings savings £135.42

Another decent month and over £9K in deposit savings. Am really pleased and looking forward to hitting £10K next month. We’re having to move offices at work so we’ve been told we won’t be going back into the office until at least the summer so should be able to save plenty in the mean time. 

I’ve seen a house on Zoopla that I’m really tempted to ask to view and look into whether I could get a mortgage for it. It’s shared ownership, priced at £105,000 for a 30% share. New build, right where I would want to be, three bedrooms, downstairs loo, off road parking - pretty much perfect. I don’t know whether to explore it more, or to keep saving in the hope that what I want will be available for a reasonable price in the future. I don’t know what to do for the best...

Hope everyone else had had a good start to the year.

B x

Walesgirl

Just come across this thread. We are first time buyers with £29,500 saved. We planned to wait until end of March then start looking but due to some adverse credit my husband has, we are going to wait until January now means more saving/ bigger deposit. We will fill the next years LISA in April, aiming for £4,500 other costs including stamp duty. Hopefully be at £55k come next January.  

This is the year of saving as we have cleared all our debt last year thanks to lockdowns and not being able to spend

GeorgianaCavendish

Hi, just came across this thread too. We're FTB with 14K saved so far (10K in 2 x LISA; 4K in instant access savings which we'll transfer across to LISA in April), I'm expecting a £2500 bonus in March which will help fund another LISA together with savings between now and then.
I was wondering what kind of accounts everyone uses for their deposit savings? After April, we won't be saving directly into the LISAs but will be building up savings in another account and then doing 2 x 4K transfers in April 2022 for the additional bonus - maybe we should look at notice accounts rather than instant access. I know the interest rates are low everywhere but every little bit helps! 

Betharooni

Welcome @Walesgirl and @GeorgianaCavendish!

Re your question about what accounts we have, I have my LISA, a couple of regular savers and a 90 day notice account. My plan is to transfer the money from the regular savers to the 90 day notice account when they mature and just start up fresh regular savers again. This all maximises the interest that I can get. Hope that helps a little.

B x

lantanna

I do the same and have a help to buy isa. It’s a constant cycle of regular savers lol

tara747

First update of 2021!
I managed to save £2,078 in January, so that's my total for the year to date.
This brings my total savings to £199,763. So close to the £200k mark! I'll get there this month. Need to mark the occasion properly. All the usual celebratory options are off the table (eating out, travelling etc) but I will think of something.
Happy 2021 everyone

tara747

GoingOn30 said:

When are you looking to buy Tara? That's a very healthy deposit! Hopefully a more modest Christmas this year will help some with their deposit saving!

Financial freedom is my goal. I love having a safety net no matter what life throws at me.