The 'We're saving for a deposit' thread

mdhughes03

Hi guys we have had some fabnews this weekend, OH is being promoted from the beginning of march so we should be able to save even more than we thought. This month has gone really well, as OH (who had no savings ever before we met) has gone straight to having £1000 in his ISA . I am hoping that we can continue to tame our spending and increase our overtime income in the next few months to keep saving around 40% of our salaries. We have never saved for a particular target before or both been on the same salary so to be honest we are going in a bit blind and it will take us a few months to figure out how much is realistic. But I have a wee spreadsheet that I keep updating with our figures as I understand things better if I can "see" them in front of me, I will just keep adjusting this every month when we discover what we have saved/spent and have a better idea of what we can achieve.

Feeling very optimistic at the moment

Alizarin

Hi everyone, please can I join?

I'm 24 and live on my own in a rented one bed house. I'm aiming to buy a two bed house by the time I'm 30 - hopefully a realistic target! Two bed houses are approx £120k in the area I live in and I'd like to save at least a 20% deposit - so about £24k.

The problem is, I really am just starting to save! At the moment I have just over £1000 in an ISA and £80 in a savings account (you'll all be very disappointed in me, as I'm not sure off the top of my head what the interest rate is!). I'm planning to try and save at least £100 a month, which is all I have left after rent and bills atm - although I am going to budget my money better from now on and increase this to at least £150!

I'll be receiving approx £10k from my grandad's will some time this year and I know he would have approved of me using it for something useful like a deposit, so this will help my fund greatly. Until then, I'll keep saving my few hundred pounds a month and try to reach £2000 in my ISA before the end of 2009! (Pretty low target I know - I feel embarassed compared to all those who are saving thousands a month!)

Sorry for the rambling post!

tommy75

Alizarin wrote: »

Hi everyone, please can I join?

Hi yes, its £15 per month. How would you like to pay?

Woodyrocks

tommy75 wrote: »

Hi yes, its £15 per month. How would you like to pay?

You cheeky mare

Welcome Alizarin. Your target sounds more than realistic. 30 is also my benchmark but unlike you I only have 2 more years to go :eek:

p.s prices sound well reasonable around your area :T

mbga9pgf

£3050 added this month, total saved £57,400. Target £100,000

57.4%, aiming to hit 100K in 13 months.

Savings currently deposited in High rate (5.5%) savings account.

MrDT

Alizarin wrote: »

I'll keep saving my few hundred pounds a month and try to reach £2000 in my ISA before the end of 2009! (Pretty low target I know - I feel embarassed compared to all those who are saving thousands a month!)

Some of the people saving thousands a month have a target deposit of four or five times what you're looking to achieve. It's all relative, if you live in an area where you can buy a house for £120k, chances are you won't be earning as high a salary as someone looking to spend 350k etc. Don't worry about it

^!£$&

mbga9pgf wrote: »

£3050 added this month, total saved £57,400. Target £100,000

57.4%, aiming to hit 100K in 13 months.

Savings currently deposited in High rate (5.5%) savings account.

Can I be nosy and ask whats the price range of the house(s) you plan to buy??

tb1105

Hi,
My boyfriend and I are getting married in August. We have £9k saved to cover all of that so our savings from now on are going towards our house. We live with his Dad and pay minimal rent althogh we do our own cooking, washing, cleaning etc.

I am currently in my last year of Uni and my bf works full time and is doing a degree one day a week. We also both work 2 nights a week at the local pub.

My bf has £3k in his online savings account towards the house, I have £1k. Bf earns £13k and saves £300 a month which he transfers into his online savings account (Llyods). When I start my first teaching post in September, I will be putting away £700 a month.

We are hoping to get a nice 2 bed house with garden and drive/garage with a max. £150,000 price tag so aiming to have at least £20k saved. Hoping to buy next year before the prices shoot back up again! Should have at least £18k saved by July 2010, as my bf will be going up the pay ladder so will hopefully be putting more away.

Alizarin

tommy75 wrote: »

Hi yes, its £15 per month. How would you like to pay?

I'll pay you in magic beans

Thanks for the welcomes and advice everyone. I'm off to find out what interest rates my savings accounts have, and make myself a signature!

Good luck with the savings and the wedding tb1105!

vixarooni

its interesting to read everyones goals.

I feel my £20,000 target is pretty low for a house in a city in the south east. Ha.