The 'We're saving for a deposit' thread

Carrie85

Hi everyone, i too am aiming to buy alone.
Have nearly reached the £1000 mark, still a long way to go.
I'm 23 and graduated last july, am back at home living with my parents so its good to know others are the same boat, because a lot of my uni friends are still renting.
I'm self employed so don't get a regular income every month but am determined to keep saving :T

shrewsaver

Can I join this too, I have about £16,943.50 saved up at the moment but am looking to adding a lot more to that.

Saver-Rob

Carrie85 wrote: »

Hi everyone, i too am aiming to buy alone.
Have nearly reached the £1000 mark, still a long way to go.
I'm 23 and graduated last july, am back at home living with my parents so its good to know others are the same boat, because a lot of my uni friends are still renting.
I'm self employed so don't get a regular income every month but am determined to keep saving :T

Good luck. How is your student debt? Are you planning to pay that off first or have you already?

Saver-Rob

shrewsaver wrote: »

Can I join this too, I have about £16,943.50 saved up at the moment but am looking to adding a lot more to that.

Seems I'm doing all the welcomes tonight!

Enjoy your stay!

dippykitty

Thanks for the warm welcomes!

Carrie - I'm also self employed so I know how you feel about the lack of definite income.

Carrie85

Saver-Rob wrote: »

Good luck. How is your student debt? Are you planning to pay that off first or have you already?

Thanks for the luck, am going to need it.

I've not paid off my student loan at all yet was due to enter repayment in april but not entirely sure what will happen as my income is below the limit.

It's the only debt i have, so just aiming to save as much as i can for a house.

But if anyone has any views about paying it off first or not i'd be grateful to hear them

JimLad

Great to see this thread taking off. I have saved it in my favourites!

Welcome to all the new people, keep us up to date on everything you are doing to save those extra pennies. You may find you get inspiration from someone else on things you could try or do.

Saver-Rob wrote: »

Good luck. How is your student debt? Are you planning to pay that off first or have you already?

Carrie85 wrote: »

But if anyone has any views about paying it off first or not i'd be grateful to hear them

Paying off student loan is crazy in my opinion. It is the cheapest debt you will ever have. Why pay it off only to get more expensive debt in the future. Its only costing me £50 a month at the moment and if i paid my saved 7k off it, it wud still cost the same. The interest rates on student loans have recently fallen so it is still possible to get more interest saving in the bank than you lose with your loan

Carrie85

JimLad wrote: »

Paying off student loan is crazy in my opinion. It is the cheapest debt you will ever have. Why pay it off only to get more expensive debt in the future. Its only costing me £50 a month at the moment and if i paid my saved 7k off it, it wud still cost the same. The interest rates on student loans have recently fallen so it is still possible to get more interest saving in the bank than you lose with your loan

cool, thanks. Thats what i thought, am just aiming to save. I would much rather get a smaller mortgage by saving than pay off my student loan.

dippykitty wrote: »

Thanks for the warm welcomes!

Carrie - I'm also self employed so I know how you feel about the lack of definite income.

It does get pretty hard sometimes, not got much lined up now so am worrying a bit but will keep plugging away.
It's great seeing how much you've saved, and knowing it can be done, even if you're self employed.

Saver-Rob

Well fair enough, my own personal opinion though JimLad is to pay the thing off ASAP. It is costing money to keep and I have seen many posts stating that if you owed £10,000, the interest you were paying on it were more than you would earn with £10,000 in the bank making you interest. However if you say that you are infact earning more with your savings that the loan is costing you then that changes things. Good luck if thats working for you.

jak

Right i've been through our bank accounts and we have got £3769.35 towards our first house deposit. Lots more than I thought so i'm really chuffed! Also saving for a major holiday so need to keep on top of it!

Our situation is that we won't be able to get a mortgage for at least 4 years due to my husband being unable to borrow at the mo... but at least that gives us time to save up! I want save at least 30k so that means i've got 12.5% (is that right? My maths is a bit dodgy...)

I'm trying to reduce all our bills at the moment so that we can chuck as much as possible towards our house money. My mat leave pay is about to finish to so i'm going to have to find a job that will fit round my husbands work if possible!

Anyway, i'll be back to update as soon as I can!
Good luck everyone!
J
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