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The 'We're saving for a deposit' thread

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  • tara747
    tara747 Posts: 10,238
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    I rent and manage to save up to 60-70% of my income each month, more if I've been eBaying. I do earn a good salary though...
    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
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  • spugzbunny
    spugzbunny Posts: 1,235 Forumite
    edited 2 June 2011 at 11:52AM
    whimper!

    I rent and save about 40% of my income (although my income is slightly confusing as I get some income on costs of living so I have taken that out of the equation by cancelling that income spend/spend out as flow through). I am looking to push that up by writing down all my spendings as I spend a lot on rubbish!

    I have 9.8K (9774 actually - I just checked!) in the bank and OH has about 9K. His parents have also kindly offered us 10K.

    Looking at what I now understand I think I have a few choices I will be considering and gradually working towards:

    Mortgage Deposit % deposit Total available fund
    160K 40K 20% 200K
    150K 50K 25% 200K
    168K 42K 20% 210K
    158K 52.6K 25% 210.6K

    I am also basing this on an assumption that we would be offered 3x joint sals. These figures would actually be below that slightly.

    Whimper cry whimper!

    So ...first target is the 40K. If we assume a 50:50 less the 10K then we are looking at 15K each. Now that is doable!

    My target by year end is therefore 16.5K. If I put aside 1k a month with 6 months of the year left for pay then that is 6k from the months usual plus .5k extra and still saving a 1k with any holidays, xmas and massive back tattoos.

    Phew - sorry just had to get that out!
    House saving Targets:
    £17,700 / £20,000
  • redbull5
    redbull5 Posts: 312 Forumite
    sg27 well done for that massive savings.

    keep going guys - on my way to work everyday i pass this massive house which keeps me on track. As well as a motorbike on my desktop wallpaper, which i will be buying next year.

    Fun times
    From England - Live in Edinburgh and work as a bus driver
  • vl2588
    vl2588 Posts: 1,350
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    15% and that is a struggle but I am determined (and try to avoid Waitrose!!).
    Weight loss: Start weight: 80kg; Current Weight: 77kg; Target weight: 55kg
  • Rahven
    Rahven Posts: 4,857
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    Right, I have decided on my first target!
    By the end of December I want to have saved £2k. I think it's ambitious but definitely do-able - and it gives me something to aim for!
    Good luck to everyone and really nice to see loads more new people :)

    House deposit fund target by end December - £2k / current £326.50= 16.3%
  • Rahven wrote: »
    Right, I have decided on my first target!
    By the end of December I want to have saved £2k. I think it's ambitious but definitely do-able - and it gives me something to aim for!
    Good luck to everyone and really nice to see loads more new people :)

    House deposit fund target by end December - £2k / current £326.50= 16.3%

    I always fine it much easier to save when I have a target set. And if it's a really big target (like a house deposit), I like to set "mini" targets (currently I have an overall target, and a yearly target), it makes it seem more achievealble, and certtainly more motivating!

    Good luck with your £2k target!

    D9
  • Alejandro
    Alejandro Posts: 65 Forumite
    Up to £121,000 now, but still doesn't seem like much when faced with London house prices. We're looking for somewhere with a 25% deposit, but not found anything yet.
  • Hi All,

    Id love to join this thread if its ok! Its been a dream of mine to buy a home, and Ive been saving for years.

    Unfortunately I dont have as much as I should - I was conned out of some money by an ex (not ex at the time) - it turns out he conned lots of money out of all sorts of people. Although I have taken him to court and won - actually getting the money is going to be very difficult / expensive - therefore for the moment I am just focusing on building on what I have.

    I have £8,243.98 in my ISA, but just over £500 in the bank, waiting for the next pay day before some of that will be transferred. I also have £5,500 (approx) overseas which should be transferred over to me later in the month.

    My boyfriend is also saving - he has almost £10,000 saved up. But is on a good wage so his is building up quickly.

    We have both moved back into our parent's houses to save as much as we can. We have a target of £20,000 each, which should be achievable by Jan 2012 ish. Our parents have said they would like to help us and will top up the deposit.

    We would like to buy somewhere between £200,000 - £250,000 - with a 20% deposit. This doesnt actually buy a lot around here!

    We probably go out more than most - living with parents isnt easy for us - we need our space - so we have taken lots of cheap travel lodge rooms away. We also often go to the cheap-o pub not far from my parents - 2 meals for £6:).

    I wouldnt mind being more hermit like to save more - but I know my boyfriend couldnt handle it!
  • tara747
    tara747 Posts: 10,238
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    Alejandro - bl00dy hell!!!! Well done! Any tips?

    Wines of the world - really hope you do get your money back. Good luck co
    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
  • purplevamp
    purplevamp Posts: 10,285
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    Alejandro wrote: »
    Up to £121,000 now, but still doesn't seem like much when faced with London house prices. We're looking for somewhere with a 25% deposit, but not found anything yet.

    :eek: That is so good, well done on saving that much :T

    I live in the South East and we have similar house prices. I've seen THE PERFECT HOUSE but it's £335K and on what I earn (DH not working atm as he's still studying :cool:) we'd have to get a deposit of at least £250K. For the house we need (not want) the cheapest is around £270K. If you have any spare you know where to find me :D:rotfl:
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