Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • Planning ahead
    • By Planning ahead 8th May 18, 8:44 PM
    • 82Posts
    • 566Thanks
    Planning ahead
    What encouraged you to save for a house deposit?
    • #1
    • 8th May 18, 8:44 PM
    What encouraged you to save for a house deposit? 8th May 18 at 8:44 PM
    My children have all finished their studies and will be in full time employment. I want to encourage them to save for their futures. What encouraged you to save for your first house?
    :12,000 / 28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
Page 2
    • lookstraightahead
    • By lookstraightahead 9th May 18, 7:29 AM
    • 563 Posts
    • 517 Thanks
    I would encourage them to save but personally you do not need to link this to house ownership. They need to make their own choices. Encourage them to see that having savings and not being in debt gives them freedom of choice.
    • takman
    • By takman 9th May 18, 10:10 AM
    • 3,777 Posts
    • 3,436 Thanks
    If they are living at home you charge them a commercial rent and the put it away in a saving account so that they can't get at it.
    Originally posted by Cakeguts
    if your kids like being at home with all the home comforts like meals, washing, etc then take rent from them, and when they leave, give the rent back for their own house - save it for them but DON'T tell them you're doing that.
    Good luck
    Originally posted by capital0ne
    This always comes up in these kinds of discussions but i think it's a terrible idea to do this. By the time they are 18 they are adults and secretly forcing them to save money is treating them like a child.

    If the children are brought up with good financial management then they are likely to be good at managing money when they get older. Like the old saying goes "give a man a fish and he will eat for a day, teach a man to fish and he will eat for a lifetime". (Saving money for them is giving them the fish for people who don't understand the connection ).
    • Dizzy Ditzy
    • By Dizzy Ditzy 9th May 18, 12:24 PM
    • 16,940 Posts
    • 283,051 Thanks
    Dizzy Ditzy
    An increase in rent has been my saving trigger. We have been living in the same rented house for ten years without an increase in rent, until recently. I worked out how much rent we had paid our LL in those ten years and it scared me into starting the savings process.

    However, I am a very latecomer to this house buying malarkey, at 41. I plan to have my deposit in four years, which is when the next rent increase is due, so will be 45 looking for a mortgage on my own, with a below average salary in one of the most expensive cities in the UK. I wish now more than anything that I had started this process sooner.
    I'm a board guide on Quick Grabbit while you can, Marriage, Relationships and Families, Health & Beauty Moneysaving, Greenfingered Moneysaving, Praise, Vents and Warnings, Consumer Rights and Sports & Fitness Moneysaving boards.

    I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are purely my own and are not those of I am a board guide and not a moderator and as such do not read every post. If you spot an illegal or inappropriate post please report it to

    I used to be a queen, now I'm just me...
    • Candyapple
    • By Candyapple 9th May 18, 12:43 PM
    • 2,966 Posts
    • 2,337 Thanks
    Seven years to save is a long time, I want to keep them focused and not give up and splash out on holidays and cars.
    Originally posted by Planning ahead
    It depends on what area you are planning to live in - if it's in the South East then it's about right. It took me 7 years to save 90k on my own.

    Also, will they be living at home with you?

    How much could they save if they were renting privately and would this even touch the sides for a deposit? Obviously if you are living up North and prices are dirt cheap this may be affordable.

    Growing up you knew who were the savers and who were the spenders. The savers tended to be the ones who had jobs as teenagers or worked during uni. Whereas the spenders tended to be the ones who spunked everything on going out and would rely on bank of mum and dad to constantly and consistently bail them out. I still know many people in their 30s who still rely on their parents to get them out of debt/pay their bills when they run out of money or buy food for them. Which ones are your children?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of
    • spadoosh
    • By spadoosh 9th May 18, 12:58 PM
    • 5,748 Posts
    • 7,887 Thanks
    My children have all finished their studies and will be in full time employment. I want to encourage them to save for their futures. What encouraged you to save for your first house?
    Originally posted by Planning ahead
    My parents.

    They sat me down around 16 and said id be treat like and adult when i turned 18 along with the costs associated. 18 came and so did the bills. I didnt like the lack of control. I couldnt come home at 3 in the morning without being woken up at 6 with a hoover banging against my door.
    Don't be angry!
    • Planning ahead
    • By Planning ahead 11th May 18, 7:38 PM
    • 82 Posts
    • 566 Thanks
    Planning ahead
    Thanks for all the comments, they already have help to buy ISA's as they worked through Uni.
    One daughter always worked 3-4 days so has some savings. The other has had to do a lot of voluntary work for experience, though did work through the holidays so has less savings.
    I know they need to do it for themselves but a little support now I feel will go a long way.
    They are living at home at the moment and I want them to focus on saving for their futures.
    I think maximising their earning power is a good idea, overtime, and ensuring they have the qualifications for development. Hopefully they can get their employers to pay the fees.
    :12,000 / 28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
    • lincroft1710
    • By lincroft1710 12th May 18, 4:02 PM
    • 11,176 Posts
    • 9,535 Thanks
    I never actually saved for a deposit. A job promotion meant I had to move away from the parental home and my savings and income were sufficient for me to afford to buy my first house.
    • Ogriv
    • By Ogriv 12th May 18, 4:14 PM
    • 86 Posts
    • 39 Thanks
    What motivated me was seeing rents suddenly go astronomical in London in the last six years.
    I knew that I would I would not make it through retirement as a renter.
    And I also knew I would have to save that money entirely on my own, without support from a family or spouse.
    So I did it, by being frugal, and I am very proud of myself.
    • Sapphire
    • By Sapphire 12th May 18, 4:56 PM
    • 2,338 Posts
    • 4,429 Thanks
    For me it was primarily the need for security. Coming from a family that was as poor as church mice after the war (political exiles who had lost everything material, key family members and their country), my desire not to be poor and to be secure was a key driving factor. It was that plus being encouraged to save and be prudent by the elders in my family. I mainly lived with my grandparents (no room at parents' place), with a few outings living in bedsits and so on, and finally got my own place at around 30. I didn't take expensive holidays or buy expensive gewgaws early on; that really hasn't been the done thing at an early age until quite recently. Couldn't have afforded it, especially with having a mortgage.

    I still don't own a 'house' as such, but a maisonette that includes a study for work, which is great for me (not too keen on cleaning/climbing flights of stairs, or the heat in the summer on upper floors of houses). Finally paying off the mortgage, after sometimes wondering whether I would be able to, has done wonders for a feeling of freedom.
    Last edited by Sapphire; 12-05-2018 at 4:58 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,178Posts Today

6,738Users online

Martin's Twitter