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  • FIRST POST
    • Planning ahead
    • By Planning ahead 8th May 18, 8:44 PM
    • 83Posts
    • 570Thanks
    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
    • 848 Posts
    • 757 Thanks
    lookstraightahead
    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
    • 3,786 Posts
    • 3,461 Thanks
    takman
    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
    • 17,046 Posts
    • 283,641 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 Moneysavingexpert.com. I am a board guide and not a moderator do not read every post. If you spot an iffy post please report it to forum@moneysavingexpert.com


    Aims for 2919 - walk 1000 miles - 0/1000. Savings up to 8000 - 3000/8000. Lose 50lb - 0/50
    • Candyapple
    • By Candyapple 9th May 18, 12:43 PM
    • 2,976 Posts
    • 2,362 Thanks
    Candyapple
    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 moneysavingexpert.com
    • spadoosh
    • By spadoosh 9th May 18, 12:58 PM
    • 6,392 Posts
    • 9,153 Thanks
    spadoosh
    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
    • 83 Posts
    • 570 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
    • 11,506 Posts
    • 9,919 Thanks
    lincroft1710
    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
    Ogriv
    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
    • 2,497 Posts
    • 5,011 Thanks
    Sapphire
    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.
    • Planning ahead
    • By Planning ahead 18th Feb 19, 8:01 PM
    • 83 Posts
    • 570 Thanks
    Planning ahead
    Hi All

    Nine months on.......
    Both have found houses and have offers accepted
    Hopefully by summer they will be independent.
    I think the desire have their own place and the ability to earn were the greatest drivers.
    I have sent them budget spread sheets - filled in to some extent .
    Next step cheap meals......
    I have told them no presents for anyone this year tell every one you are setting up home you will carry on next year.
    :12,000 / 28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
    • jimbog
    • By jimbog 18th Feb 19, 10:13 PM
    • 804 Posts
    • 1,368 Thanks
    jimbog
    Being beholden to a landlord who I never met. Who could ask me to leave with only 2 months notice.
    Always remember that you are absolutely unique. Just like everyone else.
    • jonnygee2
    • By jonnygee2 18th Feb 19, 10:24 PM
    • 945 Posts
    • 909 Thanks
    jonnygee2
    Nine months on.......
    Both have found houses and have offers accepted
    Hopefully by summer they will be independent.
    After nine months of work they've saved a deposit?

    I mean good on them, but they must surely have combinations of very good starting salaries and a very low cost property areas?

    You can probably leave out the budget spreadsheets at this point given their somewhat incredulous progress so far.

    It took me about eight years to save my deposit, which totalled about three times my annual takehome income!
    • hoiyeeanita
    • By hoiyeeanita 18th Feb 19, 11:00 PM
    • 16 Posts
    • 4 Thanks
    hoiyeeanita
    My parents brought me up with the mentality that every penny earned if not needing to be spent on the absolute necessities should go straight into a bank account for a rainy day.. if you can't afford to buy something outright (i.e. a car or brand new phone etc.) then save up for longer until you can.
    In my opinion, it's mostly down to a combination of self-discipline, personal motivation and budgeting. Obviously, everyone's outlook on life and priorities are different, it may help to have a sit down with them to physically draw out their goals, aspirations and desired achievements by certain milestones.
    • mick1111
    • By mick1111 18th Feb 19, 11:14 PM
    • 13 Posts
    • 7 Thanks
    mick1111
    Constantly being on the move. I!!!8217;ve rented 8 places in the last 9 years, enough was enough so I started my Help To Buy ISA in 2016.
    Originally posted by sugarbabe84
    We were the same: stayed in 11 places in 2 continents since 2011! Opened HTB ISA in 2016, LISA 2017 and expecting to exchange as FTBs next week. Having child number 2 arrive was good motivation to actually own a house!
    • lookstraightahead
    • By lookstraightahead 19th Feb 19, 6:18 AM
    • 848 Posts
    • 757 Thanks
    lookstraightahead
    I would get them to focus on their careers and earnings, move where the best work is, rent for a while, realise they need to be independent and then make their own decisions about how much to save.

    I don't think keeping them at home where they don't need to progress is a good thing - it just keeps them as children for longer and what is the cut off age?

    I had a really good relationship with my parents but by 21 was desperate to live independently. What's happening now is that parents are telling children they can't afford to be independent which is simply not true imo.

    Earn more, get your career on track (even if you have to rent) would be my advice.
    • babyblade41
    • By babyblade41 19th Feb 19, 8:06 AM
    • 350 Posts
    • 322 Thanks
    babyblade41
    My then husband and I bought our first house and I was 18 and he was 27.. .. we never had a holiday , we never went out and even got married .. we didn't have credit cards or any loans . Had a child after 3 years of being married.

    It's how much you want it and how much you need it with no help from parents.
    We moved pretty regularly .
    we separated after 12 years and I went onto buy my own house and although we got back together I was mortgage free and so was he . I was 35 and he was 44 .
    I never went to Uni so no debts but we both had good jobs at the time although I relinquished my career and started lots of p/t jobs in the evening very soon after having my first born and pretty much worked every spare minute.. we both did
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