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    • SamanthaKing
    • By SamanthaKing 10th Apr 19, 2:15 PM
    • 3Posts
    • 1Thanks
    SamanthaKing
    How did you save for you first home?
    • #1
    • 10th Apr 19, 2:15 PM
    How did you save for you first home? 10th Apr 19 at 2:15 PM
    Hey everyone,

    I am in my early twenties, renting and working in Bath. My paycheck just about covers rent/bills/food but there isn't anything left over.

    I am just wondering how and when you all got on the property ladder? I think other people's experiences/tips might just help me in the process!
Page 3
    • Davesnave
    • By Davesnave 13th Apr 19, 8:56 AM
    • 27,880 Posts
    • 99,037 Thanks
    Davesnave
    For the purpose of OP, I don't think matched betting is suitable as a 'get a deposit scheme' or 'save money scheme'
    Originally posted by jkility

    The person who replied 'matched betting' was answering the question correctly, if that's what they did.
    'I've suffered for my music, now it's your turn.' Neil Innes, introducing 'Protest Song.'
    • AlexMac
    • By AlexMac 13th Apr 19, 10:43 AM
    • 2,325 Posts
    • 2,030 Thanks
    AlexMac
    Good question Sam...
    ... I am just wondering how and when you all got on the property ladder? ...
    Originally posted by SamanthaKing
    ... but my experience won't "help you at all in the process" sadly, as you're unlikely to benefit from the political-economic environment and spoonfeeding which I enjoyed in my 20's and 30's in the latter quarter of the 20th Century!

    In the late 40's and 1950's my family lived in a succession of really rough places (a caravan, B&Bs, Homeless Persons' Units, hostels, tied accommodations, dodgy short term rentals, til (joy of joys) my parents got a Council flat (does anyone remember them?) from a Socialist borough Council...

    ... then on marrying, and after a few more years in rough rentals or HMOs, I got our own Council flat (does anyone remember them?) from another Labour borough Council...

    ...then bought our first house in my late 20's; a 10 grand slummy wreck in Brixton in 1975, (under a Labour Government; Harold Wilson, 1964–1976 except for a few years under Conservative Edward Heath) with the help of a 100% (yes, 100%) mortgage from the deeply Socialist regional "Greater London Council" (does anyone remember them?) ...

    ... and, as we were skint and there was not much of a roof, no hot water or heating and carp kitchen/bathroom, did a load of DIY but crucially, got a "Home Improvement Grant" (does anyone remember them?) from (yeah, you guessed, another Labour Council!)...

    It gets better; I then bought my second home in 1985 with some help from the taxman via "MIRAS" (does anyone remember that?), so that over the 7 years I owned this one, the tax relief totalled over 11k; exactly one-third of its 34k purchase price.

    MIRAS; Mortgage Interest Relief at Source was introduced by a Conservative Government (Margaret Thatcher 1979-90) who wanted everyone to own their own home on the assumption this would make them all vote Tory, and eventually abolished by (you guessed it- a Labour Governemnt in 2000.

    Then both governments colluded (or neglected) so as to let the market produce the kind of housing shortages that caused rocketing house price inflation in the latter 20th Century and 'noughties, so that my old 10k Brixton wreck is probably worth north of a million pounds...

    So as regards...
    ... I think other people's experiences/tips might just help me in the process...
    Originally posted by SamanthaKing
    my experience is therefore of absolutely no help to you; unless you extrapolate that you have to vote Comrade Corbyn into power in the hope that he'll build mass public housing, re-introduce tax breaks for poorer families and cull the rich... which regrettably ain't gonna happen!

    But you'll get there; good luck
    • Takmon
    • By Takmon 13th Apr 19, 2:41 PM
    • 416 Posts
    • 369 Thanks
    Takmon
    For the purpose of OP, I don't think matched betting is suitable as a 'get a deposit scheme' or 'save money scheme'
    Originally posted by jkility
    Have you ever tried Matched Betting?

    Matched Betting is a way to make extra money guaranteed in your spare time, you need less than 100 to start off and don't have to declare any of it as income. So sounds perfect for the OP.

    I did it for around a year taking advantage of the quick and easy offers and I make just over 4000 profit. If you compare that to other people that's not a massive amount but I didn't spend a massive amount of time doing it.
    • csgohan4
    • By csgohan4 13th Apr 19, 2:58 PM
    • 5,801 Posts
    • 3,809 Thanks
    csgohan4
    Have you ever tried Matched Betting?

    Matched Betting is a way to make extra money guaranteed in your spare time, you need less than 100 to start off and don't have to declare any of it as income. So sounds perfect for the OP.

    I did it for around a year taking advantage of the quick and easy offers and I make just over 4000 profit. If you compare that to other people that's not a massive amount but I didn't spend a massive amount of time doing it.
    Originally posted by Takmon
    I hate gambling and it has ruined many lives seeing it first hand, no thank you. Lottery from time to time is my limit


    The best way to guarantee your income indefinitely is building up your career and not chance it
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • pinknsparkly
    • By pinknsparkly 13th Apr 19, 3:06 PM
    • 330 Posts
    • 755 Thanks
    pinknsparkly
    Living in the cheapest houseshares we could find to minimise our largest expenses (rent and bills) as far as possible. I realise this isn't an attractive option, but for us that was the most straight forward way of reducing our outgoings (plus we were unwilling to give up our holidays!). Also, considering savings over an extended period of time rather than just immediate savings - we bought a car for 4000 to ensure it would last a good number of years and saved me quite a bit of time (commute) and money (train fares compared to petrol). Taking that money out of savings was painful but it paid itself back over the next five years in terms of savings on train fares!

    I would suggest you create a careful, and complete, record of your outgoings over a year (when I say "complete", I mean make sure you include everything that you spend - that cup of coffee you get when your train delayed and you're freezing cold on the platform, your annual car insurance bill, the takeaway when you can't be bothered to cook, the monthly gym membership that you pay for but never use!). Divide them into categories, and work out the total expense in each category per year. Then, cut out the things that jump out at you as being completely unnecessary and that you wouldn't even notice if they went (such as the aforementioned gym membership!). Next, start with the categories that cost you the most money, this is likely to be your rent, and see how you can trim them. Pick the biggest wins (this may be the ones that save the most money or the ones that are easiest to do) and put those into place. The final step is to make ABSOLUTELY sure that every penny you save from these changes goes immediately into a savings account rather than hanging out in your current account at risk of getting spent!!

    Good luck, it's tough but having just bought our first house I can say it's totally worth it!! It's about finding compromises that allow you to save that still allow you to live a life you value. For us the compromises were living in houseshares, taking packed lunches to work and not eating out whilst the things we value and wouldn't give up were holidays and visiting friends and family.
    MFW 2019 challenge #99: 1440.88 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 1440.88 / 30,000
    Save 12k in 2019 challenge #99: 10290 / 12,000
    2019 keep moving challenge: 190.2 / 1000 miles
    Last updated: 17/04/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Nov 2052
    • Takmon
    • By Takmon 13th Apr 19, 3:26 PM
    • 416 Posts
    • 369 Thanks
    Takmon
    I hate gambling and it has ruined many lives seeing it first hand, no thank you. Lottery from time to time is my limit

    The best way to guarantee your income indefinitely is building up your career and not chance it
    Originally posted by csgohan4
    Matched Betting isn't gambling, it is a way to take advantage of special offers to guarantee a profit no matter what happens.

    This also isn't a replacement for a good career. Like I said I did it in my spare time and made a good amount of money for a hobby.
    • SamanthaKing
    • By SamanthaKing 16th Apr 19, 4:16 PM
    • 3 Posts
    • 1 Thanks
    SamanthaKing
    This has actually helped so much....."live like a monk for a few years"

    You're totally right. I'll be hustling for the next few years but it will pay off in the end! I would get a weekend job to help but I am a full time worker and part time student so that is out of the question.

    At least being busy means that I am not constantly going out and spending money!

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