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  • FIRST POST
    RoxieW
    The 'We're saving for a deposit' thread
    • #1
    • 10th Mar 08, 10:03 AM
    The 'We're saving for a deposit' thread 10th Mar 08 at 10:03 AM
    Hi all

    Thought I'd start one of these as it seems a lot on this board are in this position and I couldn't find such a thread. Sorry if there is one - please point me in the direction of it someone!

    Not sure of the best way to do this, but thought it would be good to have a thread where we can state our goals, log our savings and encourage one another.

    So, I'll start -

    Hi I'm Roxie and I'm saving for a house deposit (titter)

    We currently have a 50!!!37; shared ownership 3 bed semi that has (at the minute!) 20K equity in our share.

    We want a whole house (lol) with 4 beds, an ensuite, a garage and utility. Basically, more living space all round.

    We currently have nearly !!!163;11K in saving and are aiming to save !!!163;700 a month - although this has gone to pot recently as we've been doing abit of sprucing up in our current house. !!!163;700 is generally quite realistic IF we stick to budget. Thats just the problem I'm afraid! I chart my progress in my sig below.

    Current savings portfolio

    !!!163;6500 - ISA 1
    !!!163;800 - ISA 2
    !!!163;2000 - 10% reg saver (!!!163;200 month to be transfered to ISA on term)
    !!!163;1250 - 10% regular saver (!!!163;250 a month to be transfered to ISA on term)
    !!!163;100 premium bonds

    total - !!!163;10650

    Monthly I save like this -
    !!!163;250 regular saver
    !!!163;200 regular saver
    !!!163;250 6% saving account - this is what I dip into if needs be.

    We're planning to have another baby and will have to move when said baby is 4/5 as our 3rd bedroom is teeny. We're aiming to have 50K saved by then, which seems realistic. As we're planning another baby I'm basing my figures on just one income as I dont plan to be working until little one starts school.

    My only worry is that the market will rise much more between now and then, rendering our deposit saving pointless.

    Does anyone thin it would be worthwhile sharing SOA's as on the DFW board so point out to each other where any possible cutbacks could be made in order to save?

    So that's me - anyone else care to join in?
    Last edited by RoxieW; 10-03-2008 at 10:22 AM.
    MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!
    £10 a day challenge Aug £408.50, Sept £90
    Weekly.
    155/200
    "It's not always rainbows and butterflies, It's compromise that moves us along."
Page 243
    • Lolly88
    • By Lolly88 1st Oct 17, 12:55 PM
    • 310 Posts
    • 829 Thanks
    Lolly88
    Congrats AcidHouse! That's such an achievement. I'm very excited for you, what part of the country are you planning to buy in?
    House Fund - £35078.21
    Currently buying a house
    • AcidHouse
    • By AcidHouse 1st Oct 17, 2:09 PM
    • 119 Posts
    • 324 Thanks
    AcidHouse
    Congrats AcidHouse! That's such an achievement. I'm very excited for you, what part of the country are you planning to buy in?
    Originally posted by Lolly88
    Thanks Lolly88
    The West Midlands - thankfully prices in my areas arenít too bad and Iím being realistic, Iím going under what I can afford because I want to have a life outside of owning the brick pile
    House Deposit = 100% Purchase Fees = 44%
    • tara747
    • By tara747 2nd Oct 17, 3:47 PM
    • 10,154 Posts
    • 26,743 Thanks
    tara747
    Wow it!!!8217;s been a while since I!!!8217;ve been here, but it!!!8217;s great to read through how everyone has made progress!

    I!!!8217;ve now saved my full deposit of £14,000 which is such a relief. Buying on my own, so it!!!8217;s been difficult to stay motivated at times but the vision of owning my own space and what that will feel like, and the level of independence it will give me has kept me going

    I!!!8217;m almost halfway to saving all of the purchase fees and money for surveys

    After that I will be saving for the actual things I need in the home, which is more difficult to figure out

    I!!!8217;ve spent the last few months deciding where to buy, the max I am prepared to borrow and generally being a hermit to save the extra money!

    Keep going savers
    Originally posted by AcidHouse

    Well done AcidHouse!!!!!!!!!!!!! Keep us posted
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • nat21luv
    • By nat21luv 16th Oct 17, 9:40 PM
    • 3,361 Posts
    • 27,370 Thanks
    nat21luv
    September payday update!


    I saved £1,127 this month... that's £9,422 so far this year and brings my grand total to £118,544.


    Would love to hit £120,000 next month! Can I do it...?


    Originally posted by tara747
    I expect nothing less
    £12k in 2017 #36= £450 £30k by Jan 2018= £15909 53.03% 80lbs (13.12.16)

    **MONEY MAKES ME HAPPY**
    • tara747
    • By tara747 17th Oct 17, 8:53 AM
    • 10,154 Posts
    • 26,743 Thanks
    tara747
    I expect nothing less
    Originally posted by nat21luv
    Aw, thank you
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • tara747
    • By tara747 27th Oct 17, 10:34 AM
    • 10,154 Posts
    • 26,743 Thanks
    tara747
    October payday update!


    I saved £1,169 this month... that's £10,591 so far in 2017... and £119,713 overall. Gah, so close to the £120k but not quite there yet!!!!

    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • tara747
    • By tara747 30th Nov 17, 11:03 AM
    • 10,154 Posts
    • 26,743 Thanks
    tara747
    November payday update!

    I saved £761 in November. That's £11,352 so far in 2017 and £120,474 overall.

    I've finally broken the £120k barrier!!!
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • Newcastle9
    • By Newcastle9 2nd Dec 17, 11:45 AM
    • 1 Posts
    • 1 Thanks
    Newcastle9
    Hi all, hope you don't mind me joining the party - been lurking on this thread for a while!

    My OH and I started seriously saving a few months ago and are hoping to be in a position to buy at the end of 2018.

    We so far have £6,700 between us in two HTB ISA's and two online savers. I have just created a monthly budget and savings forecast based on what we currently save and all expenses we expect in 2018.

    Based on my forecast we should have £16,700 by the end of 2018 - I know this is no where near some peoples totals but is massive for us!

    I'm hoping we can stretch our money even further by saving here and there so have set a goal of £20,000 by the end of 2018, so here goes!

    Current total: 6,700/20,000 = 33.5%
    • List Maker
    • By List Maker 2nd Dec 17, 7:18 PM
    • 56 Posts
    • 84 Thanks
    List Maker
    I love setting a goal! Next year is going to be the year that it ramps up for us as well NEWCASTLE9. Hoping to have two Years worth of LIsA each which is 20k and some other savings by the end of 2018. I!!!8217;ve become a bit obsessive transferring any save the change, cashback, bonus payments to it. As that is on top of regular saving.
    Best of luck everyone!
    HOUSE DEPOSIT - £6,720.50/£42,000
    Future Mat Savings - £100/£2,800
    Debt Free since July 2016
    SPC #585
    • archersluck
    • By archersluck 14th Dec 17, 1:00 PM
    • 619 Posts
    • 2,263 Thanks
    archersluck
    Just popping back to say I'm now in my own home and it's lovely! Knowing I was speaking to the jobsworth at the awful letting agency for the final time this week made every bit of this journey worthwhile. Good luck with the saving everyone x

    Saving for a deposit: £11,621.15
    20/25lbs
    • tara747
    • By tara747 21st Dec 17, 11:34 AM
    • 10,154 Posts
    • 26,743 Thanks
    tara747
    Last update of 2017!

    I saved £1,259 in December, £12,611 in 2017 (target exceeded) and my grand savings total now stands at £121,733. A very good year
    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 £132,000 by 31 Dec 2018! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733
    eBay sales - £4,559.89 Cashback - £2,309.73
    • juniordoc
    • By juniordoc 21st Dec 17, 12:41 PM
    • 364 Posts
    • 286 Thanks
    juniordoc
    I've also recently completed on my first home having been saving for a deposit for 6 years! So good to stop giving our money to a landlord and letting agent every month. The pain of saving is worth it! And remember at this time if year when there's so much pressure to spend, that Christmas is about people, not about stuff.
    Happy Saving
    • compbren
    • By compbren 22nd Dec 17, 7:54 PM
    • 131 Posts
    • 199 Thanks
    compbren
    I haven't posted on here in a good few months so I think it's time for a little update.

    I am so hoping that this time next year I'll be in my own home. I'm currently back to £33,000 in savings as of now, despite reaching £40,000 earlier this year. I ended up buying a new car which slowed me down a bit.

    Anyway, I'm determined to get back up to £40k again next year. It shouldn't be too difficult, but that last few months my savings have gone out the window a bit. Anyway, onwards and upwards.
    House Deposit: £28,000 and still saving!
    • Missmoneygirl
    • By Missmoneygirl 22nd Dec 17, 11:01 PM
    • 1 Posts
    • 1 Thanks
    Missmoneygirl
    Hello, first time posting but inspired by all these savers! You guys have done/still are doing amazing. My gf and I have been saving for a house deposit for around three years and have just hit £50000 which I am so excited about. My goal is £80000 by the end of next year which will be tight but doable, so I thought posting here might give me some accountability along with inspiration. Looking to buy somewhere between £200000 to £230000. This will be our first home and we are so excited!
    • Lolly88
    • By Lolly88 29th Dec 17, 7:35 PM
    • 310 Posts
    • 829 Thanks
    Lolly88
    I've decided to increase my target from £25,500 to £35,000 which will be 30k deposit and 5k for fees. This is because I want to buy a property at the top end of my affordability and I will be moving to a new area in the new year where houses are slightly more expensive.

    I've saved £23,000 so far and very proud I've done this in 2 years. I've never had this much money in my life and never dreamed it would be possible. If I save 12k over the next year like I plan to then I will have reached my 35k target and this time next year I can start seriously looking at houses to buy! This time next year I will come back to this thread and quote this very post and update positively or negatively whether I've reached my target and if I have put the wheels in motion to buy. It feels too good to be true and I don't believe it will happen but we will see.
    Originally posted by Lolly88
    I am a woman of my word - one year on and i've not quite reached my target of £35,000 due to an unexpected bereavement earlier this year which meant expensive funeral costs to pay for. However, I've come back swinging and with a total standing at just over £32,000 I'm not far from where I wanted to be.

    More significantly, I am officially in the process of buying a house - my fingers and toes are crossed that it all works out well after being mucked around in November with a previous seller. 3 years of saving and now the finish line is so close.
    House Fund - £35078.21
    Currently buying a house
    • WodaSodowa
    • By WodaSodowa 10th Jan 18, 11:49 AM
    • 17 Posts
    • 29 Thanks
    WodaSodowa
    Can I join please?
    My savings as of today are £3510, my target for 1st of July is to have £13500 (aiming for 10%). It will be really hard to achieve it considering that we have a couple of family celebrations (wedding, stag and hen abroad etc), 2 of our kids have birthdays and generally life always throws something our way. I had a look at our expenses and cut out whatever I can:
    - slashed our food bill from £140 a week to £55 (tesco everyday value snacks and I'm cooking a lot in slow cooker, to be honest we are eating nicer, tastier food than when we spent a lot more money)
    -my phone contract is due for renewal but I'm going to go for Sim only 12 month contract so I will pay £6 instead of £32 a month)
    -got rid of Now TV (only left kids package which is £2.99 a month)
    -I try not to turn on heating at all until kids are back from school and do only full loads in dishwasher and washing machine
    -don't buy anything unless it's absolutely necessary
    All in all I want to save around £400 per week. Some weeks I will not be able to save much (for example when rent comes out), some weeks I will be able to save almost all money coming in.
    I put on the fridge door an estate agents leaflet about the house that would be absolutely perfect for our family. I really regret that we are not able to buy it at the minute and I hope it will help me to stay focused as I don't want to be disappointed again. I know I can do it- short term sacrifice to achieve my dream!!!55357;!!!56842;
    • juniordoc
    • By juniordoc 18th Jan 18, 7:29 AM
    • 364 Posts
    • 286 Thanks
    juniordoc
    Welcome Soda, how is your saving going this week?
    I love the idea of having an inspirational pic on the fridge.
    Also make sure the savings you already have are earning the best possible interest in a help to buy ISA and high interest current accounts. Good luck working towards your deposit!
    • WodaSodowa
    • By WodaSodowa 19th Jan 18, 10:40 PM
    • 17 Posts
    • 29 Thanks
    WodaSodowa
    Thanks for the welcome juniordoc
    I forgot to post on Sunday but had all the figures written in my notebook.
    08.01-14.01 I saved 444.65 and as well got back £300 that I lend to someone. So it's extra £744.65 in our savings.
    My overall house deposit stands at £4244.65/£13500.
    This week was very good savings wise so hopefully will be able to add another £500 or £600
    I already set up HTB ISA for my husband (it was quite straightforward as he has his current account with Nationwide), I have to go to the branch to get mine sorted but I was so busy this couple of weeks that I completely forgot about it. I will go next Friday- thanks for reminding me juniordoc
    • WodaSodowa
    • By WodaSodowa 21st Jan 18, 8:52 PM
    • 17 Posts
    • 29 Thanks
    WodaSodowa
    Just a quick Sunday update
    This week saved £619.25 so a very good week
    Together in deposit pot we have £4863.90- getting closer and closer.
    For being so good this week we got a cheeky burrito (just one between us two)
    • BritOnABudget
    • By BritOnABudget 22nd Jan 18, 10:49 AM
    • 59 Posts
    • 495 Thanks
    BritOnABudget
    Just a quick Sunday update
    This week saved £619.25 so a very good week
    Together in deposit pot we have £4863.90- getting closer and closer.
    For being so good this week we got a cheeky burrito (just one between us two)
    Originally posted by WodaSodowa
    I am enjoying reading your updates and I think that its fab you are able to save so much
    House Deposit: £5,015.37
    Make £2018 in 2018 - £1399.45/£2018
    Save 7k in 2018 #25
    Emergency Fund - £0/£1000 = 90%
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