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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!
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    Weekly.
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    "It's not always rainbows and butterflies, It's compromise that moves us along."
Page 246
    • emincosi
    • By emincosi 10th Mar 18, 2:39 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    Long time lurker folks! But, inspired by all of you, I'll be taking the plunge.

    I plan on saving 100k in total within 5years (currently, at 22k), trying to prove/disprove the hypothesis of 'ditch the avocado toast to buy a house'. While that's the ultimate goal, if I decide to go ahead and purchase with a smaller deposit - so be it. But, I wanted to have a goal and budget to follow in order to see how this works out.

    I'll be blogging in more detail about my experience on wordpress (let me know if you want to follow along), but will aim to update you all here every two weeks or so as well! Sharing is caring, yes? I have been getting email alerts on this thread for over a year now, and must say it's quite inspiring, so thank you for sharing your stories!!

    I'm a singleton based out of London, renting on my own, I'm quite lucky in that I have a fairly well-paying job. So I'll be aiming to save 49-50% of my after-tax paycheck each month. It will mean cutting back quite a bit on expenses, however, it doesn't mean that I'll have to live extremely frugally.
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • BritOnABudget
    • By BritOnABudget 12th Mar 18, 9:35 AM
    • 59 Posts
    • 495 Thanks
    BritOnABudget
    Long time lurker folks! But, inspired by all of you, I'll be taking the plunge.

    I plan on saving 100k in total within 5years (currently, at 22k), trying to prove/disprove the hypothesis of 'ditch the avocado toast to buy a house'. While that's the ultimate goal, if I decide to go ahead and purchase with a smaller deposit - so be it. But, I wanted to have a goal and budget to follow in order to see how this works out.

    I'll be blogging in more detail about my experience on wordpress (let me know if you want to follow along), but will aim to update you all here every two weeks or so as well! Sharing is caring, yes? I have been getting email alerts on this thread for over a year now, and must say it's quite inspiring, so thank you for sharing your stories!!

    I'm a singleton based out of London, renting on my own, I'm quite lucky in that I have a fairly well-paying job. So I'll be aiming to save 49-50% of my after-tax paycheck each month. It will mean cutting back quite a bit on expenses, however, it doesn't mean that I'll have to live extremely frugally.
    Originally posted by emincosi
    I would love to read about your experience of saving for your deposit in more detail if you could direct me where to read this
    House Deposit: 5,015.37
    Make 2018 in 2018 - 1399.45/2018
    Save 7k in 2018 #25
    Emergency Fund - 0/1000 = 90%
    • tara747
    • By tara747 12th Mar 18, 3:51 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Long time lurker folks! But, inspired by all of you, I'll be taking the plunge.

    I plan on saving 100k in total within 5years (currently, at 22k), trying to prove/disprove the hypothesis of 'ditch the avocado toast to buy a house'. While that's the ultimate goal, if I decide to go ahead and purchase with a smaller deposit - so be it. But, I wanted to have a goal and budget to follow in order to see how this works out.

    I'll be blogging in more detail about my experience on wordpress (let me know if you want to follow along), but will aim to update you all here every two weeks or so as well! Sharing is caring, yes? I have been getting email alerts on this thread for over a year now, and must say it's quite inspiring, so thank you for sharing your stories!!

    I'm a singleton based out of London, renting on my own, I'm quite lucky in that I have a fairly well-paying job. So I'll be aiming to save 49-50% of my after-tax paycheck each month. It will mean cutting back quite a bit on expenses, however, it doesn't mean that I'll have to live extremely frugally.
    Originally posted by emincosi
    Welcome to the thread, emincosi! I'm looking forward to more updates, it took me around 9 years to save 100K so I really hope you hit your target after 5

    I don't live overly frugally either - I'm careful with money and don't fritter it, but I do love travelling and eating out. Sounds like you have a great attitude and I wish you good luck. Post a link to the blog so we can follow you on that too!
    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
    • diggingdude
    • By diggingdude 12th Mar 18, 11:23 PM
    • 187 Posts
    • 185 Thanks
    diggingdude
    Hello, I hope it ok to join, I have never read this thread before as I have tended to stay away from long threads however just recently i have had the time (will explain in a minute) to read and I have it really inspiring.

    Background - completed my PHD October 2015 and commenced employment with local authority. Initially I was hammering my nearly 8k credit card and maxing out the help to buy ISA (sadly couldn't put the full amount in month 1 as hadn't been paid and missed one month later on). Credit card is down to 250 on 0%.

    Got a new job up north April 2017, initially stayed with parents whilst purchasing a place which fell through. Was putting 800 away each month then.....massive car accident in October. In hospital until December which screwed everything up and haven't been saving during this period. Cleared medically to start working again just waiting for work to be happy, i now have a physical disability which they are trying to address (no criticism of work here at all) with reduced mobility Good news is work want me back Have had to dip into savings for various things.

    Anyway, time to address life as I am determined to buy my own place. Agreement to stay with parents for approx 1 year partially to save but also to get life back in order, will be paying them an agreed amount. I have transferred Help to Buy ISA over to Skipton LISA approx 6k (on a side note as the transfer is going through at the moment my H2B has closed but not yet showing in LISA, I know it will appear but a horrible feeling not being able to see it). Will top up the LISA with about 1800 before April tax cut off once I know exact amount to maximise bonus. Its a wise move I think and the bonus money for topping up the LISA will feel like I am managing to save again this month. 2200 in a regular saver account, think this will last another 5 months before interest rate 3% dissappears. The plan is to put the max 400 in regular saver each month and open another 1 or 2 if possible to place another 400. Anything else will be kept in current account until interest paying limits are reached unless i see somewhere better to put it. Ideally I would like to save another 10k by April 2019 not including any bonus due. I plan to place 4k of that in the Lisa March 2019 and another 4k late April 2019 to max the bonus payments.

    Sorry a bit long winded. I am lucky I have moved to an area where you can buy a decent 2 bed semi for 125000. I really want to do this and feel like this thread will keep me motivated through what I think will be a difficult time

    Current Savings - 8200
    LISA Bonus - 1950
    Target - 20000

    It may be a month or two before there is anything to update. Wish me luck and good luck to everyone saving
    Last edited by diggingdude; 12-03-2018 at 11:45 PM. Reason: spelling
    • Curls2208
    • By Curls2208 13th Mar 18, 7:24 AM
    • 50 Posts
    • 25 Thanks
    Curls2208
    Reassurance on your LISA. Halifax sent a Cheque to Skipton for me which took weeks to get through...it did appear eventually though.
    • diggingdude
    • By diggingdude 13th Mar 18, 2:01 PM
    • 187 Posts
    • 185 Thanks
    diggingdude
    Reassurance on your LISA. Halifax sent a Cheque to Skipton for me which took weeks to get through...it did appear eventually though.
    Originally posted by Curls2208
    Thanks, its mad, i take great joy out of looking at savings every few days as remember when i had none
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22
    • SamJ35
    • By SamJ35 13th Mar 18, 5:07 PM
    • 22 Posts
    • 11 Thanks
    SamJ35
    New to this thread! Excited to be involved! Congrats to everyone on their work so far.

    Bit of background - I'm 24 and me and my gf have been renting in London for 2 years. I have been at my current job in the city for 8 months and bringing in a decent amount of money. My gf studies/works part time.

    We're paying 1400 a month not including bills. (I know, feel sick) - but we rent a very nice 2 bed in zone 2, garden etc. We've been drawn to the London lifestyle and not an option to move at the moment (with OH studying) and my commute is a great sub-30 mins (TFL status depending!), so I am not spending a long time travelling. That seems to be the trade off in and around the capital.

    Trying to save as much as possible (but its difficult with the outgoings!). I've maxed out my LISA for this tax year (4000) and stashing small amounts away every month into an easy access which currently sits around 600 since start of January.

    Long term target is to get to 60k for a deposit. That's 15% of 400k and would potentially allow us to buy a flat in SE London (I would love to stay for a while!) - but also gives us plenty and a decent LTV/interest rate for the inevitability of moving further out! I have no idea how long this will take but maxing out LISAs for 6 years will get us there. I would love to be in well before 30 but I'll take that with a pinch of salt!

    Short term - max out 2 LISAs over 2018/2019 tax year (8000). That starts with opening one for the OH and seeing how much we can scrimp and get in there before April 5th!

    Good luck to everyone.
    • emincosi
    • By emincosi 13th Mar 18, 7:12 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    I would love to read about your experience of saving for your deposit in more detail if you could direct me where to read this
    Originally posted by BritOnABudget

    Thank you for the warm welcome BritOnABudget!

    Here's the link: https://ditchingavocadotoast.wordpress.com/2018/03/09/the-journey-begins/

    Beware, it's a millennial blog mainly aimed at family & friends! Although any tips/tricks as I move forward will be very welcome! (I shall try anything/everything!)
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • emincosi
    • By emincosi 13th Mar 18, 7:14 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    Welcome to the thread, emincosi! I'm looking forward to more updates, it took me around 9 years to save 100K so I really hope you hit your target after 5

    I don't live overly frugally either - I'm careful with money and don't fritter it, but I do love travelling and eating out. Sounds like you have a great attitude and I wish you good luck. Post a link to the blog so we can follow you on that too!
    Originally posted by tara747
    Thanks tara747! Well done on getting there, and you are an inspiration!!

    I'm currently on 22k, so really, it's 78k in 5 years. I plan on saving all my bonus' and the recent raise I got in addition to what I'm already saving, so it feels achievable! We will see...it's great to have an online support system here though! Any specific 'take-aways' from your journey you'd highlight or recommend? I'm all ears!!

    The blog can be found here: https://ditchingavocadotoast.wordpress.com
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • emincosi
    • By emincosi 13th Mar 18, 7:54 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    Hello, I hope it ok to join, I have never read this thread before as I have tended to stay away from long threads however just recently i have had the time (will explain in a minute) to read and I have it really inspiring.

    Background - completed my PHD October 2015 and commenced employment with local authority. Initially I was hammering my nearly 8k credit card and maxing out the help to buy ISA (sadly couldn't put the full amount in month 1 as hadn't been paid and missed one month later on). Credit card is down to 250 on 0%.

    Got a new job up north April 2017, initially stayed with parents whilst purchasing a place which fell through. Was putting 800 away each month then.....massive car accident in October. In hospital until December which screwed everything up and haven't been saving during this period. Cleared medically to start working again just waiting for work to be happy, i now have a physical disability which they are trying to address (no criticism of work here at all) with reduced mobility Good news is work want me back Have had to dip into savings for various things.

    Anyway, time to address life as I am determined to buy my own place. Agreement to stay with parents for approx 1 year partially to save but also to get life back in order, will be paying them an agreed amount. I have transferred Help to Buy ISA over to Skipton LISA approx 6k (on a side note as the transfer is going through at the moment my H2B has closed but not yet showing in LISA, I know it will appear but a horrible feeling not being able to see it). Will top up the LISA with about 1800 before April tax cut off once I know exact amount to maximise bonus. Its a wise move I think and the bonus money for topping up the LISA will feel like I am managing to save again this month. 2200 in a regular saver account, think this will last another 5 months before interest rate 3% dissappears. The plan is to put the max 400 in regular saver each month and open another 1 or 2 if possible to place another 400. Anything else will be kept in current account until interest paying limits are reached unless i see somewhere better to put it. Ideally I would like to save another 10k by April 2019 not including any bonus due. I plan to place 4k of that in the Lisa March 2019 and another 4k late April 2019 to max the bonus payments.

    Sorry a bit long winded. I am lucky I have moved to an area where you can buy a decent 2 bed semi for 125000. I really want to do this and feel like this thread will keep me motivated through what I think will be a difficult time

    Current Savings - 8200
    LISA Bonus - 1950
    Target - 20000

    It may be a month or two before there is anything to update. Wish me luck and good luck to everyone saving
    Originally posted by diggingdude
    Such terrible luck! I'm glad you are on the mends and that work is accommodating. The enthusiasm for deposit-saving is clearly felt and will certainly worth the sacrifices! I have a H2B ISA instead of a LISA (the potential 'penalty' for withdrawing is putting me off) - it's truly a great scheme though if you can take advantage of it! Best of luck & look forward to following your journey.
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • diggingdude
    • By diggingdude 14th Mar 18, 2:57 PM
    • 187 Posts
    • 185 Thanks
    diggingdude
    Such terrible luck! I'm glad you are on the mends and that work is accommodating. The enthusiasm for deposit-saving is clearly felt and will certainly worth the sacrifices! I have a H2B ISA instead of a LISA (the potential 'penalty' for withdrawing is putting me off) - it's truly a great scheme though if you can take advantage of it! Best of luck & look forward to following your journey.
    Originally posted by emincosi
    Thanks, I like to think these things are sent to try us I just wish it would maybe try a little bit less I loved my Help to Buy ISA. Got the closing statement today and there was 50 interest I hadn't thought about that has been added....result. I wish I had put 1 in a year ago into a LISA like MSE suggested but never got around to it. Its not the worst for me but I reckon a fair few people are sadly regretting not doing it now
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22
    • emincosi
    • By emincosi 14th Mar 18, 8:09 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    Thanks, I like to think these things are sent to try us I just wish it would maybe try a little bit less I loved my Help to Buy ISA. Got the closing statement today and there was 50 interest I hadn't thought about that has been added....result. I wish I had put 1 in a year ago into a LISA like MSE suggested but never got around to it. Its not the worst for me but I reckon a fair few people are sadly regretting not doing it now
    Originally posted by diggingdude
    Absolutely, I do believe that we come out stronger in the end though! It takes persistence and tenacity though.

    Well, done - 50 is great in these no-interest days!
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • studentguy
    • By studentguy 15th Mar 18, 12:30 PM
    • 113 Posts
    • 47 Thanks
    studentguy
    We're regretting it - when we opened our H2B ISA a couple of years ago, we had no doubt we'd be buying under the 250k limit, but I changed jobs and got a substantial pay rise, and my GF has since gained a decent paying job, and suddenly our affordability went from 130k or so, to 320k or so - since our new jobs both involve a lot of home working, we now require a bigger house to let us have the space to comfortably work from home - unfortunately our H2B ISAs will no longer give us any bonuses, and we didn't open our Lifetime ISAs until last Nov and we're hoping to buy before the anniversary so we haven't moved it over. Also to make matters more complicated, we're very likely to go with Nationwide 5% mortgage, which only let you use it if you have a help to buy ISA with them (which we do), so we need to keep it around for that reason too - so we're resigned to not getting any bonuses, which is a shame - oh well, nice problem to have I suppose!
    Despite my name, I'm not a student any more
    • emincosi
    • By emincosi 17th Mar 18, 1:41 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    We're regretting it - when we opened our H2B ISA a couple of years ago, we had no doubt we'd be buying under the 250k limit, but I changed jobs and got a substantial pay rise, and my GF has since gained a decent paying job, and suddenly our affordability went from 130k or so, to 320k or so - since our new jobs both involve a lot of home working, we now require a bigger house to let us have the space to comfortably work from home - unfortunately our H2B ISAs will no longer give us any bonuses, and we didn't open our Lifetime ISAs until last Nov and we're hoping to buy before the anniversary so we haven't moved it over. Also to make matters more complicated, we're very likely to go with Nationwide 5% mortgage, which only let you use it if you have a help to buy ISA with them (which we do), so we need to keep it around for that reason too - so we're resigned to not getting any bonuses, which is a shame - oh well, nice problem to have I suppose!
    Originally posted by studentguy
    Can you maybe keep your H2B ISA and your GF can get a LISA? That way you can max out on the LISA contributions? Sorry if I am asking basic questions it just seems odd that you'd have to have a H2B ISA with Nationwide to get a H2B mortgage...couldn't you simply treat your H2B ISA as a savings account? That's how I use mine, as I don't expect to be able to use the bonus due to the restrictions on max house prices.
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • studentguy
    • By studentguy 19th Mar 18, 12:37 PM
    • 113 Posts
    • 47 Thanks
    studentguy
    No point saving in a LISA as we only opened in Nov, so if we buy before Nov we'll be penalised, which sucks. And yeah it's annoying NW only allow their save to buy mortgages if you have a help 2 buy isa with them, I suppose it's to reduce the risk to see if you're a reliable saver?
    Despite my name, I'm not a student any more
    • emincosi
    • By emincosi 19th Mar 18, 8:07 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    Ah! It's the one year rule, isn't it? I'd forgotten about that one.

    It just sounds ridiculous to me to be honest, as you can prove your a regular saver and are budgeting wisely by how you handle your accounts/spending. Are you set on having your mortgage with them or are you shopping around as well?
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • studentguy
    • By studentguy 20th Mar 18, 4:08 PM
    • 113 Posts
    • 47 Thanks
    studentguy
    Ah! It's the one year rule, isn't it? I'd forgotten about that one.

    It just sounds ridiculous to me to be honest, as you can prove your a regular saver and are budgeting wisely by how you handle your accounts/spending. Are you set on having your mortgage with them or are you shopping around as well?
    Originally posted by emincosi
    We'll be shopping round, but we wanted to keep our options open and Nationwide are a good option it seems for a 5% mortgage, but we've got a broker who'll look at the best deals when we're ready to buy (soon hopefully)! In our experience the Nationwide Affordability Calculator seems to be the most generous
    Despite my name, I'm not a student any more
    • brunettebimbo
    • By brunettebimbo 23rd Mar 18, 6:46 AM
    • 30 Posts
    • 45 Thanks
    brunettebimbo
    What a month! Im so glad its payday!
    Work have messed up massively so I was left with hardly anything to live on! Thankfully weve made it with only dipping in for 100 from savings.

    Ive put the 100 back today and added 50 as my car insurance wont come out until next payday.

    Total saved to date is 3075!

    Ill have a further standing order of 150 going in on the 1st April too. Im hoping to be able to add more to savings this month but need to pay some more off my solicitor bill and work out budget for the next month!
    • tara747
    • By tara747 23rd Mar 18, 3:40 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Thanks tara747! Well done on getting there, and you are an inspiration!!

    I'm currently on 22k, so really, it's 78k in 5 years. I plan on saving all my bonus' and the recent raise I got in addition to what I'm already saving, so it feels achievable! We will see...it's great to have an online support system here though! Any specific 'take-aways' from your journey you'd highlight or recommend? I'm all ears!!

    The blog can be found here: https://ditchingavocadotoast.wordpress.com
    Originally posted by emincosi
    Great blog title

    My main thing is: don't lose sight of your long-term goals, but you need to enjoy life as well. This means cutting out all the things that you don't value so much, so that you can afford the things that you do value.
    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
    • emincosi
    • By emincosi 25th Mar 18, 5:28 PM
    • 38 Posts
    • 167 Thanks
    emincosi
    Great blog title

    My main thing is: don't lose sight of your long-term goals, but you need to enjoy life as well. This means cutting out all the things that you don't value so much, so that you can afford the things that you do value.
    Originally posted by tara747
    Thank you

    Spot on with that advice! I'll try and keep it in mind
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
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