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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% 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 £11K in saving and are aiming to save £700 a month - although this has gone to pot recently as we've been doing abit of sprucing up in our current house. £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

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

    total - £10650

    Monthly I save like this -
    £250 regular saver
    £200 regular saver
    £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 247
    • jonnygee2
    • By jonnygee2 25th Mar 18, 10:10 PM
    • 308 Posts
    • 309 Thanks
    jonnygee2
    Well I'm a little late to this thread, as hopefully I'm about to exchange contracts! 55k saved since 2012. Here's my general advice, from doing it the wrong way and then doing it the right way!

    - Don't cut down your social life. Cut down all the stuff you do when you are on your own so you can still go out with friends, without being the person who keeps saying 'I can't afford it...'. You can't sustain a cut in your social life for more than a few months.

    - Try to enjoy doing things on the budget you have. Shopping in local markets and second hand stores, and going hiking on holiday can be part of a great lifestyle. Avoid constantly thinking 'if only I had more money I could...'. Don't walk into designer clothes stores or read the menus of expensive restaurants, just get used to walking by them and thinking they are for someone else.

    - Be careful with dating. It can be horrendously expensive!

    - Do lots of research once a year to make sure your deposit is in the best place possible for interest and take the time to move it around if it isn't. In total over 5 years I've earned about 4500 in interest alone which made the difference on getting the flat I wanted (even though when you have 50k in the bank it feels like your resources are infinite, when it comes to buying suddenly every thousand pounds matters).
    • GoingOn30
    • By GoingOn30 26th Mar 18, 2:04 PM
    • 101 Posts
    • 70 Thanks
    GoingOn30
    I would add to the above....
    Look around at switching current accounts, you can get up to 4 or 5 bonuses a year that can be up to 150 each.
    I did have to cut my social life and for more than a few months, but to me getting on the ladder and getting rid of landlords and letting agents was so important that it was worth it.
    • emincosi
    • By emincosi 27th Mar 18, 11:29 AM
    • 39 Posts
    • 171 Thanks
    emincosi
    Brilliant advice johnny (well done on 55k and good luck with the exchange!) & goingon30, thank you!

    I agree - I won't be cutting down much on social life to be very honest with you (mainly because I already have so little of it due to work/travel - so I cherish it when I do get to see my friends!). The majority of my additional savings will come from ceasing to spend on the following categories:

    Weekday Coffee (Leon's large skinny lattes)
    Take-aways and meals-out (4 times a week)
    Gym Membership
    Fortnightly Night Out
    Clothes & Beauty
    Monthly Cinema Ticket

    Honestly, the coffees & takeaways are my biggest spend category (I have a fairly stressful job), but hoping that by cutting back on those I'll be able to save $$$$ p.a. I'm not saying I won't have a coffee here and there with a friend or have meals out, but I want those to be 'treats' rather than my 'modus operandi' if that makes sense...I'm also quite fed up with buying clothes and giving them away, so I want to shop much more consciously and from 2nd hand shops (I do love those!) to minimize my eco footprint.
    Last edited by emincosi; 27-03-2018 at 11:44 AM. Reason: typo
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • tara747
    • By tara747 27th Mar 18, 2:45 PM
    • 10,207 Posts
    • 26,830 Thanks
    tara747
    Well I'm a little late to this thread, as hopefully I'm about to exchange contracts! 55k saved since 2012. Here's my general advice, from doing it the wrong way and then doing it the right way!

    - Don't cut down your social life. Cut down all the stuff you do when you are on your own so you can still go out with friends, without being the person who keeps saying 'I can't afford it...'. You can't sustain a cut in your social life for more than a few months.

    - Try to enjoy doing things on the budget you have. Shopping in local markets and second hand stores, and going hiking on holiday can be part of a great lifestyle. Avoid constantly thinking 'if only I had more money I could...'. Don't walk into designer clothes stores or read the menus of expensive restaurants, just get used to walking by them and thinking they are for someone else.

    - Be careful with dating. It can be horrendously expensive!

    - Do lots of research once a year to make sure your deposit is in the best place possible for interest and take the time to move it around if it isn't. In total over 5 years I've earned about 4500 in interest alone which made the difference on getting the flat I wanted (even though when you have 50k in the bank it feels like your resources are infinite, when it comes to buying suddenly every thousand pounds matters).
    Originally posted by jonnygee2
    Brilliant advice. I couldn't agree more, especially with the bit I've highlighted in red.

    I've never been overly materialistic or dazzled by shiny stuff, and I certainly don't feel the need to prove myself to anyone with 'status symbols'. If anything, I realise that those who live simply usually have more financial security than those who flaunt expensive stuff bought on credit.

    Re dating, I would say: try to find someone who has the same financial values as you do. It doesn't have to be expensive. I'm in a relationship with a guy who doesn't have expensive tastes. Even in the early stages, our dates were mainly coffee or the cinema rather than dinner or the pub.

    Well done on saving 55k


    I would add to the above....
    Look around at switching current accounts, you can get up to 4 or 5 bonuses a year that can be up to 150 each.
    I did have to cut my social life and for more than a few months, but to me getting on the ladder and getting rid of landlords and letting agents was so important that it was worth it.
    Originally posted by GoingOn30
    Yep - I've probably earned over 2,000 in total just from switching bonuses (I'm a bank account tart)!


    Brilliant advice johnny (well done on 55k and good luck with the exchange!) & goingon30, thank you!

    I agree - I won't be cutting down much on social life to be very honest with you (mainly because I already have so little of it due to work/travel - so I cherish it when I do get to see my friends!). The majority of my additional savings will come from ceasing to spend on the following categories:

    Weekday Coffee (Leon's large skinny lattes)
    Take-aways and meals-out (4 times a week)
    Gym Membership
    Fortnightly Night Out
    Clothes & Beauty
    Monthly Cinema Ticket

    Honestly, the coffees & takeaways are my biggest spend category (I have a fairly stressful job), but hoping that by cutting back on those I'll be able to save $$$$ p.a. I'm not saying I won't have a coffee here and there with a friend or have meals out, but I want those to be 'treats' rather than my 'modus operandi' if that makes sense...I'm also quite fed up with buying clothes and giving them away, so I want to shop much more consciously and from 2nd hand shops (I do love those!) to minimize my eco footprint.
    Originally posted by emincosi
    Great compromise - you can still have coffees, but only when seeing friends, so it becomes a cheap way of socialising. I do this too.

    Second hand and charity shops (and eBay) are my source of clothes too, that's when I feel like shopping, which is rare And yes, they save on resources 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
    • *little.squirrel*
    • By *little.squirrel* 27th Mar 18, 5:05 PM
    • 66 Posts
    • 73 Thanks
    *little.squirrel*
    We are saving for a deposit too! There is lots of great advice here; thanks for sharing. We are trying to save for a 10% deposit, plus fees and aiming for a house around 250,000. We have some money aside already and we are trying to save 6K this year. This should be achievable but there will be some months when it is harder than others! I've set myself a personal challenge not to buy any brand new clothes or any make up this year. So far that isn't a problem and I'm enjoying having the occasional rummage in the charity shop instead. DH not quite on board for that for himself yet! We are definitely trying to limit our expenses without entirely compromising on having fun too.
    #112 Save 12k in 2018: 3692.56/6000
    • emincosi
    • By emincosi 27th Mar 18, 7:02 PM
    • 39 Posts
    • 171 Thanks
    emincosi
    Welcome to the club squirrel!

    Tara, absolutely, I'm all about compromising nowadays
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • tara747
    • By tara747 28th Mar 18, 5:22 PM
    • 10,207 Posts
    • 26,830 Thanks
    tara747
    March payday update from me!

    I saved 1,005 in March, which makes 3,378 so far in 2018 and 125,111 overall.

    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
    • GoingOn30
    • By GoingOn30 29th Mar 18, 10:56 AM
    • 101 Posts
    • 70 Thanks
    GoingOn30
    Well done everyone.
    Emincosi if you've been having 4 meals out/takeaways a week you should be able to save loads and will be a bit healthier for it too.
    Great that everyone is thinking about the environment with buying second hand clothes too. The whole idea of "fashion" and buying things only to get rid of them a year later winds me up so much, so much ends up in landfill.
    • Daybyday
    • By Daybyday 31st Mar 18, 10:55 AM
    • 12 Posts
    • 19 Thanks
    Daybyday
    March update! I've over spent this month on going out etc, which I'd a lesson learned. Despite that we've managed to save 1k and have broken the 6k barrier!

    Welcome to all of the new posters and we'll dome everybody!
    • jonnygee2
    • By jonnygee2 31st Mar 18, 1:44 PM
    • 308 Posts
    • 309 Thanks
    jonnygee2
    Honestly, the coffees & takeaways are my biggest spend category (I have a fairly stressful job), but hoping that by cutting back on those I'll be able to save $$$$ p.a.
    I work long hours in a fairly high pressure environment too so I completely feel you here.

    Have you got, or looked at, one of the more modern current accounts, like Monzo or Starling? You can see everything you spend and it gets instantly categorised, you can set targets too for each category and it will let you know when you are close to going over. Really helps. As soon as you see the size of your 'eating out' category, you'll be much more motivated to fix it!

    Cooking everyday has probably been the biggest pain point. I get home, I'm tired, it's late, and I don't want to spend the only 2 hours I have to myself buying stuff, cooking a meal and washing up, even if the result is healthier and tastier than a takeaway or a ready meal.

    But no one said it would all be easy. You get used to it over time.
    • emincosi
    • By emincosi 31st Mar 18, 7:57 PM
    • 39 Posts
    • 171 Thanks
    emincosi
    I work long hours in a fairly high pressure environment too so I completely feel you here.

    Have you got, or looked at, one of the more modern current accounts, like Monzo or Starling? You can see everything you spend and it gets instantly categorised, you can set targets too for each category and it will let you know when you are close to going over. Really helps. As soon as you see the size of your 'eating out' category, you'll be much more motivated to fix it!

    Cooking everyday has probably been the biggest pain point. I get home, I'm tired, it's late, and I don't want to spend the only 2 hours I have to myself buying stuff, cooking a meal and washing up, even if the result is healthier and tastier than a takeaway or a ready meal.

    But no one said it would all be easy. You get used to it over time.
    Originally posted by jonnygee2
    Yes, got Starling the other day and I'm transferring my 'spend money' monthly to it. Yes, to tired, late & all that - I'm so glad I'm not alone with this (thank you ). I actually got a slow-cooker based on a recommendation by a colleague, and it's helped quite a bit to be honest. I now spend 3h on Sundays going to the farmers market, meal prepping and cooking, so during the week I only have to do quick 'touch ups' or steam up some veg etc.
    Save 12k in 2018 challenge: 0/20k
    Save 100k by March 31st 2021: 22133/100k
    • lildoonbuggy
    • By lildoonbuggy 1st Apr 18, 9:26 AM
    • 74 Posts
    • 164 Thanks
    lildoonbuggy
    Hi all, hope it's okay to hop on this train! My OH and I are saving for our first home in the UK, having bought our first in Australia. That little fact has been a real pain when it comes to stampduty and first home buyers accounts, whilst the legalities and huge housing costs in London are daunting to say the least.

    We have been saving at full force since October, which has been helped by getting a lodger into our rental (all approved by landlord, no rental increase thankfully!) and a generous temporary promotion. That has been funnelled straight into our savings alongside anything else left over at the end of the month.

    So far we have saved a solid 15k, and hope to have 40k by next March - meaning we need to live off one income for the next 12 months - that would give us a budget of 330k plus stamp duty, but little else!

    I'm back in my previous role now with a lower pay packet, but will be applying for permanent promotion soon. Fingers crossed it goes well! Looking forward to hearing all your stories along the way
    • *little.squirrel*
    • By *little.squirrel* 2nd Apr 18, 9:19 AM
    • 66 Posts
    • 73 Thanks
    *little.squirrel*
    Hi all, hope it's okay to hop on this train! My OH and I are saving for our first home in the UK, having bought our first in Australia. That little fact has been a real pain when it comes to stampduty and first home buyers accounts, whilst the legalities and huge housing costs in London are daunting to say the least.
    Originally posted by lildoonbuggy
    Wow, so the fact you own a home in a different country impacts your buying status here in the UK?! That seems crazy.

    We are also having to allow for mega stamp duty costs because I own a home that we currently rent out. (Haven't decided what we are going to do with it yet so saving for extra stamp duty just in case) My DH is a FTB though so we do have one Help to Buy ISA.
    #112 Save 12k in 2018: 3692.56/6000
    • lildoonbuggy
    • By lildoonbuggy 2nd Apr 18, 9:31 AM
    • 74 Posts
    • 164 Thanks
    lildoonbuggy
    Hi little squirrel, yes it's thrown a real spanner in the works - but upwards and onwards! Could you not get a 50% reduction in stamp duty for your husband?

    How far are you into your plans? Are you doing viewings already? We started last week as we also need to settle on a location, but the house and location were quite disheartening! Watching location location location does depress me, I'm so desperate for a place to call home but being London our expectations are quite tempered!
    • *little.squirrel*
    • By *little.squirrel* 3rd Apr 18, 7:37 AM
    • 66 Posts
    • 73 Thanks
    *little.squirrel*
    Hi little squirrel, yes it's thrown a real spanner in the works - but upwards and onwards! Could you not get a 50% reduction in stamp duty for your husband?

    How far are you into your plans? Are you doing viewings already? We started last week as we also need to settle on a location, but the house and location were quite disheartening! Watching location location location does depress me, I'm so desperate for a place to call home but being London our expectations are quite tempered!
    Originally posted by lildoonbuggy
    Oh, I'm not sure. I'll need to look into it. We did see a mortgage advisor but he seemed rather tired the day we saw him and I don't think he told us everything we need to know We have a 2 year plan that should see us save enough to put down a deposit plus fees. We haven't gone to look at anything but I am watching what is becoming available. We know where we want to live, it's just finding something suitable that we can afford!
    #112 Save 12k in 2018: 3692.56/6000
    • SamJ35
    • By SamJ35 3rd Apr 18, 3:49 PM
    • 25 Posts
    • 14 Thanks
    SamJ35
    Quick update - I got my GF to open a LISA with Skipton last week, and within a few days we maxed it to the 4k limit. The remainder of my (first grad job!) bonus which was higher than expected helped out there!

    We now have 8k saved and will be 10k in the accounts once the govt bonus arrives in May!

    I looked back at my previous post and I stated that I was hoping for us to have 8k in the 2018/19 tax year. Looks like now hopefully we will be on for over 20k this time next year!
    • diggingdude
    • By diggingdude 3rd Apr 18, 7:50 PM
    • 388 Posts
    • 497 Thanks
    diggingdude
    Well March wasn't as bad as I was expecting, cashed in a couple of cashback payments and FINALLY returned to work (albeit only a couple of days a week). My H2B to LISA transfer went through thankfully before the deadline and have moved another few accounts about to get my updated figure.

    Savings this month 800. I am only putting round figures away for now

    Current Savings - 2325
    LISA Account (not including bonus) - 7900
    Target - 20000 April 2019
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
    • WodaSodowa
    • By WodaSodowa 8th Apr 18, 3:02 PM
    • 21 Posts
    • 40 Thanks
    WodaSodowa
    Hi everybody! I was gone for almost 2 months- crazy busy with work, kids and life in general. Great to see so many new money savers on this topic, everyone is doing so well with their money!

    I just totalled our savings and we are at 7900. We had some unexpected expenses!!!55357;!!!56877; so we have a bit less than we should right now but I'm not going to beat myself up about it as long as we are going forward.

    At the end of February I was quite stressed and felt sluggish so I decided to join the gym 28/month but that includes my 1 yoga and 2 spinning classes every week. It's a bit of money but I have to say that I'm feeling so much better and happier it's definitely worth it.
    House deposit 4863.90/13500
    • lildoonbuggy
    • By lildoonbuggy 8th Apr 18, 3:10 PM
    • 74 Posts
    • 164 Thanks
    lildoonbuggy
    Hi WodaSodowa, that's a great deal on gym membership, especially including yoga - my local charges 18 per class was it a special offer? I'm just starting to look at cheap ways of improving fitness. Have been purchasing Groupon deals and spacing them out. Does keep things mixed up!

    I've just started using Yolt as YNAB wouldn't sync accounts and Wallet was charging for the privilege. I've found it really good so far, really helps as a psychological deterrent knowing it's going to scream red if I go over budget on any category! Interested to hear what others are doing...
    • LollyPop0312
    • By LollyPop0312 8th Apr 18, 3:43 PM
    • 19 Posts
    • 227 Thanks
    LollyPop0312
    Hi all! This is a great thread so many good ideas/stories, we are at 6000 savings from the last year, but we have the obstacle of living off too smaller income to get approved a mortgage big enough for the house we need in our area, Brighton. So we're keeping an eye out for shared ownerships and if nothing turns up we wont move until im back at work in 4 yrs! So slow and steady for us over here!
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