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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 251
    • bopsybunny
    • By bopsybunny 29th Jun 18, 1:30 PM
    • 32 Posts
    • 40 Thanks
    bopsybunny
    We saved 1020 this month! So so so so pleased. I honestly expected we'd be at the 600 mark so I can't believe we managed to spend so little in the month other than paying for Center Parcs (*groan*)

    I've just spotted a house that is on the market for 210k. It's in such a great location, beautiful south facing garden, more bedrooms than we need. It's just been reduced from 230k. I was aiming for 180k houses but couldn't resist widening the search, and now I'm sad. I could possibly borrow money from my parents (as a 'gift' for the purposes of mortgage deposit, but I'd pay them back eventually, they're okay with waiting!) for a bigger deposit but I still don't wanna go over 190k, 200k absolute max, otherwise monthly repayment gets unmanageable. I want to view it but I'm worried I'd fall in love with it and that they'll not want to accept a much lower offer. Dilemma!!
    Deposit savings Aug 17: 3.5k. Aug 18: 16.8k/18k (18.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018
    • diggingdude
    • By diggingdude 1st Jul 18, 9:48 PM
    • 387 Posts
    • 495 Thanks
    diggingdude
    Hope everyone's savings are continuing to do well

    I'm ultra proud of the fact that tomorrow I'll be going past 1000, in under 3 months and then I see other folks' posts here and I'm lol

    I've managed to put away 266 this month
    Originally posted by Dizzy Ditzy
    Its often far more impressive when someone on a low salary can save 20 in a month than someone putting a couple of grand away when considering disposable income. But you are saving and that is the high five fact
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
    • diggingdude
    • By diggingdude 1st Jul 18, 10:00 PM
    • 387 Posts
    • 495 Thanks
    diggingdude
    June was another good month. I'm managing to stick to the set target I had per month and am managing a little more on top. My current account is healthy at the moment but won't put that here as looking to be approved for driving again this/next month so will have to splash out on a decent car. More importantly I have the 10% deposit for anything I am likely to be able to buy on my salary so anything now is a bonus.

    Last month's total 14621. Had a 25 bonus paid into Skipton as well after having a play and putting 100 in there last month. I have decided to start a new legal fees fund. It wont cover it all but will take away the sting next year. Total save this month 1400

    Current Savings

    Club Lloyds Regular 3% - 3,525 (matures next month, hope they still run it)
    Lloyds Regular 2.5% - 750
    Halifax Regular 2.5% - 750
    Virgin Regular 2% - 750
    LISA Account 0.75% - 10,021
    Ford Money 1.21% - 225 (legal fees)
    Target - 20000 April 2019 Total so far 16021
    Last edited by diggingdude; 01-07-2018 at 10:02 PM.
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
    • tara747
    • By tara747 2nd Jul 18, 12:12 PM
    • 10,207 Posts
    • 26,821 Thanks
    tara747
    Its often far more impressive when someone on a low salary can save 20 in a month than someone putting a couple of grand away when considering disposable income. But you are saving and that is the high five fact
    Originally posted by diggingdude
    100% agreed! Saving anything is better than nothing, you should be very proud of your savings
    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
    • Dizzy Ditzy
    • By Dizzy Ditzy 2nd Jul 18, 12:35 PM
    • 16,825 Posts
    • 282,172 Thanks
    Dizzy Ditzy
    Thank you both - i am very proud that I have managed to get what i have got so far in such a short space of time, considering that my salary isnt that great

    Next target is 3K by Christmas
    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 and as such do not read every post. If you spot an illegal or inappropriate post please report it to forum@moneysavingexpert.com


    I used to be a queen, now I'm just me...
    • lildoonbuggy
    • By lildoonbuggy 2nd Jul 18, 1:11 PM
    • 74 Posts
    • 164 Thanks
    lildoonbuggy
    Hey all, still ticking along over here but not as diligently as originally planned. Saving at about 65% of one salary, from an original target of 100%.

    This month we saved 1500, bringing our total to:

    Me: 17k
    DH: 4K
    Index funds: 1.5k
    Total: 22.5

    Our original goal was 35k plus fees and taxes, whereas now we are thinking 45k plus fees and taxes. Bobsybunny, we are in the same boat as you, however our rationale was we'd rather buy for 10-15 years and if we went smaller, wewould only get 3-5 max out of it. We would also look to have boarders/housemates if we got a bigger house, and we would be fine in terms of affordability.

    We have a fairly big overseas investment which technically we were saving for retirement but we are now thinking about liquidating. It should leave us with about 90k meaning we could purchase immediately. I am holding off thinking about that until later in the year though. Next step for us, other than saving, is moving to a new part of London to test out whether we could picture us buying there. So far, end date is looking like mid 2019, give or take 6 months.

    Well done all for another month admiring our dreams from afar!
    • diggingdude
    • By diggingdude 2nd Jul 18, 8:13 PM
    • 387 Posts
    • 495 Thanks
    diggingdude
    Thank you both - i am very proud that I have managed to get what i have got so far in such a short space of time, considering that my salary isnt that great

    Next target is 3K by Christmas
    Originally posted by Dizzy Ditzy
    I just re=read what I wrote and was worried it came across as patronising. Really sorry if it did anyone as it certainly wasn't meant that way
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
    • Dizzy Ditzy
    • By Dizzy Ditzy 3rd Jul 18, 7:46 AM
    • 16,825 Posts
    • 282,172 Thanks
    Dizzy Ditzy
    I just re=read what I wrote and was worried it came across as patronising. Really sorry if it did anyone as it certainly wasn't meant that way
    Originally posted by diggingdude
    I didnt read it that way

    You're quite right, because my salary is below average, I dont have as much disposable income as others might do so anything that I am able to put away is good.

    And with any luck, it might just encourage one other person in a similar situation that if I can do it, they can too
    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 and as such do not read every post. If you spot an illegal or inappropriate post please report it to forum@moneysavingexpert.com


    I used to be a queen, now I'm just me...
    • compbren
    • By compbren 13th Jul 18, 6:02 PM
    • 132 Posts
    • 202 Thanks
    compbren
    Quick question, but do you guys include the Help To Buy Bonus money in your totals?







    Anyway, I've not posted on here in about a year, I'm still saving as best I can but it's so hard. I ended up buying a car last year which dented my savings a bit but I had to.


    I'm currently at 35,400 at the minute, aiming to get to 40,000 by the end of the year, with the aim to buy early next year (I'll be 34). I was at 40k this time last year but ended up buying a car.


    Will try and be more regular on here whilst I aim for my target. Hopefully I'll hit 36k by the end of the month.
    House Deposit: 28,000 and still saving!
    • Dizzy Ditzy
    • By Dizzy Ditzy 13th Jul 18, 6:15 PM
    • 16,825 Posts
    • 282,172 Thanks
    Dizzy Ditzy
    Quick question, but do you guys include the Help To Buy Bonus money in your totals?







    Anyway, I've not posted on here in about a year, I'm still saving as best I can but it's so hard. I ended up buying a car last year which dented my savings a bit but I had to.


    I'm currently at 35,400 at the minute, aiming to get to 40,000 by the end of the year, with the aim to buy early next year (I'll be 34). I was at 40k this time last year but ended up buying a car.


    Will try and be more regular on here whilst I aim for my target. Hopefully I'll hit 36k by the end of the month.
    Originally posted by compbren
    I'm counting the interest but not the bonus bit
    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 and as such do not read every post. If you spot an illegal or inappropriate post please report it to forum@moneysavingexpert.com


    I used to be a queen, now I'm just me...
    • bopsybunny
    • By bopsybunny 16th Jul 18, 10:31 AM
    • 32 Posts
    • 40 Thanks
    bopsybunny
    I count our HTB bonuses when I total up all of our savings, to see how much we actually have to go towards a house.

    I am aiming to save enough so that we have 10% deposit in actual savings, plus money for solicitors fees etc, and then whatever we end up getting from HTB bonus is - well, just that - a bonus!

    However, if the right house came along for the right price, we would try to exchange with a slightly under 10% deposit, knowing that on completion, after claiming HTB bonus, we'd have the 10% needed for the better mortgage deals. If the seller won't allow it, then we would borrow the difference from family (as a "gift" in solicitor's eyes, but we'd repay anything we borrow), and end up with over 10% mortgage deposit after HTB bonus is claimed.
    Deposit savings Aug 17: 3.5k. Aug 18: 16.8k/18k (18.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018
    • diggingdude
    • By diggingdude 16th Jul 18, 8:36 PM
    • 387 Posts
    • 495 Thanks
    diggingdude
    Quick question, but do you guys include the Help To Buy Bonus money in your totals?
    Originally posted by compbren
    I never used to count the help to buy bonus but now its in a LISA and the money is there I count it

    Currently up to 121 on my Curious cat payouts, hoping by the time I buy somewhere I will have enough free money to buy a new bigger TV
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
    • tara747
    • By tara747 17th Jul 18, 11:50 AM
    • 10,207 Posts
    • 26,821 Thanks
    tara747
    Quick question, but do you guys include the Help To Buy Bonus money in your totals?

    Anyway, I've not posted on here in about a year, I'm still saving as best I can but it's so hard. I ended up buying a car last year which dented my savings a bit but I had to.

    I'm currently at 35,400 at the minute, aiming to get to 40,000 by the end of the year, with the aim to buy early next year (I'll be 34). I was at 40k this time last year but ended up buying a car.

    Will try and be more regular on here whilst I aim for my target. Hopefully I'll hit 36k by the end of the month.
    Originally posted by compbren
    No, I don't count mine. The interest I've already earned, yes, but not an as-yet unpaid amount of money. Tbh, most people need contingency funds when they buy a house, so I just see it as what it is - a bonus.
    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
    • cepheus
    • By cepheus 17th Jul 18, 1:41 PM
    • 19,216 Posts
    • 20,337 Thanks
    cepheus
    How to save for a deposit on 70,000 a year! In our money series were finding out exactly how real people spend, save and invest their incomes to meet their costs and achieve their goals.

    Obviously she doesn't shop for food at Aldi

    Regular monthly outgoings:

    Rent and bills: 830
    Pension contributions: 264.25
    Travel: 110 (averaged from annual travelcard)
    Mobile phone contract: 10
    Sports club: 40
    Food shopping: 350
    Holidays: 375
    Savings target: 1,500
    Total: 3,479.25

    Amount left to spend on other treats: 523.75 / 121 per week
    https://inews.co.uk/inews-lifestyle/money/how-i-live-69500-salary-saving-buy-a-flat/

    The spending diary of a millennial who doesnt live in London and therefore doesnt matter

    https://www.thedailymash.co.uk/features/the-spending-diary-of-a-millennial-who-doesnt-live-in-london-and-therefore-doesnt-matter-20180129143358
    Last edited by cepheus; 17-07-2018 at 1:47 PM.
    • bopsybunny
    • By bopsybunny 17th Jul 18, 3:52 PM
    • 32 Posts
    • 40 Thanks
    bopsybunny
    That 70k chick is hilarious. As if that's even an article. How could anyone struggle to save for a deposit with that kind of salary?! 350 per month on food shopping for 1 person? Even when we eat like kings we would struggle to spend that between the 2 of us!

    My life is much more like the Daily Mash guy packed lunches all the way!

    In a very frustrating turn of events, my employer has thrown a spanner in the works. I found out today that my job is at risk of redundancy. After 45 days consultation I'll know the final outcome, but I'm so annoyed. We were going to be looking at applying for a mortgage (agreement in principle probably, but possibly full application) next month! Now I feel like buying a house would be really reckless. I just wanna cry.
    Deposit savings Aug 17: 3.5k. Aug 18: 16.8k/18k (18.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018
    • excelwizard
    • By excelwizard 21st Jul 18, 8:42 PM
    • 29 Posts
    • 153 Thanks
    excelwizard
    My current saving totals:
    Current account - 1050
    Joint account - 750 (my half)
    Flex Saver - 6150
    Credit card - -720
    LISA - 10300 (including last years bonus)
    total - around 17650

    My partner has around 11500 so our combined total is around 29,000
    Originally posted by excelwizard
    How things can change in a few months..! A few weeks after I last posted on this thread in May our landlord put the house we're renting up for sale due to his financial situation which means we're currently looking for somewhere else to rent. For us this was actually a blessing in disguise - the house was FREEZING cold in the winter months and we're ecstatic not to have to live in it for another winter. For reference we spent around 250 in gas over the 'beast from the east' weeks

    We're also using the opportunity to move to a different side of the city to be nearer to my partner's work and try a change of lifestyle. We're also pretty much agreed that we're going to rent for the next few years to see what type of property we want to buy. Before living in this freezing cold victorian house I would have laughed off buying a new build however we've come to realise that living somewhere nice, modern and warm is what's important to us. The move across the city and to a new build flat is also going to mean our rent will go up however this is a conscious decision on our part so that we can "try before/if we buy".

    To be honest neither myself nor my partner are natural renovators and for us saving for a few extra years is definitely the right choice. We've discussed at length that we'd hate to buy somewhere then hate the area/style of property.

    Apologies for the long post

    EDITED following July payday:
    Current account - 68.89
    Joint account - 8.19
    Starling - 0.08
    Shawbrook ESaver - 7,743
    Credit card - 0
    LISA - 10,324.02
    Total 18,144.18

    Partner has 17,300 taking our combined total to 35,444.18. End of year goals are for me to have around 21K in the bank and my partner to have around 20K taking our combined total to around 41K. By this time both my partner and I will have been seriously saving for just over 2 years.

    Welcome to all the newbies and congratulations to those who are staying accountable with their money, no matter how big or small the saved amounts and targets are
    Last edited by excelwizard; 28-07-2018 at 8:47 PM.
    Save 12k in 2017 #186 - 8,507.30 / 10,000 Save 12K in 2018 #113 - 4,932.87 / 7,500 (August) 2018 GOAL - 18,415.88 / 20,000 (August)
    • tara747
    • By tara747 26th Jul 18, 2:13 PM
    • 10,207 Posts
    • 26,821 Thanks
    tara747
    July payday update!

    I managed to save 1,172 in July. That's 7,205 so far this year, and 128,938 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
    • _Amaryllis_
    • By _Amaryllis_ 26th Jul 18, 6:16 PM
    • 38 Posts
    • 67 Thanks
    _Amaryllis_
    July payday update.

    1200 this month taking my total so far to 70,500.

    I've done 39 hours overtime this month so I'll be getting around 600 extra after tax on my next payday.
    No. 30 on Save 12k in 2018 0.00/20,000
    No. 90 on Save 12k in 2017 19,650.21/15,000
    • bopsybunny
    • By bopsybunny 27th Jul 18, 10:41 AM
    • 32 Posts
    • 40 Thanks
    bopsybunny
    Pay day!

    Had a busy month, and have taken my eye of the ball with regards to spending/saving due to circumstance, but oddly on pay day still had a bigger than average pot to transfer to savings. We'll have added 1261 to savings this month.

    Work has been crap (redundancy risk looming...) and it was my birthday this month, so there have been many times I've been tempted to treat myself, but have still been quite careful. Threw an afternoon tea party at home with lots of cheap decorations (The Range and Home Bargains are great for party stuff) and homemade food. Two long distance car trips (4 hours away both times!) to see friends and family. Nice to know we can relax and enjoy ourselves a bit and still save really well.

    We're so close to our target now. Due to my redundancy risk we're not going to be applying for a mortgage anytime soon, when things settle down in a few months we'll be ready to buy (if all works out!)
    Deposit savings Aug 17: 3.5k. Aug 18: 16.8k/18k (18.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018
    • diggingdude
    • By diggingdude 31st Jul 18, 8:40 PM
    • 387 Posts
    • 495 Thanks
    diggingdude
    July update, managed to stick to my savings target again though I suspect this may be the last month I can do this amount as 95% on the way to driving again and the additional costs this brings.

    Last month's total 16021. Total save this month 1275

    Current Savings

    Club Lloyds Regular 3% - 3,925 (waiting for it to close to get interest then will try and start it again)
    Lloyds Regular 2.5% - 1000
    Halifax Regular 2.5% - 1000
    Virgin Regular 2% - 1000
    LISA Account 0.75% - 10,022
    Ford Money 1.21% - 350 (legal fees)
    Target - 20000 April 2019 Total so far 17296.22 (If I can keep this going I will have beaten this target in October - woohoo!)
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
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