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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 252
    • Dizzy Ditzy
    • By Dizzy Ditzy 31st Jul 18, 9:08 PM
    • 16,993 Posts
    • 283,514 Thanks
    Dizzy Ditzy
    July update - better month this month some extra £'s from extra work I've done means I've been able to put £466 away this month

    I've also taken my eye off the ball somewhat in July but I'm determined to claw it back in August. Not expecting to put more than £250 away this month as have some dental work coming up so it's going to be a struggle but I'll manage

    My total is £1350 since April 9th

    I am counting the interest in my HTB/saver accts but not the HTB bonus at this point as if it's not in black and white in my statement it isn't there

    Tomorrow I'll sit down and do my monthly money totals so I know what I've got to play with this month, or not as the case may be
    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 28th Aug 18, 3:48 PM
    • 57 Posts
    • 52 Thanks
    bopsybunny
    Pay day for me! My boyfriend gets paid on Friday so our total saved this month is an esitmate based on having no unexpected spend before then... but... this month we will have saved a personal best of £1325!

    Put a few things on my 0% credit card (someones birthday dinner and drinks) as I was worried we would have an expensive month, but we've actually done pretty well. Most of the extra expense this month (holiday spending money, and a few other bits and bobs) was actually soaked up by my boyfriend's bonus which he got last month.

    We're actually over our initial target now (if we include the HTB bonuses) but we want to have a full 10% deposit saved in real terms, plus extra for surveys/legal fees etc., so we are carrying on with saving, and keeping an eye out for suitable properties. Our budget is quite a wide range (probably £160k up to about 210k!) so we're not in a rush and will continue saving until the right house appears.

    I'm so happy!

    Hope everyone else has had a prosperous month?
    Deposit savings Aug 17: £3.5k. Nov 18: £19.5k (£21.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018 Complete purchase on "dream home"
    • bopsybunny
    • By bopsybunny 31st Aug 18, 9:27 AM
    • 57 Posts
    • 52 Thanks
    bopsybunny
    Actually ended up saving £1255, but that's still a bumper month!
    Deposit savings Aug 17: £3.5k. Nov 18: £19.5k (£21.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018 Complete purchase on "dream home"
    • Dizzy Ditzy
    • By Dizzy Ditzy 2nd Sep 18, 1:06 PM
    • 16,993 Posts
    • 283,514 Thanks
    Dizzy Ditzy
    August was a sucky month, only putting away £216, but that's still £216 more than it otherwise would have been

    Grand total so far is £1570. It may not seem much but this is since April, so in 5 months
    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...
    • MrsLalore
    • By MrsLalore 4th Sep 18, 11:22 AM
    • 3 Posts
    • 8 Thanks
    MrsLalore
    So I've been MIA for 3 months (that time has gone insanely quickly...)
    We have decided to increase our savings aim to £80k as we are now looking at houses up to £400k.

    June's total - £54,882.00

    New totals:
    Bank Account Amount
    Mrs Current £2,500.00
    Mr Current £2,500.00
    Mr ISA £18,646.25
    Joint Savings £22,040.00
    Mrs LISA £10,000.00
    Mr LISA £10,000.00
    Total £65,686.25
    Aim £80,000.00
    Remaining £14,313.75

    We are getting there and should be ready to go by the end of the year

    Edited to add - we were gifted £5k from my grandparents after selling their house
    Last edited by MrsLalore; 04-09-2018 at 11:24 AM. Reason: to add
    House deposit = £65,686.25 / £80,000.00
    • tara747
    • By tara747 4th Sep 18, 1:41 PM
    • 10,225 Posts
    • 26,863 Thanks
    tara747
    August payday update!

    I saved £914 in August, which makes £8,119 so far in 2018 and £129,852 overall.

    Can't wait to hit the next milestone at the end of this month!

    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 28th Sep 18, 5:37 PM
    • 10,225 Posts
    • 26,863 Thanks
    tara747
    September payday update: I've hit another milestone!

    I saved £1,070 in September, that's £9,189 so far in 2018 and *drumroll* £130,922 overall.



    I'm going to treat myself to a little something to celebrate
    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 7th Oct 18, 8:28 AM
    • 454 Posts
    • 595 Thanks
    diggingdude
    Forgot to update, woops...... Well the savings took a hit since my last update. I finally got my license back (today is my one year anniversary of my accident and the start of my injury tales), so went straight out and bought a decent car on 0% Credit card. Took out £9900 in late August, however as one of my savings accounts matured this has helped me pay £7k off it so far and I am winning on the mileage in work. I aim to not owe anything on the car by the time I buy. Importantly I still have 10% deposit for anything I am likely to buy.

    Last month's total £17296. Total save this month £750. Outgoings £2125

    Current Savings

    Lloyds Regular 2.5% - £1500
    Halifax Regular 2.5% - £1500
    Virgin Regular 2.24% - £1500
    LISA Account 1% - £10,271
    Ford Money 1.21% - £400 (legal fees)
    Target - £20000 April 2019 Total so far £15171
    House Deposit - Target £20000 April 2019
    Current Savings - £10225 13121.22 £14621.22 £16021 £17296£15171 £15971 £16983
    • SweetCarolinee
    • By SweetCarolinee 7th Oct 18, 3:08 PM
    • 6 Posts
    • 5 Thanks
    SweetCarolinee
    Hellooo!

    Iím new to MSE but wanted to join all of you on your journeyís - it been really insightful and encouraging reading them!
    My aim for the end of the year is £21,000
    I have been saving since December 2015 however half heartedly until this year and currently have £18100 in total saved Iíve been very strict with myself this year and barely treated myself to clothes or treats or lunches (unless Iím rushed off my feet or out on visits all day!) itís been hard!! Hoping to purchase a place mid next year.

    I have a help to buy isa since December 2015 which I havenít touch ever which Iím pretty proud of too!! Hoping to achieve my goal by December or beyond!
    • excelwizard
    • By excelwizard 7th Oct 18, 7:42 PM
    • 46 Posts
    • 185 Thanks
    excelwizard
    tara747 - amazing stuff! What do you normally end up getting yourself to celebrate?

    diggingdude - breaking out of the teens will be such a good feeling as well as paying off the car debt

    SweetCarolinee - my aim for the end of the year is around the £21,000 mark too so I'll be rooting for you as well what percentage deposit are you looking to put down?
    Save £12k 2017 #186 - £8,507.30 / £10,000 Save 12K 2018 #113 - £6,922.91 / £7,500 (Nov) Save 12K 2019 - £0 / £8500 Save £2,019 in 2019 #9 - £0 / £2,019
    • excelwizard
    • By excelwizard 7th Oct 18, 7:57 PM
    • 46 Posts
    • 185 Thanks
    excelwizard
    By the end of October I should have (although I'll end up coming back to update with the final amounts):

    Marcus Easy Access - £9,375 @ 1.5%
    Lifetime ISA - £10,343.72 @ 1%
    Total: £19,718.72

    Seeing as I'm going to be having quite a large chunk of money in it over the years, I'd love for the interest rate on the LISA to go up however I don't think that's likely at all Of course the extra £1000 a year is more than I'd get in interest anywhere else but it's more the principal really

    I've also massively consolidated my accounts into the two above which has simplified my spreadsheet no end!

    Goals:
    End of October: £19,720
    End of November: £20,450
    End of December: £21,00 (I'm realistically probably going to be short of target once Christmas socialising is taken into account )
    Save £12k 2017 #186 - £8,507.30 / £10,000 Save 12K 2018 #113 - £6,922.91 / £7,500 (Nov) Save 12K 2019 - £0 / £8500 Save £2,019 in 2019 #9 - £0 / £2,019
    • tara747
    • By tara747 9th Oct 18, 5:21 PM
    • 10,225 Posts
    • 26,863 Thanks
    tara747
    tara747 - amazing stuff! What do you normally end up getting yourself to celebrate?

    diggingdude - breaking out of the teens will be such a good feeling as well as paying off the car debt

    SweetCarolinee - my aim for the end of the year is around the £21,000 mark too so I'll be rooting for you as well what percentage deposit are you looking to put down?
    Originally posted by excelwizard
    It depends. This time I'm thinking maybe a night or two away for me and OH in a nice hotel
    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 9th Oct 18, 9:10 PM
    • 454 Posts
    • 595 Thanks
    diggingdude
    You are totally different about getting out of the teens. I was getting so close its a bit annoying but still something to strive for
    House Deposit - Target £20000 April 2019
    Current Savings - £10225 13121.22 £14621.22 £16021 £17296£15171 £15971 £16983
    • diggingdude
    • By diggingdude 9th Oct 18, 9:11 PM
    • 454 Posts
    • 595 Thanks
    diggingdude
    Right not different. Why isn't it letting me edit....grrrrrrr
    House Deposit - Target £20000 April 2019
    Current Savings - £10225 13121.22 £14621.22 £16021 £17296£15171 £15971 £16983
    • SweetCarolinee
    • By SweetCarolinee 10th Oct 18, 10:25 PM
    • 6 Posts
    • 5 Thanks
    SweetCarolinee
    tara747 - amazing stuff! What do you normally end up getting yourself to celebrate?

    diggingdude - breaking out of the teens will be such a good feeling as well as paying off the car debt

    SweetCarolinee - my aim for the end of the year is around the £21,000 mark too so I'll be rooting for you as well what percentage deposit are you looking to put down?
    Originally posted by excelwizard
    Sweet! *high five*
    Ideally Iíd love to put a 20% deposit down but I doubt that will ever happen. I live in south east and for a two bed property, itís like £250,000... so Iím hoping for 10% deposit by April/May. Iím thinking of moving further north so i get more for my money! How about you, what percentage are you looking to put down??
    • excelwizard
    • By excelwizard 13th Oct 18, 5:05 PM
    • 46 Posts
    • 185 Thanks
    excelwizard
    Sweet! *high five*
    Ideally Iíd love to put a 20% deposit down but I doubt that will ever happen. I live in south east and for a two bed property, itís like £250,000... so Iím hoping for 10% deposit by April/May. Iím thinking of moving further north so i get more for my money! How about you, what percentage are you looking to put down??
    Originally posted by SweetCarolinee
    20% always sounds great as a starting point I agree (and you'd hope to get access to the lower interest rates sooner) but £50,000 is a LOT of money to save! Are you getting the deposit together on your own too? If realistically the prices in the south-east are going to go up too much to wait that long then you may as well go for 10% and overpay when you can

    I live in South Yorkshire but if you're looking at buying in the nice parts your money doesn't stretch too far either (but granted will be better on average than the south-east)! I would ideally like a 20% deposit too and am going to give myself a few years to get there as to be honest I really don't mind renting for now. I've previously chopped and changed my mind on the type of property I want anyway and would hate to make a mistake. But a 20% deposit for me would be around the £50,000 mark as well

    Would a possible move up north mean you'd be looking at changing your job too? Is April/May time when you're wanting to be house hunting by?
    Save £12k 2017 #186 - £8,507.30 / £10,000 Save 12K 2018 #113 - £6,922.91 / £7,500 (Nov) Save 12K 2019 - £0 / £8500 Save £2,019 in 2019 #9 - £0 / £2,019
    • Finchy2018
    • By Finchy2018 13th Oct 18, 5:50 PM
    • 84 Posts
    • 50 Thanks
    Finchy2018
    Sweet! *high five*
    Ideally Iíd love to put a 20% deposit down but I doubt that will ever happen. I live in south east and for a two bed property, itís like £250,000... so Iím hoping for 10% deposit by April/May. Iím thinking of moving further north so i get more for my money! How about you, what percentage are you looking to put down??
    Originally posted by SweetCarolinee
    I feel you! We are in the process of buying a 1 bed house, with no garden and it's set us back over £200k. it's very similar to what we are renting and our mortgage will be £300 cheaper than our current rent!

    I'm not planning to move again for at least 5 years though
    • SweetCarolinee
    • By SweetCarolinee 14th Oct 18, 9:53 PM
    • 6 Posts
    • 5 Thanks
    SweetCarolinee
    Haha youíre right, itís a lot, wishful thinking!
    Iím aiming for 10% or even 11/12% and overpay when I can!
    I have a partner, been with him a couple of months - he has a a couple of grand to his name. We have openly discussed it and both seem keen to go into it together but I suppose Iíll make my decision after Xmas whether I want to go into solely or with him!
    I live in Essex but looking to more to Suffolk/Norfolk way which is a bit cheaper!! There are some properties around 220,000 - I donít want to go much higher than that really otherwise it will be so much to pay off each month. So I probably wouldnít change my job, Iíd just commute. Iím usually driving here there and everywhere anyway so not much change for me there. How about you, what are your plans?
    Iím hoping to start seriously looking in January and hoping to buy/be in a house by summer... thatís the plan anyway.
    Itís so difficult... I feel like Iím saving and getting no where but we all will!! What property are you thinking of purchasing??
    • SweetCarolinee
    • By SweetCarolinee 14th Oct 18, 9:55 PM
    • 6 Posts
    • 5 Thanks
    SweetCarolinee
    Yes Iím the same - once Iíve brought Iím not moving hahaha
    • bopsybunny
    • By bopsybunny 16th Oct 18, 2:08 PM
    • 57 Posts
    • 52 Thanks
    bopsybunny
    Missed update for September..
    Managed to save £935 last month which is below average for our 2018 efforts but we had a fun month.
    My job has been saved so I am no longer at risk of redundancy! Celebrated that and some birthdays/trips so spent a tad more than usual on ourselves.

    Technically we've hit our goal savings wise, but just at completely the wrong time. We've hardly seen any houses we like go on the market over the past month or so. "In by Christmas" is looking highly unlikely now - I think I might have to break that new years' resolution!

    We viewed a house on Saturday. Looked promising - just the right area, great sized house with extension, ideal layout, garage/driveway, and big south facing garden. Slightly below market average but not so discounted as to have us concerned. Very few photos on Rightmove ad. For a reason.. Owner had a very eclectic taste in decor and the house and garden were full of dozens of (smelly) animals and birds, both loose and caged. Some rooms were completely un-liveable. So disappointing! With the £10-15k of immediate work that would be needed, it would take the house way above market value, and out of our budget.

    The search for our first home continues *voice of The Apprentice narrator*
    Deposit savings Aug 17: £3.5k. Nov 18: £19.5k (£21.5k including 2 HTB bonuses )
    Goal: Own house by Christmas 2018 Complete purchase on "dream home"
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