26 Feb 2015

A question about : Saving for a house deposit

Hello everyone

I've been following these threads for a while but haven't posted much - I've been getting rid of some irksome credit card debt. Now it's gone, I want to concentrate on saving for a house deposit, I'm so desperate to get on the property ladder now!

I'm aiming for about Ј15000-20000 in savings, and have a pitiful Ј500 at the moment.

I was wondering if any of you brilliant people could give me some tips? I've already started taking lunch to work - and been quite astounded by how much I've saved. So any more tips would be brilliant!

Thanks so much!

Best answers:

  • Hi, well done on getting to this point. No specific advice, but you might want to read/join in this thread: https://forums.moneysavingexpert.com/...89675&page=109
    D9
  • Thanks for the link! I'll head on over there now
  • my money saving tips:
    - grocery shop @ Lidl/Aldi (fruit and veg, rice, pasta)
    - if you got out drinking, go to cheapp pubs, i.e. The Goose (Ј1.49 cheapest pint)...and walk home - NO taxis!
    - get a second income stream - part-time evening/weekend job, e-bay selling, ...anything!
    - constantly look for the best savings deals - and sign up to bank account cashback incentives.
    - no gym membership - go play football, tennis, etc for free in the park with other people!
    - don't buy magazines/papers (read online), pick up free local paper.
    - haircut at local college
    there are loads more ideas, just imagine you've got to save nearly every single penny and you'll get there...
  • Hello all! This is my first ever post so be gentle!
    Basically I am a single 27 y.o on a reasonable salary of Ј21k and am wanting to start saving for a house deposit and really need some advice on what is realistic to save! I have recently moved into a shared house to save money and really want to be able to get a deposit together so even if I dont meet my Mr Right I can still buy somewhere on my own within the next 5/6 years.
    I currently bring in Ј1370 per month, my monthly outgoings are
    rent in a shared house at Ј420 (inc all bills)
    mobile phone Ј21
    contact lenses Ј16
    petrol Ј80
    debt to ex's father Ј100 per month (ongoing of about 4k but he is happy to stay at Ј100 pr month)
    Car insurance Ј46 (already paid but just div'd by 12)
    Food - Ј100
    Ј783 total. That's before socialising or shopping!! Leaves Ј586 so Was hoping to save Ј400, so you think this is realistic?
    Sorry if I have posted in the wrong thread, just getting used to this site!
  • hi there , I dont think I could cover food/transport and all socialising for a month on Ј186 to be honest, its going to be a long hard slog over a long period of time to get this money saved, and you have got to live a little whilst doing it. also are you sure you are figuring in all ur bills as i dont see car tax on there
    im in the same position as you,trying to save for deposit
  • Hi Ska lover thanks for your reply. Hmm well I factored food and petrol in my costs at Ј80 on fuel (and this is generous for what i do) and Ј100 on food. So really the Ј186 is just for socialising and shopping. Still, that doesnt sound much
    My car tax is Ј130 for the year thoguh i have just paid that too so dont need to worry for the next year lol.
    I have begun writing down everything I spend every day in my diary. Last week the total was Ј58 excluding my food and petrol which came in on just under budget. Although this did include a trip to the shops *ahem*.
    Are you living at home or in your own place? I am considering a second job but the amount I would end up gettign taxed is mad! I have been ebaying some things but am runnign otuof things I no long want/need. I need some money makign ideas!
  • I skip lunch during the week. Too busy working to really notice anyway, and have a desk job. Lost a bit of weight at the same time (bonus)! haha Obviously not sensible if you are underweight or have an active job!
  • Wow CharllieSays, I'm not sure I could skip lunch, well done you on the money you're saving and weight loss! I too have a desk job but 9 hours at my desk is too long wihtout food haha! I am good though and pack my own lunch every day so no buying a Ј3 sandwich come lunchtime!
    How much have you got saved so far? How much are you aiming for?
    I am in a different position than when I first posted in that I am now in a better paid role, and now have a long term boyfriend and we are very excited to get our first home together! This however means some changes to our lives in the short term to save in the long term!
    At the moment I am managing to scrape Ј500 every month to save which is pretty good, though I am an impatient little soul and want instant deposit NOW lol!
    However, I am going to be moving in with my boyfriend and his mum in the near future. This will allow me to save an extra Ј300 as she does not want much rent and what I do pay will include food too! I am also considering selling my (beloved) car which I have a loan for, and getting a cheap runaround instead. This would mean I would save another Ј190 a month!
    I would however be spending more on petrol as it is further to work from their house, but taking this into acount, that is still another potential Ј450 a month I could save which means I would be saving Ј950 a month. If I save at this rate then I could have a deposit in 2 years time on my own. Unfortunately my partner has a much less well paid job than myself so can only save about Ј150 a month, but he will sell his car also and will be qualified in 3 years time if all goes well and on a 22k job so we will be on the ladder.
    I am also determined to have a huge clearout of all my unwanted and unused items of clothing and other things to put a little bit extra towards it!
    Mind you, with the budget changes announced yesterday, I could possibly get the mortgage on my on before then anyway! Woohooo roll on home ownership!!
    How is everybody else doing?x
  • Hey you guysssssssssssssss
    Try this comp - win a barratt house (all the codes are on the compers forum
    https://starterhome.dailymail.co.uk/
  • Thanks Ska Lover. I'll try to enter it in the morning on the way to work. Falling asleep now! Night all
  • Lol hazoo, I'm not sure I feel empowered although it is nice to see it growing. Tomorrow it'll go up again as it's payday! I suppose I feel I've already spent it as it is going towards the deposit.
    However you never know what's around the corner so I am aware that there may be a day when I need to dip into it. I will do my best to avoid that day though!
    I may be given the gift of my mother's car soon if she gets a newer one (this one is 15 years old). If that happens the amount I can save per month will certainly reduce. I'm not complaining as I've wanted to have a car for a long time and it would make worklife somewhat better, as well as allowing us to stock up when there are reductions in the supermarket, leading to long-term savings.
    Also student loan will begin to be paid back next month which will dip into the salary by a noticeable sum. This month and next are kind to the bank balance as there is no council tax or electricity/water bills so I am trying to make the most of those reductions to top up my ISA before April 5th.
    It has taken a fair amount of discipline but MSE has really helped to keep me on track. I agree that RM house searches are very motivational too. Good luck with getting 'back on the wagon'; it is quite addictive once you get stuck in I think.
  • All i would say is put money aside as soon as you are paid.
    I'm in the slightly frustrating position that I have a sizeable deposit but a rubbish salary (for London) so am still in no position to get on the ladder in the right location for me.
    With a monthly income of Ј1438, having budgeted for EVERYTHING including a weekly 'leisure' budget and a contingency fund for minor things like dentist, haircut, additional mobile phone charges, I'm still able to put aside at least Ј100 a month.
    Anything that doesnt get paid via direct debit, I draw out of the cashpoint on a weekly basis and then I know exactly what I have to play with. If I know I need something online that month - clothing, tickets etc - its all worked out at the start of the month
    Just be organized, learn to be frugal and you'll actually realize that its not too hard to save a bit each month!
  • We hit the Ј10k mark the other month, so feeling very positive (although the houses we were looking at in Jan seem to have jumped about this much in price)! Now considering waiting until they come down again in a few years and saving up a bigger deposit in the meantime.
    We are both looking at starting new careers next autumn after graduating, so it might be worth the aggro of renting various places in the short term to get a better deal. Odd times ahead!
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