AndrewP
Striker
I know people who drop £40 a week on coffees.
Saving for a house deposit, how does anyone do this now...
- Thread starter scotch
- Start date
Very much depends wherw you are buying and how far your aspirations are
Hank Scorpio
Striker
Ask the parents for help.
No avocados, no coffees, no takeaways, no holidays, no smoking, no drugs (maybe speed to make you work harder), no drinking, no discretionary spending of any kind.
Put the money you save in a separate bank account.
Put the money you save in a separate bank account.
rapscallion
Winger
John 'Seaton canoe' Darwin gets himself a new flame
elder
Striker
Saved for over 8 years, including house sitting for long periods.
Cut down on the quality and quantity of loads of everyday items. Tried to save one of our wages each payday. Did things like participated in market research etc.
Ended up with $380k deposit which seems insane to think about that even now.
Cut down on the quality and quantity of loads of everyday items. Tried to save one of our wages each payday. Did things like participated in market research etc.
Ended up with $380k deposit which seems insane to think about that even now.
Napoleon Dynamite
Striker
Get a new job
Select coaches
Winger
That’s not a deposit it’s a house!
Iballistic George
Winger
It's really not tho is it. 70s and 80s they would pretty much give a mortgage to anyone but now it's quite a bit harder to get one.
Sell some crap other people don't need on eBay. I've given all sorts of stuff away over the years because I couldn't be bothered with the hassle of eBay. Would have happily have gone halfies with someone who could be bothered to do the donkey work.
Cee Jay
Striker
This…but then again the deposit on our first house was only £3000
Just can’t imagine how difficult it must be nowadays
elder
Striker
Not here, it wasn’t even half!
seaham ftm
Winger
Don’t know how anyone can do it whilst paying for rent for somewhere as well.
Without knowing your spending it is hard to say. Here is a list of things and sorry if some of them do not apply to you.
Step 1: set up a fixed term limited withdrawal savings account or bond. These have marginally higher (I.e. not 0.1%) interest rates. But crucially, they let you pay in regularly but prevent you withdrawing regularly. Take it out with a separate provider from your current account to reduce temptation to withdraw.
Step 2: analyse your monthly spending on any of the following. Cut out as many as can or are prepared to and then set up a standing order for the same amount to your new savings account:
- purchases lunches and coffees. Make your own and take it in. Will save £20+ per week.
- Netflix/Prime/Spotify Premium/Newspaper/Xbox live etc subscriptions. A quick £20 a month saved.
- Gambling and the lottery are guaranteed money losers over time.
- Smoking, alcohol and eating out can be cut back and save £10 a month.
- Reduce the frequency of buying new clothes if you buy regularly.
- By quality own brand food rather than branded.
- If you can switch from driving to work to walking or cycling to save petrol and parking money.
- Cancel the gym and workout at home and run/cycle for free.
- No takeaways
- Always switch insurance and broadband providers etc each year
If you are able to any more of those things you could probably save £100-200 a month more.
An alternative but more difficult approach to Step 2 is to set yourself a monthly saving and spending target. Then set up a standing order for your target saving amount to your savings account for the day after payday. This then gives you a fixed amount to spend. You may have to choose between different spending options come the end of the month and budget, but it does force you to save.
Step 1: set up a fixed term limited withdrawal savings account or bond. These have marginally higher (I.e. not 0.1%) interest rates. But crucially, they let you pay in regularly but prevent you withdrawing regularly. Take it out with a separate provider from your current account to reduce temptation to withdraw.
Step 2: analyse your monthly spending on any of the following. Cut out as many as can or are prepared to and then set up a standing order for the same amount to your new savings account:
- purchases lunches and coffees. Make your own and take it in. Will save £20+ per week.
- Netflix/Prime/Spotify Premium/Newspaper/Xbox live etc subscriptions. A quick £20 a month saved.
- Gambling and the lottery are guaranteed money losers over time.
- Smoking, alcohol and eating out can be cut back and save £10 a month.
- Reduce the frequency of buying new clothes if you buy regularly.
- By quality own brand food rather than branded.
- If you can switch from driving to work to walking or cycling to save petrol and parking money.
- Cancel the gym and workout at home and run/cycle for free.
- No takeaways
- Always switch insurance and broadband providers etc each year
If you are able to any more of those things you could probably save £100-200 a month more.
An alternative but more difficult approach to Step 2 is to set yourself a monthly saving and spending target. Then set up a standing order for your target saving amount to your savings account for the day after payday. This then gives you a fixed amount to spend. You may have to choose between different spending options come the end of the month and budget, but it does force you to save.
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Darlo1973
Striker
Get a richer boy/girlfriend (depending on your preferences)
Henry_Hill
Winger
eye watering deposit that mate well done. Assuming you live in London, £380k being 10% deposit means you’re living in a millionaire road
Binternet
Striker
You need to make sure that if you do this, don't reload using your current account. Get a disposable account otherwise the mortgage companies won't entertain lending you anything.
Wouldn't expect your deposit to be half a house though..
Ideally you need a minimum of 10%
If you are renting somewhere and you have a spare room rent it out. Not ideal but worth pain to get money
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