I've just started saving, I'm 27 and single and earn around £35k. Because I live at home I can afford to save around £800 per month, but that is after I pay my car Finance off early, I'm trying to shrink/get rid of any debts so I can save more without having to stop my social life. I've been paying an extra £200 for my car Finance, and cut down my phone contract. Ive also made sure I have a monthly spend budget and try to not go over that. Not sure if this helps but it's just a startAny tips for saving for a house deposit? My boyfriend and I are both 24 earning 22-55 K and we live in Oxford...……...
Have a Help to Buy ISA set up which minimum £50 a month goes into. My boyfriend has the same.
I have found some people advise us to enjoy our lives now e.g. have lots of holidays/travel but some people say no holidays/meals out/nights away/gym memberships so we can just save save save. We're really struggling to find a balance!! Any advice?
if you bank with Barclays, they have a section in their app called ‘Spending’ it breaks down where you spend your money.My boyfriend has this and its so good! Barclays don't do this but they have a "blue rewards scheme". I put £4 a month and they put £3. Doesn't seem a lot but adds up!
I don't think you've really understood what I said.this is nonsense really. We saved so hard for our first house and put down a good deposit. We went without with regards to so many things. I was 35. We have been here for 5 years and are now moving to another house that’s more expensive and bigger as we now have 3 children. We’re going to be living in front of a beautiful park in a lovely area. We could only dream of this before, but because we prioritised and saved,our fitter for our family is looking great. I was also able to leave work after buying our house when I because a mum as our mortgage was lower than our rent. We’ve been making £100 over payments towards our mortgage each month. Buying is generally always better than renting in so many ways.
sounds like someone’s a little bitter towards property owners and is probably renting. You don’t need to convince those of us who would prefer to own our own homes rather than throw money at landlords to pay their own mortgages and live in big houses!
I agree with @Yel - I don’t think they’re being bitter at all, and raise some really important criticisms which is healthy for a balanced debate.I don't think you've really understood what I said.
You were 35, I'm talking about people in their early 20s that are so often told to live on next to nothing just to sign up to huge debt.
Just because it worked for you then, doesn't mean it can be repeated again today. The economy is on life support right now, many have benefited from near zero interest rates. But no one knows how long they will last for and they could go above the long term average of 6-7%.
People have very short memories, but it's cyclical and plenty have regretted buying. Just not in recent years as there's been huge stimulus and props to keep the housing bubble inflated. No tools left come the next recession though.
No I'm not a "bitter renter" some people are able to look outside of their own life at injustices.
I would start with £300 saving, so that you have £100 per week of the month to do what you want/get your food. If you find you're scrimping, save £200 instead, or if you know you'll need more money that month, save lessSorry just jumping back in here! I actually sat and worked out my outgoings yesterday (can't believe I have never done that before!! So embarrassed!) and I have around £700 left after all bills. I get this may not seem a lot to some people but it is for me and I have no idea where I'm spending that money scarily!! How much would you guys try and save from that £700 ? I still have to do food shopping with that money but it's different every week so I'm not sure how much to minus.
That's what I thought as well! Thank you xI would start with £300 saving, so that you have £100 per week of the month to do what you want/get your food. If you find you're scrimping, save £200 instead, or if you know you'll need more money that month, save less
okay, we get it, you think people wanting to buy a house is bad. good lord....Great video from the Economist about why the housing obsession is ruining the country, anyone that thought my scepticism comes from being a "bitter renter" should watch it
I don't think you really get anything, I posted a simple video that a respected economic publication goes though the flaws in the argument. And you've commented without even watchingokay, we get it, you think people wanting to buy a house is bad. good lord....
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