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krosfyah

How Much Do You Save/month For Your Deposit?

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Between my wife and my own joint net income of £3700, we are saving £1000/month for our deposit, approx 27% of our joint net income.

According to this report:

Firstrng article

FTB's have been worked out to be saving £300/person/month, or at least that's the variable they have used.

I personally don't know of anyone else saving for a place now (many of my friends bought already). Anyone care to divulge how much they are saving so i can work out if the Firstrung figure is accurate? It's probably been aggregated for a national savings figure, rather than London. I'm specifically wondering about who is living in London and how much are you saving for your place, for when/if you want to buy after a correction takes place.

Edited to add: if mentioning a specific figure makes you (understably, i guess) somewhat uncomfrtable, perhaps we could compare monthly savings/net income as a percentage?

Edited by krosfyah

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Nothing at the moment - clearing the car loan in Oct and then planning to save £500pm - should have £15-20K by late 2008

See what's available then...

Edited by dnd

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yeah but no but

i was told that if you bought now at 100% mortgage, your house would make 100s a month anyway, far more than saving in cash :angry: :angry: :angry:

In a good month £600, in a bad month £200 (i.e. car insurance etc.)

Edited by notanewmember

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Between my wife and my own joint net income of £3700, we are saving £1000/month for our deposit, approx 27% of our joint net income.

According to this report:

Firstrng article

FTB's have been worked out to be saving £300/person/month, or at least that's the variable they have used.

I personally don't know of anyone else saving for a place now (many of my friends bought already). Anyone care to divulge how much they are saving so i can work out if the Firstrung figure is accurate? It's probably been aggregated for a national savings figure, rather than London. I'm specifically wondering about who is living in London and how much are you saving for your place, for when/if you want to buy after a correction takes place.

Edited to add: if mentioning a specific figure makes you (understably, i guess) somewhat uncomfrtable, perhaps we could compare monthly savings/net income as a percentage?

I'm currently saving £1250 per month but have given up on housing and an re-investing in a new career instead.

The national savings and investments site had some info on savings rates in the UK but I can't find it. Have a look at http://www.nsandi.com/help/

It was nothing like you suggest, I remember being shocked when I read it at how few people actually save. Over £300 was classed as 'super saver' and if I remember correctly a minority of the FTB age group saves £300 or more, we are talking approx 5% or less.

here's some info on saving rates in UK;

http://www.nsandi.com/press-room/press-rel...s/pr2004198.jsp

have a look around in their website media centre

Didn't know this - I'm a YAD

YADS (Young and Determined Savers) 16-34 year olds continued to lead the way as the nation’s best and most disciplined savers. 16-24 year olds saved a record high of 12.62% of income – a record for all demographic groups since the survey began. The number of regular savers in this age group rose to 60%. 25-34 year olds saved 8.58% of income, a record for their age group, and 63% of this age group saved regularly.

http://www.nsandi.com/press-room/press-rel...s/pr2004174.jsp

THE YOUNG STILL BRITAIN’S BEST SAVERS

16-24s or Young and Determined Savers (YADS) achieved another record this quarter maintaining their position as Britain’s best savers. YADS saved the highest percentage of their income in any category in all Savings Surveys to date - 12.62% (previous record – summer survey: 10.11%). YADS also showed a rise in the number of regular savers to a record 60%.

Autumn was also a good saving season for those aged 25-35 who put aside the highest mean amount by those saving regularly (£193.64) across all age groups. The number of regular savers also increased marginally from 61% (autumn 2004) to 63% (autumn 2005) – a record for this age group and the largest number of regular savers across all age groups.

Dax Harkins, senior savings strategist at NS&I commented:

“The consistently strong performance of YADS is a really positive sign for the future. Their clear savings goals undoubtedly contribute to this performance and we hope that these YADS will continue their good savings habits in later life when goals such as saving for retirement are less tangible.”

Edited by munimula

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Guest Bart of Darkness

Approx. £1000 a month.

This is averaged out over a year as my income varies month to month depending on when I actually get round to invoicing people (I'm a tad behind at the moment).

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I have been saving £250 a month - but just had to borrow £1000 from my savings to pay for council tax and other bills this month - so this year - saved only £2000 (£167 a month).

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Savings for the last year:

  • Monthly saving: ~£300 a month
  • Monthly Interest after tax: ~£60
  • Annual return on other investments: £800
  • Bonus (x2 annually) Total: £6200

So a total of ~£11K added to my 'savings' in the last year.

Around £900 a month if you average it out, but much of it comes in the form of twice yearly bonuses.

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Varies depending on outgoings e.g Christmas, holiday etc.

I've saved about £10K since last September and I am aiming for £12K by this September - so about £1K a month.

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I save around £600 although this is eroded by annual expenses like car insurance and services etc..

My trouble&strife is able to save around double this.

Should have £100k in the bank by christmas.

Then will only need to save another £300k to buy a decent family home! :blink:

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Are you living with parents?

Nope just very frugal and happy to make the relatively short term sacrifice of living in a shared house in a less desirable part of London so I can maxmise my savings to either move abroad or buy outright (or with a very small mortgage) in a couple of years time.

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About 40 - 50 % of my salary each month, and yes I do live with my parents :(

But it does allow me a fairly worry free lifestyle, plenty of socialising, holidays when I want, and a new motorbike this year. :)

But I'm 33 and just feel like i'm treading water, I want to move on with my life !!

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£1000+ per month, probably more usually, maybe nearer £1500. Dont really keep tabs on it to be honest, and dont look after the pennies when spending!

I am however still living at home, so when I move out this summer I will no doubt end up saving a fair bit less, but living at home at 26 isnt exactly great!

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Between my partner and I we save about £1800 a month but this varies when car cost and holidays arise (most often camping in the uk these days!).

How ever we do not really buy anything, a trip to the shopping centre is like a trip to a foreign country these days and most of the time we still don't buy anything.

Edited by Jitters

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Savings? More than I can afford to do comfortably....my "lifestyle" has taken a real knock this last year :(

I know what you mean. I took a 40% pay drop 3 years ago and it was tough, for about a year I was slowly sliding into debt. Eventually I realised that it's not the big purchases that get you, it's the daily little ones. I readjusted, and i can honestly say that my general quality of living is about the same - except for being able to buy a house of course!

Now I'm roughly saving about £2-300 a month, and I'll do even better once I kick my appalling smoking habit.

By the way, I love your sig - it's also my motto.

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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