krosfyah Posted June 13, 2006 Share Posted June 13, 2006 (edited) 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 June 13, 2006 by krosfyah Quote Link to comment Share on other sites More sharing options...
dnd Posted June 13, 2006 Share Posted June 13, 2006 (edited) 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 June 13, 2006 by dnd Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted June 13, 2006 Share Posted June 13, 2006 (edited) 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 June 13, 2006 by notanewmember Quote Link to comment Share on other sites More sharing options...
munimula Posted June 13, 2006 Share Posted June 13, 2006 (edited) 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 SAVERS16-24s 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 June 13, 2006 by munimula Quote Link to comment Share on other sites More sharing options...
charmer Posted June 13, 2006 Share Posted June 13, 2006 As far as I can see Firstrung is a VI site masquerading that it gives a sh*t about FTBs Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted June 13, 2006 Share Posted June 13, 2006 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). Quote Link to comment Share on other sites More sharing options...
acidrob Posted June 13, 2006 Share Posted June 13, 2006 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). Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted June 13, 2006 Share Posted June 13, 2006 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. Quote Link to comment Share on other sites More sharing options...
iLegallyBlonde Posted June 13, 2006 Share Posted June 13, 2006 Not much about 5% on a good month, but then we already have the 15% deposit we just need the price to drop into line. Quote Link to comment Share on other sites More sharing options...
quangolicious Posted June 13, 2006 Share Posted June 13, 2006 About £800. Quote Link to comment Share on other sites More sharing options...
2005 Posted June 13, 2006 Share Posted June 13, 2006 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. Quote Link to comment Share on other sites More sharing options...
StrapInThisIsGoingToHurt Posted June 13, 2006 Share Posted June 13, 2006 £500 per month Quote Link to comment Share on other sites More sharing options...
jonewer Posted June 13, 2006 Share Posted June 13, 2006 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! Quote Link to comment Share on other sites More sharing options...
krosfyah Posted June 13, 2006 Author Share Posted June 13, 2006 thanks for sharing all, and special thanks to munimula for those interesting links Quote Link to comment Share on other sites More sharing options...
FreeFall Posted June 13, 2006 Share Posted June 13, 2006 Savings? More than I can afford to do comfortably....my "lifestyle" has taken a real knock this last year Quote Link to comment Share on other sites More sharing options...
HovelinHove Posted June 13, 2006 Share Posted June 13, 2006 (edited) Now that I've ditched my DRAG (Debt Ridden Ageing Girlfriend) I'm saving £500 a month for a deposit. Edited June 13, 2006 by HovelinHove Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted June 13, 2006 Share Posted June 13, 2006 Around 70% of net income each month. Quote Link to comment Share on other sites More sharing options...
krosfyah Posted June 13, 2006 Author Share Posted June 13, 2006 Around 70% of net income each month. Are you living with parents? Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted June 13, 2006 Share Posted June 13, 2006 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. Quote Link to comment Share on other sites More sharing options...
FaTB Posted June 13, 2006 Share Posted June 13, 2006 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 !! Quote Link to comment Share on other sites More sharing options...
Pete95 Posted June 13, 2006 Share Posted June 13, 2006 £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! Quote Link to comment Share on other sites More sharing options...
HenryWeston Posted June 13, 2006 Share Posted June 13, 2006 saving £1000 a month, sometimes more when not spending on car tax etc Quote Link to comment Share on other sites More sharing options...
Jitters Posted June 13, 2006 Share Posted June 13, 2006 (edited) 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 June 13, 2006 by Jitters Quote Link to comment Share on other sites More sharing options...
AFineMess Posted June 13, 2006 Share Posted June 13, 2006 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. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted June 13, 2006 Share Posted June 13, 2006 Between 300-600 between both of us. Just waiting for the babies to leave nursery which will free up nearly enough to pay a mortgage . Quote Link to comment Share on other sites More sharing options...
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