to save and have nothing to show for it

[plus3]

Oh I know I am, but I am fed up. I have spent my adult working life saving - never splashing out.Which is ok - I'm not really a big spender but I do wish that I had something to show for it. I am soooo fed up of squirreling away money for our house deposit only to have to spen it on something else.

I have saved £2000 this year. We have some tied up trying to make some interest, and basically need another £35K.

Never gonna happen is it????

spend

oh c'mon everybody -I'm feeling sorry for myself and need abit of shoulder shaking!

that's more like! I need to stop the selfpity!

you will never be able to save enough money for a house deposit whilst house prices are rising faster than incomes are.

The only thing you can do is borrow a larger amount than you wanted to, otherwise, it ain't gonna happen.

how old are you (and your dp if you're buying together)

Stick it in PSB you might win a million.....on second thoughts don't I want it! The win I mean not your 2K.

am 37 as is DH - we had a deposit, housing market went mad and DP took extended study leave, hence 1st deposit went on supporting us.

Now he is working again, but we are 2 DC up and I'm working part-time to fit everything in.

37

just get your skates on woman. If you're not careful, you'll still be paying for your mortgage out of your pension!

Just borrow a bigger amount.

Thanks BAFE it's exactly what I think Slight problem is that DH doesn't think it's a problem......he's utterly confident that it will happen. I'm alittle more determined on a timescale.

I can start doing some extra shifts now both DC are at school.

But:

-We are 1st time buyers
-We currently earn enough for our outgoings, and to save the extra couple hundred per month (which is better than some)

Not sure how we are going to pull our fingers out.

Its all very well to say "borrow more" but I am in the position you are and without fifteen to twenty percent banks wont lend. I also have two children so need a minimum of thirty grand just to be considered to buy a house. Its excrutiatingly hard. I can save marginally more but I am still looking at five years.

Could you lower your sights a bit, choose a smaller sized property or an older property that needs some work?

Or could you look in a cheaper area?

You've got to look at this logically. If all you can save is £200 a month and house prices are rising faster than that, it simply isn't going to work.

Or, you could spend 2 or 3 years being absolutely ruthless about cutting back on spending so that you can save twice as much? You really would have to be frugal and it wouldn't be fun but the pay-off would be worth it.

You haven't really got nothing to show for it though do you?

You have a good marriage, healthy kids who have somewhere safe to sleep, plenty to eat and clothes to wear?

Home ownership isn't the only way of "keeping score".

I'm meant to be saving £450 a month, but this year the extra has been disapearing on stuff like the car, and paying off credit cards etc. Maybe this year will be better, and DH will also get paid more which would help.

We are in the south east, where average house prices are £250K for our lowered sights, £350k+ for anything nice. That is still £25k minimum to save.So even over 3years that would be £700 a month

At least your saving thats the best thing.
Me and dp were supposed to be saving alot this year but have had to eat into savings when he broke his leg and couldnt work always seems like something goes wrong atm.

But your going in the right direction try not to worry to much and the most important thing is to LIVE LIFE

Morloth it's exactly that that I need reminding of. Just feeling despondent. It's just me who knows I haven't ticked all the boxes, but am feeling like I am failing.

Working harder? Sometimes I've used 5.30am to 7.30am as working hours. Not much fun but it can help you earn more money if you think of times when most people couldn't be bothered to get out of bed etc.

Also look at schemes to borrow the deposit just to get on the ladder or shared buy/rent things.

It will be interesting to see when my older children buy and if they can. We even used our chidlren's savings to scrape the money together to buy this house on a big mortgage but it was worth it.

I dont understand now how so many people get on the property ladder without help from parents or relative it just seems impossible atm.

Will probably end up going back full-time which isn't a big problem, and would help with raising the amount we could borrow.

Should probably stop putting some money in the childrens accounts for now.

I work shifts, so night-duty beckons! go to work at 1830, return at 0930, sleep until 1445 and go and get the DC....not so bad???

actually, just 1 extra nightduty a week would give me £1000 a month!! Can't start until November though.

I think it helps if you start when you're young. I did but in those days it was the same to pay a mortgage as it was to rent.

"actually, just 1 extra nightduty a week would give me £1000 a month!! Can't start until November though"

Are you sure? Couldn't you start in September when the kids start back? How many night shifts do you do at the moment though, nights are a killer!

plus3 you are in exactly the same position as us, in fact I think i have met you before on here. I am 37 and DH is 33 and we, when we eventually get round to buying a house, will be first time buyers. We manage to save £200 a month too and it is so frustrating cos we know it will take us 5 years to save up a decent amount but if things don't change even that amount will not be enough for a deposit.

We were on a key worker scheme last year as I am a teacher but the funding ran out and it is not being renewed in this area.

I am sure that house prices will go down or something will happen to make it easier for 1st time buyers in the next couple of years. That is what I tell myself anyway

Noooo, that seems too easy?

Does this seem mad? I work 8 shifts a month ie 2 x 12hr shifts a week. 4 extra (as overtime) would be the equalivant of full time, but I would choose when.

So could work Tues, Thur then Fri night.

= £12k saved in a year

£1k a month? You'll have a deposit in no time!