AIBU to ask how long it would take you to save 50k??

[balinesedancer111]

It's mine and my partners current target to save £50k which would be enough for a 15% house deposit and some left over for fees and furniture.

We have been saving now for 4.5 years and managed to save 40k between us so guess if I were to answer the question I would say 5.5 years in total. (Just to add no dc and cheap rent and generally cutting costs... rarely buy clothes, meals outside etc)

Aibu to ask you how long it would take to save 50k?

Just realised I don't know if this post will make it look like I am bragging, I don't mean to and I hope it doesn't come across that way, I know we are in a very very fortunate position to be able to save so much!

Why?

I did it in a year for two years in a row before DC, but I don’t see how it helps you to know that.

Id never be able to save 50k. I struggle to put aside £100 a month. That then goes on xmas every year.

Very odd question. some people could save that in a few months. Others will never manage it.

well done though for saving up.

My dp saved 60k in about 6 years but he was living with his parents when he did so. He's also v good with money.

In our current situation, and the amount we can currently afford to save, it would take approximately 50,000 years.

About 25 years if we saved hard...

It's taken me around 6 years to save 2k.

Until the eleventy billionth of Never.

Why are you asking if not to brag?

Depends at what time in our lives. Previously when the Dc was little DH earned about 35k and I earned nothing and we had to pay to travel and we lived in an expensive city and had to pay for eldest DC to go to play school so we could have saved at most 2k a year and that would've been a real stretch. Now we work in jobs where about 2/3 of the pay is a bonus - we can live happily off the base salary (could probably save quite a lot out of it if we wanted) and save all of the bonus so it would take us less than a year to save that. In the future thinks might be very different again.

It would probably take me about 6 or 7 years. I am in the fortunate position that I bought my first house a long time ago. I have no idea how I would have the patience to save for a deposit these days.

If we moved in with the Inlaws so weren't having to pay housing costs, then 2 years. Otherwise a lot longer.

41 years.

Ok I agree weird question and one that I would never ask anyone in real life shrug ...

Honestly? I'm being nosey and it was just something I wondered!

Hope not to offend anyone and if you don't feel comfortable please don't answer!

I also know we are very fortunate to have been able to be in a position where our low rent has allowed us to save! (And no dc) I suspect when we do buy a house it would probably take us double the amount of time.

Why does it matter how long other people would take? Everyone will have different incomes and outgoings.

Pre-kids, 4 years. Post-kids, I can't imagine it ever being possible. Theoretically, we put £400 a month into savings but it usually gets eaten up pretty quickly.

I would never be able to save that amount of money. Hope that helps?

I’d never be able to save that in my lifetime

Never in my lifetime.

Ho-hum!

Since ESA doesn't even cover my basic needs, i'm more likely to owe 50k than save it.

We over pay our mortgage by 20k a year so if we stopped doing that then 2.5 years.

About 125 years, give or take.

2yrs if we scrimped and saved - two kids and smallish mortgage. 3 yrs is more likely if not putting in much effort. We’ve saved enough to pay off our mortgage in nine years, but did building work, splashed out here and there as well as having two kids, not working for several years and our income being lower initially. That’s £120k.

One reason is not increasing outgoings when you get pay rises, adjusting for inflation/necessary new spending. And always savings bonuses or other gifts/unexpected inflows. We live as if we earn about half what we actually do. Sadly £50k is only about 7.5% of a house deposit, even selling our flat wouldn’t make the difference easily.

Your question is the financial equivalent of "how long is a rope?"

You have no kids, cheap rent etc.

I have 3 kids, a disability, am a full time student, work part time...

How could my situation ever compare?