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!

About 10 years based on current savings habits. Probably less than 5y if we cut back on treats, holidays etc.

@MamaLazarou Yes, which is why OP has not assumed everyone is in the same situation, and has asked people about their own individual circumstances.

I see nowhere that they have said that in their question. They just say how long it’s taken them to save what they have and tells everyone how they’re not bragging. I’m also not referring to the fact that incomes alone are different, it’s more about where you live and what that £50k would buy you- for us £50k would be far closer to 30% than 15%. They simply asked about £50k rather than asking how long it would take to save a 15% house deposit which would have been the better question. The answers to the £50k are wildly different because it’s a fixed amount that not everyone would need to get on the property ladder initially. The answers to a 15% average house price deposit would be much more representative of what the OP is actually asking.

I’d have to ask my accountant. Probably around 2 minutes 14 seconds?

Honestly, what a strange question.

If I was to try and save £50k for one specific thing it would probably take us about 10 years with current expenditure and lifestyle.

We currently save £1k per month (exc pensions) but that is not for a specific purpose so we do dip into it for holidays and big expenses.

We also still have more than enough disposable income available each month to allow us to live well so we could save more if we had to.

It’s not a question you can give a hard and fast answer to. Theoretically we could probably save more than double what we currently do but I’d rather enjoy life. But again we already own our home which means our outlook and priorities are different so someone saving for a house deposit.

When we lived at home for our mortgage deposit we saved 35k in a year, now we have a house if we cut down one stuff maybe 2 and a half years

I was intrigued to work this out!
We could probably save about £24k in 2 years and it would take us 12 months after that to save the remaining (loan will be cleared and childcare costs will no longer exist) so three years.
But we aren’t in really high paying jobs - compared to what mn think are highly paid jobs anyway.
We are lucky enough to live in an area with low house prices compared to the average and I own my car - DHs is a company car and neither of us commute very far. I am also good with money. So is DH. Since we both quit smoking a couple of years ago, he pretty much never buys himself anything!

I see nowhere that they have said that in their question.

OK

Ages. We had kids before our incomes started to increase so have never built up particularly large savings pots. Fortunately we don't live in an expensive area so a 15k deposit, which was achievable for us, was more than enough. If we needed a 50k deposit to buy I don't see that it would ever have happened.

I don't think you're bragging OP, I think to live frugally for 4.5 years to save £50k is a big achievement. Do you have kids?

I think this thread is skewed towards people with kids where saving that amount is much harder, and higher earners don't post to say 3-6 months as what's the point in making other people feel bad.

So it's better to do now before kids so you're being sensible. Keep going, only one more year!

Stinky

I am not skint, but it doesn't mean that I lose the ability to see what's happening in the country. Average monthly savings are something like £100-200 so obviously £500 is much more than that.

If I were paying a normal amount of rent, it would take longer than my lifetime.

We were lucky enough to buy a house 20 years ago, just before prices shot up. Mortgage rates were low, so it was easy to overpay on our mortgage. The house was paid off within 12 years.

As a result, since then we've had no rent or mortgage payments to make. That is hugely significant. Now, despite being on a low income, we could easily save £50k in less than ten years.

Money begets money.

96 years and 1 month. Estimating that we could possibly put aside £10 per week - but in all honesty, as soon as an unexpected expense cropped up, those savings would be all we'd have to pay for it, so we'd be back to zero again.

We did buy a house about 15 years ago, but I became very ill and couldn't work for several years and we ended up having to move 200 miles to be near my DM so she could help with the kids. This meant my DH changing careers, so he was on a starting salary and we were without mine, so we had to sell the house at a loss as we needed to get rid of it quickly as we couldn't afford the mortgage.

We saved up £15k in 3.5 years for the deposit on that house, but we were both earning decent salaries (as in 'UK average' salaries rather than NMW) and it was pre-children. No way we could do that now, we're going to be in rented for the rest of our days I think, and we're ok with that.

Good luck with your saving OP!

Currently, about 10 months. Could do it quicker but we also like to have a life.

well done on saving for your deposit . So many say they can’t buy a house but are unwilling to compromise on their lifestyle for a few years to do so .
If holidays,cars and eating out are more important to them I have little sympathy if they start moaning about renting .

It also makes sense to get the house deposit out of the way before planning children .

On my current wage? I manage about £3k a year so a long fucking time (I earn 17k)

I reckon about 60 years. Assuming neither of us being made redundant (unlikely), not retiring ever (seems likely atm), pay rises in line with inflation ( as if) and living to 100...

at my age on my wages never

Hahaha!

£50 grand in five years is great but if you have already got £40k saved I would be already looking as housing costs can rise significantly in a year depending on area, politics etc

We did it in about 6 months a few years ago when DH was on a very lucrative contract. We can live on my earnings, so all his went straight to savings.

I can’t see that kind of contract coming up again though.

Saved 90,000 in 11 years since graduating. Average salary 27,000 over those years. No children though. I've always had fairly cheap rents and old cars, but been on plenty of holidays, meals out etc. So although fairly frugal, I've not missed out on anything fun.
I see a lot of people around me complaining that they have no money whilst leasing cars, having expensive phone contracts, buying new furniture etc. Best way to save is buy everything second hand. Got a second hand sofa off ebay for 20 quid this week - many people would have paid 400 for something similar from a shop. Second hand phones are just as good and half the price.

I am paying £50,000 a year out of taxed income for my twins' unversity costs are preesent £9250 x 2 a year fees, about £6500 x 2 a year rent and bills and about £7800 x 2 allowance, so if I stopped that - then a year but could be sooner. My income varies as I am self employed. Certainly a year or under currently but when I had a £90k a year mortgage and full time child care of £30k a year then longer.

If we were driven, a couple of years but we are not, we spend on too much on fun and food

Around 40 years at my current rate of saving.