Deposit for a house

[Barbiefan]

I’m desperate to save for a deposit on a house. I feel like we are doing everything we can. Can anyone help me with some ideas for other ways to make and save money?

We both work as many hours as we can with an additional joint side hustle.
We rent cheaply as we can for the area.
don’t go out to drink or eat. Never have takeaway.
We only go on cheap camping or caravan holidays (can’t let these go as don’t want DC to never have a holiday)
One car ( I need one to get to my job. DH walks to work, DC walk to school)
No takeaway coffees
Bulk cook
No childcare costs as we arrange shifts around each other.

We just can’t save enough for the size of deposit we need.

I have a disability. We know that we have several more years of doing this but is there anything additional you can suggest to help us boost our savings?

I don’t know how to turn the vote off!

Do you have things you can sell? May yield some extra cash

Hi OP, have you looked into LISAs? The government give you a 25% boost on the money each year up to £1000 - there is a penalty if it isn't used for a house deposit but if you're sure it could be useful x

You are doing everything you can op and i totally applaud you. Its bloody awful. You are living in an age when everything is pitted against you and its so unfair and not your fault. I bought my flat 30 years ago with a 100% mortgage after renting. Now that choice has been taken away from normal people. It makes me so angry. People in your shoes will blame yourself as if you haven't tried hard enough when the reality is you've been shafted by forces outside your control. I'm sorry. I wish i could do more. My kids are in your shoes too.

Do you have anything saved so far and how much do you need for a realistically sized house?

Also how much can you save per month on your current income?

Really sorry to hear this and I hope that you keep the faith. Have you considered spraining to a fee free broker as they might be able to look into the 0% deposit or even a 5% deposit scheme. I think it's offered by Skipton.

Using a LISA to save is also really useful and you can save separately to your partner so you both get the government bonus.

Another thing to consider might be shared ownership or similar new build FTB schemes just to get on the ladder and hopefully build equity.

I hope it all works out for you in the end and you get your home.

Not a massive money spinner unless you spend a lot online but make sure you use a cash back site for every purchase as it does add up and may get you a tank of petrol every now and then etc. You get decent amounts on things like car insurance and other insurances, holidays and electronics etc.

I use Top Cashback personally but there are others. I can send you a referral link for it but ONLY because you get £10 if you use it (I get something too), I'm absolutely not trying to take advantage and please feel no obligation at all. There are two levels of membership, one is free and with the other, it's £5 a year but you get a higher rate of cash back (fee comes out of your earnings). Other sites exist too, I think Quidco or something like that but I haven't use it. Someone else may have info.

Good luck OP, it's so tough and you're obviously giving it everything!

It really just depends on the specifics, how much you take home as a family, then what you spend and how. You can list all the things you don’t spend money on but that doesn’t mean there isn’t other things you waste money on.

Not so much a money saving tip but a general tip - consider if you can compromise on the size/style of house you're looking for. I'd start by looking at the absolute cheapest options in the area you're in and work up from there.

A stepping stone house for a few years might make all the difference.

Shared ownership

Moving area or selling things. Not ideal.

Are you budgeting reasonably for christmas? What i mean is, are you spending a lot as a yearly blow out to make up for feeling guilty the rest of the year?

Cutting out junk snack foods saved us a lot of money as crisps and things have gotten expensive and £2 here and there adds up.

Assume you are doing comparisons on insurances?

Does running the car cost more per year than a job that pays less on paper or has extra hours?

Can I gently ask if the side hustles bring in more money than a minimum wage job or picking up more hours?

Maybe try mystery shopping jobs to give yourselves and the kids some free opportunities to eat out

Lastly, think about whether the house you live in or want to buy is the right size. Could you make do with a smaller home if you had less stuff or a home closer to where you work to get rid of the car? Dont get something you will grow out of too soon x

When did you last move jobs or ask for a pay rise?

Definitely open a LISA, even if you only put £1 in to start. That’s what I did and how I bought my house. I know use it as a savings pot towards my pension. They have a very high interest rate, but big penalties for withdrawing if not for a house or pension, so don’t save more than you can afford to with them.

I KNOW this isn't possible, and that people suggest it over and over again but there's only so much you can cut back.
Apart from getting a more highly paid job the other big thing you can do is move areas.

You can also shop around for the best interest rates, they're rising but again you need a big pot of money to take advantage and you get taxed after 1K interest...

*isn't always possible

Saving money will only get you so far of you've already done everything you can, how close are you to having the deposit you need? Because if you are really struggling then have you considered buying something cheaper/ area you hadn't thought of/ flat instead of a house - I mean a compromise on what would be ideal. Basically anything to get you on the ladder?

Check if you're due any tax rebate, a friend of mine has to wear a uniform for work and she claimed money back for that, think it's laundry costs or something.

Yes the LISA is an extremely good idea, and given the amount available to top it up you're best putting as much of your regular savings as you afford to to maximise the government contribution.

Short of moving in with family or friends, not a lot more you can do.

Do you get PIP? If not, if you'r eligible, apply

Which part of the country do you live. If it is an option consider moving to Leeds, Belfast, Liverpool, Glasgow, Newcastle and Swansea.

Definitely the LISA if you’re eligible and don’t have one. You can both save into individual ones I believe so doubling the benefit!

How much are you able to save each month (typically) and what is your savings target for the deposit? How much is the type of house that you’re looking to buy? I suppose if you live somewhere that you need a £35-40k deposit it’s very different to needing £10-15k.

Could you post a list of all your financial outgoings so we can see if there's any ways we could suggest shaving even a couple of quid off here and there?

In the past if you've ever paid bank fees for a packaged account you can sometimes claim this back if it was miss-sold. I don't know all the ins and outs but I'm sure Google or MSE will give you info.

What about free cashback sites like where you get paid to click through internet adverts? It's not much but it all adds up.

And I know this won't be popular, but as a last resort maybe you could actually go without a holiday one year. Would your children reluctantly accept this if they knew it was only for 1 year, and it would help you all "earn" a house?

You and/or your partner need to earn more - easier said than done perhaps, but you need a consistent and higher cash flow than what you have now to get those savings up to what you need (deposit and legal fees).