What % of income do you save to get on the property ladder

[croquetas]

I've done some maths and I think I could put 60% away if I take a second job. I'm going ahead and hopefully I can reach my savings target by end of 2021. It's going to be physically exhausting and will impact family time, but it's the only possible way we can get on the property ladder.

Just need some perspective on how you are saving in order to put up a deposit and how has this impacted you financially and family time.

Well this is a question where every answer will be different.
I saved up a 5% deposit and legal fees in a year by putting away 25% of my salary but this was over 20 years ago when houses were cheap and my wages were low but I lived with my parent. I also saved 25% in a separate fund to buy furniture and essentials.

Are you already renting OP? Is there any way for a bit you could move to a smaller property for a bit to save even more? I would have a year to really hit it but if you have kids, also remember that you will never get this time back but it is for the greater good.
How much do you need to save?

I try to put away 30 percent, about 50 percent goes on bills and 20 on discretionary spending.

Two kids in two bed terrace. Can't really downsize and the rent is cheap for where we live and it's close to work for both of us.

I'll be moving some of the cash into Lisa at some point to get the full 25% bonus before March 2021.

Another option would be to resign and take up agency work, I'll definitely earn more, but the uncertainty and travelling is not an option due having school age children.

The percentage that people can save will vary enormously as everyone has different incomes, expenses, family sizes, housing circumstances, time available for second jobs/overtime etc varies so much.

If you're trying to put yourself in the best position to be able to buy, agency work is probably not the way to go, unless you can significantly increase your earnings, as you'd be giving up a secure job, which could be detrimental to your mortgage application if you haven't worked for your employer very long.

If you haven't done so already, make the moneysavingexpert website your friend. Look at the advice for FTBs and also the money makeover section, to maximise income, minimise expenses and save money on things you buy, all of which will help boost your deposit. It is more directed towards paying off debt, but there is probably useful pointers that will help you save a deposit and put yourself in the best position to buy.

www.moneysavingexpert.com/first-time-mortgage/

www.moneysavingexpert.com/family/money-help/

I currently save 45% as I’d like to buy within the next 18 months and would ideally like to have a 10% deposit instead of 5%