Any good tips for saving money? Wanting to save towards a house

Question

Aisha ❤️🦋 · Answer

We have a account where me and my husband but between  £50 - £100 a week away and we been doing it for a year now it like a Committee  we got at the min 9500  my sister run it we plan to do another one.
We usually used it for holiday.  As we go twice a day. But with lockdown  and not paiding for Aaliyah nursery we save loads.

Jamie · Answer

We both have a help to buy isa. We put £200 in each at the beginning of every month, so it goes out like a bill. It's money that we just don't see so it doesn't get spent. I can't buy yet though, I need to be self employed with a steady income for at least 3 years before I can be considered for a mortgage. I'm not sure if help to buy is a Welsh thing though?

S · Answer

It was available in England until last November and then it ceased, and hasn't been replaced. You had to have not used an ISA for a year prior to, but I'd put £30 in my cash ISA so didn't qualify!! I'm looking st something called a life time ISA but I think you have save in it for a year before you become eligible for a 25% bonus. X

S · Answer

Mind you, I'm also paying £400+ a month for 3 days of nursery so when he is 3 I can hopefully qualify for help and save some more money!

Tammy · Answer

I’d also suggest contacting a mortgage advisor to see where you need to be. They can tell you what sort of deposit you would need etc. All free advice x

S · Answer

@tbrooks15 thank you!

Tammy · Answer

I have a mortgage but for general savings I have a plum account. It watches your account and saves what your not spending so you don’t notice it going out. I got mine 18 months ago and it’s put away over £3500.

https://friends.withplum.com/r/gRNPjT

S · Answer

Hmm I was thinking of something like this, thanks for the recommendation x

Sarah Sez a lot · Answer

We've put in overtime and all that money doesn't get spent, and in April we will get tax return, managed to save 6000 since around april/may. Obviously we haven't had a holiday this year and I think we will probably decide not to have holiday next year and all the kids are getting 10 presents each at Xmas (5 kids so still alot), we can't decide if we want a mortgage at minute it all depends how much we can save over the next 2 years (My partner is a roofer and 38 so there's no guarantee that he will still be working in 25 years so we need a short mortgage if we do decide to buy)

S · Answer

@sarah-bradshaw ah that's a but naff, I'm super thrifty already my LOs clothes and toys are all second hand. We pay around £700 rent a month, and together all our bills come to around £1100. I've been trying to put away £300 a month, but thus month my tv license has just gone out in big payment and I'm left with £170 to last me til pay day 🙄

Sarah Sez a lot · Answer

@stacey1991 could you rent somewhere cheaper for a few years? Our rents only £400 a month for a 3 bed, I got rid of sky tv and phone line, just pay £20 a month for post office broadband, I got a pay as you go SIM and top up £10 a month and I've not run out of minutes or data since doing so. Could you get an extra job? We fell on hard times and I would work in the kitchen of a local takeaway for £40 a night.

S · Answer

@sarah-bradshaw £700 is fairly low and standard here for a 3 bed unfortunately. I've paid off all my phone so just pay £20 for my contract. I can't get another job as I already work full time, 8am - 5.30pm and have to take work with me most nights/weekends. And OH works constantly. I don't smoke, drink or go out, I don't drive. I've "audited" all the food we have in the house today so I can see what can go with what rather than go out and buy more/get takeaway. 😩 I'm really good with money and have been saving since I was 16 but last year I lost my job and had to take a huge chunk of my savings out just to survive and I feel like even though it's been a year its been impossible to make it back

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