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On the road to finally saving a house deposit
wizard3891
Posts: 243 Forumite
:T Hi everyone. Me and my lovely wife are finally on the road to saving for our house. Im 26 and shes 25, we previously owned a 50% share in a flat which we sold a year ago. We had a fair bit of debt which i hated so took the decision to pull out of the next house purchase 250k house (luckily as the house went back up for sale at £220k) we made some profit on the flat and we rented a house.
With our profit we paid off 7kish of card debt which later built back up and put some towards our amazing wedding which was last december. I sold my car and paid off the finance, opting for a nice little fiesta bought outright (£1600)
I cleared my loan I had too. Things looked good but we gradually used the cards again and ended up another 9k on cards :eek: yes I know.
Now for the good bit,
My inlaws had an extension on their house which was complete May this year and we got talking about moving in and saving up etc. Well we did in june this year and have started the ball rolling for our dream house. We have cleared all the cards except one which is on 3k at 0% for a year, I have set up £300 a month payment for this to clear it during the term.I have recently been promoted and come into ALOT of OT at work which is looking to last well into next year:jIts working most days but its worth it. We have the ability to save aound £1700 - £2000 a month from Jan but have saved some already as you can see below.
We were nieve when we went for the flat and we would spend like mad and thought loans and cards were an easy option but now the thought of ever getting a card or loan again makes me sick
Just thought I would post this up as we need all the support we can get!
Living here is not ideal but its the only way to maximise saving!!
Thanks for reading :beer:
With our profit we paid off 7kish of card debt which later built back up and put some towards our amazing wedding which was last december. I sold my car and paid off the finance, opting for a nice little fiesta bought outright (£1600)
I cleared my loan I had too. Things looked good but we gradually used the cards again and ended up another 9k on cards :eek: yes I know.
Now for the good bit,
My inlaws had an extension on their house which was complete May this year and we got talking about moving in and saving up etc. Well we did in june this year and have started the ball rolling for our dream house. We have cleared all the cards except one which is on 3k at 0% for a year, I have set up £300 a month payment for this to clear it during the term.I have recently been promoted and come into ALOT of OT at work which is looking to last well into next year:jIts working most days but its worth it. We have the ability to save aound £1700 - £2000 a month from Jan but have saved some already as you can see below.
We were nieve when we went for the flat and we would spend like mad and thought loans and cards were an easy option but now the thought of ever getting a card or loan again makes me sick
Just thought I would post this up as we need all the support we can get!
Living here is not ideal but its the only way to maximise saving!!
Thanks for reading :beer:
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Comments
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Wow well done on clearing most of your debts bar 3k, well done on starting savings I got married this year how wonderful. Why not set some little targets or mini goals re savings maximise the amount you want tosave. Have you got a target figure? Il subscribe to your journey x xI AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680
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Thank you, We have a £1700 OD too which is next to be gone in December :j
Our target is a 10% deposit on a house of about 200k so £20k is our deposit target for now plus money for fees and stamp duty etc0 -
Good luck with deposit. I'm hoping to get back on the ladder one day... not likely soon though!0
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Good luck with the house plans, sounds like you and your OH have real motivation to do this and you will, if your debt busting is anything to go by. Good luck.
MM2Long Hauler No: 51
DMP Mutal Support Thread No: 207
Proud to be dealing with my debts
DFD - June '13, aiming for December '120 -
Thanks for the replies, I really can't wait for the day we have enough saved up. The good thing is that even once we have 10% saved up, it will still take a month or two to complete on a house so we will be saving more during that period too.:D0
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I would maybe recommend a tad more for potential housework so you are not tempted to accumulate debt to get your house nice xI AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680
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Thats a really good idea, Happytogetdebtfree, I would stay there as long as you can possibly stand to and save as much as you can!!!Im not financially savvy as im still learning but i love to support anyone that needs it and give virual hug's and tea!!!Can't do Bickie's Sorry, need to lose weight!!!Challenge 1 : Sealed Pot Challenge, No : 810Challenge 2 : Dragon's wake up callChallenge 3 : Aug 8/15 NSD's0
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yes i thought that too, ahh i wish i could move home no room lol.... for me oh and 5 animals haha... but if your anything like me wizard i like a nice house and want it yesterday so dont leaqve yourself open to temptatiuon get a big chunk saved for house doing up if needed and if not needed you have a nice sum to pay extra off the mortage or just have a back up while you get used to budgetting for a bigger mortgage
x I AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680 -
Yeah I just want to save as much as possible during the time there but we've been tempted to move back out once or twice already lol, problem brother in law (17) etc etc. I just like to keep my head down and get on with the OT.
The mortgage shouldnt be a problem either as we were paying £1300 in the house we rented for a while :eek: yeah i know0 -
Well just do the best you can and dont get tempted this weather is la miserable lolI AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680
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