saving for a house part 2

boomerangkid · 5 May 2015 at 6:53PM

Hi,

This is my first post but hopefully I shall be using the forums quite a bit. I have decided to do a money saving diary as I really need some motivation to get my finances back on track. I know people are struggling on this forum so I'm not trying to compare myself to any one, just trying to crawl out of the rut that I have got myself in.

As the name suggests, I'm somewhat of a boomerang kid (although I'm not a kid any more. I left my parents at 18 and didn't move back home until I was 28. I've owned a house for a short stint and sold it folowing a relationship breakup. Unfortunately, what little I came away with was used to go on holiday :cool: and clear my credit card.

I'm looking to save a deposit for a house as quickly as possible.

My net income is a s follows:

Employment (net) £1750
Rent (£200)
Gym (£30)
Phone (£30)
Car (£110)
Train pass (£100)
Insurance (£35)
Spends (£220)

I have allowed myself £50 week to spend each week and this is for entertainment I.E. Socialising. If I can adhere to this I should be able to save £1,000 per month.

My girlfriend who also live at her parents will be contributing and she can realistically save £300 per month.

I might sound like I know what I am doing but Im the sort of person who needs to put my plans into practice.

Last month I managed to save £250 so I'm looking to build from there. I will check in at the end of the month to see if I'm due a pat on the back or a slap in the face.

:money:

Chocolatefund · 9 May 2015 at 2:55PM

Welcome to Money Saving!

Like yourself a lot of us are saving for that ever increasing house deposit.

Saving a grand a month is certainly going to help, however, I think there area a couple of areas that you could save more money. It might be worth considering if you reaaaaally want that place of your own sooner.

Could you live without the gym membership?

Do you really need a car AND a train pass?

£220 Spends seems a bit high. Is this for things like food and toiletries? I think there's more money to be saved here. Especially since you have a separate budget for socializing.

Not for everyone of course but It's amazing what you can save if your super frugal. :-)

savingwannabe · 9 May 2015 at 5:47PM

Like Chocolatefund, I think it is fantastic that you save over £1000 a month. Maybe dropping a brand at the supermarket and also use a pay as you go phone (but that depends on how often you need it).

boomerangkid · 11 June 2015 at 6:26PM

Thanks for the replies.

Unfortunately I'm locked in to the gym and mobile bill for another 12 months so they can't be reduced. I've started to use the gym more often to get fit and avoid spending money!

I need the train pass work and I share the car with my girlfriend who uses it for work so I won't be able to get rid of that.

To be honest I do struggle with the £50 a week. It's not really rocket science why I struggle and that is due to eating and drinking out. The problem is, once I've had a few drinks any thought of saving goes out the window. So going forward I'm going to try and stay away from the temptation.

For May I managed to save £500. Partly due to a car repair which set me back £100 and the rest I probably fluttered away in the pub. The girlfriend is yet to save but next month she should be able to put her work yearly bonus in.

To date I have £761 in the savings account. Hope to add £1700 next month.

saving for a house part 2

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