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    • mumof3.12kindebt
    • By mumof3.12kindebt 23rd Oct 17, 9:38 PM
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    mumof3.12kindebt
    Best put on my big girl pants! my saving for a deposit diary
    • #1
    • 23rd Oct 17, 9:38 PM
    Best put on my big girl pants! my saving for a deposit diary 23rd Oct 17 at 9:38 PM
    My diary to debt free and saving for a deposit by 35 .

    we aim to save 25k before even going to the bank for a dip

    current age 25 . current financal status . trying but not trying hard enough . in debt with hardly a pot to wee in ... it has to change ... from today

    we have consolidated our debts as of November so will just do an update regarding extra payments and a remaining balance every few months.

    for the most part this will be my diary on saving for a deposit the highs lows and raising 3 children all currently 8yo or younger while doing it .
    Last edited by mumof3.12kindebt; 02-12-2017 at 5:56 PM.
Page 6
    • mumof3.12kindebt
    • By mumof3.12kindebt 4th Jan 18, 4:49 PM
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    mumof3.12kindebt
    Nothing spent today outside of budgeted bills.

    Swimming later then I'm going to take the Xmas tree down tonight and may start painting the hall.
    • mumof3.12kindebt
    • By mumof3.12kindebt 4th Jan 18, 10:11 PM
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    mumof3.12kindebt
    currently sat watching paint dry.
    On the plus side I already had the paint so a no spend and it gets something else crossed off my list although at this rate I'll be finished at Christmas. Going from bright red back to magnolia so when we do eventually move it's easier to touch up before we leave
    • mumof3.12kindebt
    • By mumof3.12kindebt 6th Jan 18, 3:49 PM
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    mumof3.12kindebt
    Yesterday we ended up doing another food shop. £31 spent.

    Today £5 spent to put in a card for sons friend as he's been invited to his party this evening.

    Tea is cooking to stop us being tempted to buy takeout on the way home from the party.

    I'm full of cold and lacking energy after working yesterday evening until 10pm and going back in at 8am this morning. So tonight I'm going to have a bath and relax with my book or get an early night.

    Back in work Monday. Tomorrow we have the pantomime.
    • debtaghh
    • By debtaghh 6th Jan 18, 3:57 PM
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    debtaghh
    Hope you feel better and enjoy the pantomime.
    Debt 16th October 2017: Cc £49,987- family £37,561: total debt £87549

    Current debt: Cc £46,505 , Family £ 36,922 total debt £83,497

    Frugal living challenge # 10- £8000 presents/ food/ entertainment/clothes/shoes/haircuts
    • mumof3.12kindebt
    • By mumof3.12kindebt 8th Jan 18, 10:58 PM
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    mumof3.12kindebt
    Thank you. I seem to have a bad cold. head hurts. full of cold chesty bad cough. not back in work now till Wednesday afternoon and then off till the weekend as its ds1s birthday on Friday.

    So I'm going to just keep on top of the house. And stay at home other than work and a food shop. As I felt rotten the other day so just got Some of what was on the list.

    On the upside. I've been noting Our spends daily. And I've listed a few items for sale. Providing they sell and I do all my overtime set this month I still hit our 4k target but we will see how the selling goes.

    Ds1 is having a tea party and movie night at Home with a few friends and family for his birthday so nice and cheap. And was what he requested.

    I finished work at ten tonight. I'm off to bed now as I'm still feeling very tired. I hope I feel better soon

    £5.25 spent today at Sains. Milk. Lacto milk weetabix and a tin of beans.
    • mumof3.12kindebt
    • By mumof3.12kindebt 10th Jan 18, 10:51 AM
    • 207 Posts
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    mumof3.12kindebt
    Stayed at home since last posting as still not feeling well.
    Got electric today. £20
    Got a letter to say our water payment will be increasing by £6 a month.
    Work later. Then I'm off till Saturday as its eldests birthday Friday. Need to make or buy a cake for him
    He's asked for money so that's easy enough will put £50 in his card. Also going to give him an extra £20 to pick out some more trousers when he goes shopping with his money as he needs some. A family member has brought him a coat so he will have a spare. And the rest of the family have given him money.

    He also needs new school shoes. So I need to find a good hardwearing pair.

    One of my items has sold. Will add the money to the savings when they collect / Pay.

    I've ordered a wig. As I've tried for a while to get my hair back blonde and it's just not happening. So I decided to finally bite the bullet and purchase one and it means I won't have to keep spending money dying my hair for a while. The plan is to cut it short and wear the wig when out and at work and let my head breathe at home. I know it will help me feel confident again so for just that alone it will be worth it.

    I have my brothers 21st birthday this month (money already put aside for him along with eldest)

    I wont be topping up my Giff gaff this month. If I do find I need some minutes I'll just top up the £5 package.

    I need to keep a close eye on our spends to really work out if our budget is realistic.

    I have been noting all our spends so this will be used to look back at how we can improve sooner.

    I've also been toying with the idea of not going for a part buy and moving out of the village although this means I'm going to have to put the pressure on oh to get his driving licence .
    • mumof3.12kindebt
    • By mumof3.12kindebt 11th Jan 18, 12:28 PM
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    mumof3.12kindebt
    This was my goals posted about a week ago

    At the moment I hope to save
    5k by April
    10k by August
    15k by December

    If everything goes to plan I should have 3800 saved by the end of this month. I'll add my overtime at the beginning of next month which will hopefully bring it up to the 4k
    Then I'll add 1k next month. So by March we should of hit our 5k target.
    Essentially by the 1st of April we should have 6k saved .
    Plus we will be in 1k less debt than we were on the first of January.

    I've worked out mortgage affordability and we can either put down. 5% on traditional buy but this wouldn't leave much spare for overpayments unless we were to continue to stick to a tight budget. Until the loan is paid then we would be able to pay an extra 1/3 of the mortgage monthly payment each month
    Or we could do 10% deposit over the same period but would be able to overpay half the mortgage amount each month comfortably and match the mortgage payment as an prepayment each month once the loan is paid.
    Here's the thing.
    We currently rent. Costing us 5k a year. If we were to raise a 10% deposit we would need to stay here probably an extra 2 years Vs putting down a 5% deposit. So by putting down a 5% deposit we will save ourselves 10k . And would still possibly we able to pay the mortgage of early. We would aim to knock off 10 years more if we could.
    But 10% we would potentially pay our mortgage off 20 years sooner but spend 10k extra in rent


    I've worked out after factoring the extra rent. It would cost us 11k more in interest over the period to do the 5% but we would be on the property ladder 2 years earlier so would still have the mortgage cleared at the same time of saving for the 10% deposit.

    Either way we plan to overpay on a mortgage .

    Gives me a lot of food for thought
    • mumof3.12kindebt
    • By mumof3.12kindebt 12th Jan 18, 1:09 AM
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    mumof3.12kindebt
    had a phone call a few hours ago off my dad to say my brother had crashed his car. Luckily my brother is unharmed and no one else was involved the car is probably a right off. And is in a ditch until recovery can get it out.

    It really put life into perspective. The outcome could of been very different. I'm just glad he's okay.

    It's like I told my dad. His car can be replaced him son can't.

    It's my eldests birthday today.

    I'm just going to take some time to appreciate my family and our lives.

    I'll still be plodding along with my savings journey but foremost I'll be making sure my loved ones always know I love them. And not taking everyday for granted. We were lucky I get to see my brother and we all get to carry on life as normal but somewhere someone will be saying goodbye for the last time to their brother or son for the exact same reason they just wernt as lucky.

    Much love to you all. Catch up soon
    • debtaghh
    • By debtaghh 12th Jan 18, 6:01 AM
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    debtaghh
    Thatís so true, life goes to our fast! Your post has really made me think about things so thank you. Glad to hear your brother is ok.
    Debt 16th October 2017: Cc £49,987- family £37,561: total debt £87549

    Current debt: Cc £46,505 , Family £ 36,922 total debt £83,497

    Frugal living challenge # 10- £8000 presents/ food/ entertainment/clothes/shoes/haircuts
    • mumof3.12kindebt
    • By mumof3.12kindebt 17th Jan 18, 11:14 AM
    • 207 Posts
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    mumof3.12kindebt
    It was my brothers 21st yesterday. His party is on Saturday. I put some money in his card.
    Budgeted for.

    I think I'm going to pay off the catalogue next month in full. It's interest free ATM but it means I don't have to remember to keep transfering money each month to make sure it's payed before the interest kicks in

    I was hoping we could have a really frugal year thia year and possibly move the end of this year beginning of next. I'm still going to aim to be able to start the process around Xmas but I don't know how likely this will happen. I'm unlikely to be able to do any overtime from now until August due to the way my sons nursery sessions fall. Special needs nursery so can't change the hours etc. But we will plod On. Next month I'm going to try Even harder.
    I aim to save 1k a month more if we can. Between now and the end of the year. This is not counting overtime so by December I should have at least 12k saved for a house. A small emergency fund and any car expenses and Xmas covered. If we were to put down a 5% deposit we could start looking at properties in January. But this would leave our bank balance close to empty once we have moved and all costs have been paid. So I'll see how we feel at the time. I will probably end up leaving it until summer next year to allow us to get some extra saved so we have money to fall back on. Then again once we get to 16k we would have a 10% deposit saved so I know I'll just want to keep saving to be able to put down 10% instead as the repayments would be much lower.
    First off get to 5k . Then 10 . 15 ect and see how we feel. Will staying here an extra 6/12 months really matter when we could save ourself 200 a month over the course of the mortgage. Not really. The way I'm going I won't even consider looking until we get to the 25k I was originally aiming for
    • mumof3.12kindebt
    • By mumof3.12kindebt 17th Jan 18, 12:30 PM
    • 207 Posts
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    mumof3.12kindebt
    one thing we have decided and agreed on is we wont be going down the part buy option to stay in the village. It's really not financially worth it for us. So we will be doing a traditional purchase as I call it.
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