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  • FIRST POST
    • Rainbowsandtea
    • By Rainbowsandtea 27th Dec 17, 5:57 PM
    • 7Posts
    • 20Thanks
    Rainbowsandtea
    Time to get a mortgage and become a MFW
    • #1
    • 27th Dec 17, 5:57 PM
    Time to get a mortgage and become a MFW 27th Dec 17 at 5:57 PM
    Hi there!

    Iím ready to make the leap and buy my first place. I havenít really started looking yet, but am going to begin my search soon, with the hope of putting an offer on a place in the next few months.

    Until Iíve found a place, Iíll be using this thread to log my progress in saving as large a deposit as possible! Wish me luck
Page 1
    • Rainbowsandtea
    • By Rainbowsandtea 27th Dec 17, 6:07 PM
    • 7 Posts
    • 20 Thanks
    Rainbowsandtea
    • #2
    • 27th Dec 17, 6:07 PM
    December Progress
    • #2
    • 27th Dec 17, 6:07 PM
    In December I began actively saving for my deposit. I saved a total of £1200. I’d already saved £12000 in the past, so that takes my total up to £13200.

    In future months I aim to save at least £1000. I get paid at the end of each month so this will mainly involve limiting any unnecessary spending as much as possible. How I aim to do this:

    1) Give myself a strict weekly budget of £60 a week. This will cover my grocery costs and any weekly entertainment costs. I will review this in six week’s time to see if this amount needs scaling up or down.

    2) Think before I buy. Do I really need what I am considering purchasing?

    3) Try selling some unwanted items on eBay each month. I aim to make at least £25 a month this way.
    Last edited by Rainbowsandtea; 27-12-2017 at 6:39 PM.
    • Rainbowsandtea
    • By Rainbowsandtea 1st Jan 18, 6:19 PM
    • 7 Posts
    • 20 Thanks
    Rainbowsandtea
    • #3
    • 1st Jan 18, 6:19 PM
    January 1st: Update
    • #3
    • 1st Jan 18, 6:19 PM
    I spent slightly more than expected in the January sales, but on the plus side I have updated my very tired-looking wardrobe.

    My goal for January is to budget myself to £60 a week, and hopefully spend less than that. Iíve also booked an appointment with a mortgage advisor at the end of the month (although this might get rearranged for February since my mum has expressed an interest in attending too)

    Hope everyone has a lovely Christmas and New Year
    • newgirly
    • By newgirly 1st Jan 18, 7:06 PM
    • 6,010 Posts
    • 41,494 Thanks
    newgirly
    • #4
    • 1st Jan 18, 7:06 PM
    • #4
    • 1st Jan 18, 7:06 PM
    Hi and welcome, best of luck with the new diary and saving
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • robgoode
    • By robgoode 1st Jan 18, 7:08 PM
    • 30 Posts
    • 31 Thanks
    robgoode
    • #5
    • 1st Jan 18, 7:08 PM
    • #5
    • 1st Jan 18, 7:08 PM
    Good luck with the budgeting, its all worthwhile in the end. Me and my partner have just finished our budgeting for our deposit. Wasn't as hard as i thought once you get into a routine and see the savings pot increase. Even when we move into the new house I think we'll continue the budgeting and setting ourselves little goals so we don't waste money.

    Hope you had a good Christmas and look forward to your updates.
    • Rainbowsandtea
    • By Rainbowsandtea 8th Jan 18, 8:02 AM
    • 7 Posts
    • 20 Thanks
    Rainbowsandtea
    • #6
    • 8th Jan 18, 8:02 AM
    January 8th
    • #6
    • 8th Jan 18, 8:02 AM
    Last week completely threw my budget out of the window. One of my trainers fell apart so I had to buy new ones (Iím running a half marathon at the start of March) which set me back £75. Annoyingly expensive, but I refuse to give myself an injury by wearing inappropriate footwear. Also, my overnight case has been broken for a while, so I had to shell out on a new one as I have to travel for work this week.

    Worryingly, my iPhone also seems to have broken yesterday - itís not charging - so Iíll be making a trip to the Apple shop to try and resurrect it. If they canít Iíll need to buy a new phone (second hand). They say these things come in 3s so hopefully Iíve had all the bad luck Iím going to get for a while.

    Transferred my £60 budget to my Monzo Card and aim to get back on track this week (phone permitting). Annoying setback - especially with my upcoming mortgage appointment.
    • bexster1975
    • By bexster1975 8th Jan 18, 9:21 AM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    • #7
    • 8th Jan 18, 9:21 AM
    • #7
    • 8th Jan 18, 9:21 AM
    Hello rainbows and tea and welcome

    Sorry to hear about expenses in past few days. What to remember is that these things will happen all the way through your journey. In the end, they are not unnecessary spends so they are fine. Hope the trainers were worth it, and phone can be brought back from the dead.

    Bexster
    • Tropically
    • By Tropically 8th Jan 18, 9:23 AM
    • 171 Posts
    • 460 Thanks
    Tropically
    • #8
    • 8th Jan 18, 9:23 AM
    • #8
    • 8th Jan 18, 9:23 AM
    Good knees will save you more money over the long term than £75 in the short term! Good luck with the phone!
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
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